Project Risk Management: Identify & Control Uncertainty

Explore fundamental theory of project risk management from the PMBoK, covering risk types, why risk matters, and the inputs, tools and techniques, and outputs to prepare for PMP or Capm.

Plan risk management tailors a project-specific risk management plan, detailing inputs, tools and techniques, and outputs, plus risk categories, risk breakdown structure, and probability and impact matrix.

Identify risks that matter: surface both individual project risks and overall uncertainty sources before and during construction, using expert judgment, brainstorming, and pestle frameworks to populate the risk register.

Prioritize project risks using qualitative analysis of probability and impact. Update the risk register and related documents through expert judgment, interviews, and risk workshops.

Explore quantitative risk analysis to numerically assess project risks, determine cost and schedule contingencies, and apply Monte Carlo simulations, tornado diagrams, and decision tools to guide risk responses.

Plan risk responses to reduce probability or impact using quantitative risk analysis, Monte Carlo simulations, tornado diagrams, and decision trees to update the risk register and calculate contingencies.

Implement risk responses by assigning owners, tracking actions in the project management system, and updating change requests, risk registers, and the risk report to ensure mitigation plans are executed.

Monitor risks by reviewing the risk register, assessing the effectiveness of risk responses, and updating the risk management plan, issues log, and risk report as new risks emerge.

Apply PMBoK core concepts of project risk management to construction projects, tailor processes for health, safety, and environmental risks, and illustrate effective versus ineffective practices through a case study.

Tailor the risk management process to each project by considering size, complexity, contract model, end use, site conditions, and stakeholders; apply the appropriate method, from qualitative to Monte Carlo.

Learn to manage construction project risk through a structured process: establish context, identify and analyze risks across categories, select treatments, and monitor outcomes to protect time, cost, and safety.

Identify and control health, safety and environmental risks on projects using the hierarchy of controls from elimination to PPE. Apply swms, safety in design, and training to ensure safe work.

Discover how ai and automation, data-driven decision making, ESG risks, non-event risks, and portfolio risk management reshape project risk practices, with resilience, reporting, and continuous monitoring.

Examine two project cases to distinguish effective from ineffective risk management, showing how to identify and control uncertainty, plan mitigations, and act proactively to handle weather and design risks.

Work through a wind farm risk management case study by identifying, evaluating, and treating transportation, weather, and supply chain risks through stakeholder engagement and proactive planning.

Wrap up by reviewing principles of risk management, key terms, and PMBoK-aligned risk processes, and apply them to construction projects, then practice PMP exam questions on project risk management.

Explore ten practice PMP and Capm questions to apply PMBoK risk management processes to construction projects, reinforcing key risk identification, analysis, response, and risk register concepts.

Recognize that risk management is an intrinsic part of project management and plan for things that can and will go wrong to improve performance, accreditation, and career prospects in construction.