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Gain a working knowledge of Risk Management
Rating: 4.2 out of 5(66 ratings)
212 students

Gain a working knowledge of Risk Management

Apply project risk management techniques
Created byNic Thomas
Last updated 9/2017
English
English [Auto],

What you'll learn

  • Develop an understanding of Risk Management and requirements to manage the scope of the projects. This course also contains the required knowledge for the unit: BSBPMG415 - Apply project risk management techniques

Course content

6 sections • 21 lectures • 1h 20m total length

  • Introduction4:27

    Define risk as the effect of uncertainty on objectives, including both losses and gains. Apply risk management across internal, external, and project environments to minimize negative impacts and maximize opportunities.

  • Components of risk4:49

    Identify the three components of risk: cause, event, and effect, and learn to assess likelihood and consequences to protect project objectives like schedule, scope, and cost.

  • Risk v Hazard5:34

    Learn to distinguish risk from hazard: risk is the effect of uncertainty on objectives, hazard is a source of harm, guiding risk analysis and the hierarchy of controls.

  • Risk Management Process4:02

    Gain a working knowledge of risk management by identifying context, consulting stakeholders, assessing and treating risks, and continuously monitoring and communicating to keep the plan current.

  • Risk Curve5:02

    Treat risk as a function of information, driving early research and feasibility analysis to reduce risk, while avoiding peak financial exposure by applying controls, insurance, and prevention costs.

  • Risk Management Plan5:04

    Develop a proactive risk management plan by identifying potential events, their causes and consequences, assigning owners and deadlines, monitoring, and maintaining a risk register to reduce project risk.

Requirements

  • No prior knowledge is required, Project Management Fundamentals is recommended

Description

Projects are the way of doing business and organisations need skilled people who can manage them and operate effectively in a project environment.  As more organisations adopt Project Management as the tool for the implementation of work, these skills are becoming ever so in demand.

Understand and Project Risk Management.

This program has been drawn from International Project Management Best Practice and developed to meet the requirements of the relevant unit of competence within Nationally Recognised Certificate IV in Project Management Practice in Australia.

This course is delivered in a practical real world context and whilst it is supported by theory it focusses on delivering the practical skills you can apply directly to your projects.

If you are managing projects, working in a project team or affected by projects in one way or another this course is for you.  You will gain a practical insight into scope management exploring the following:

Introduction into Risk Management:

  • Key Terminology and the importance of Risk Management
  • Hazards and Risks
  • Risk Management Plans

How to Establish the Context

  • How to Identify the environments
  • How to identify the scope of works
  • How to determine the roles of the parties
  • Collaboration and consultation

How to Identify Risk

  • The risk information continuum
  • How to properly ID risks

How to Assess Risks

  • What is risk prioritisation
  • How to establish the scales
  • How to assess likelihood
  • How to assess consequence

How to Treat Risks

  • Methods of risk treatment
  • Methods to treating hazards

How to monitor, control and report risks

  • How to monitor risks
  • How to report risks
  • How to conduct a lessons learnt

At the end of this program you will have a practical, working understanding of how to manage the scope of the Project.  By completing the activities, you will have met most of the requirements of the Nationally Recognised unit: Apply Risk Management Techniques (BSBPMG415) as part of the Certificate IV in Project Management.

The reason for developing the course

I found that the resources provided to many students undertaking studies in Project Management were lacking.  They were either;

too theoretical, which prevented students applying it to their workplaces;

not engaging, such as books or PDFs;

hard to understand: using complex language to illustrate otherwise simple concepts; or

incorrect, usually written by people without a true and practical understanding of the subject.

Online learning is difficult- I know, I am the worst online student.  As a result, I have designed this course to provide students with an additional resource to enhance their understanding of the topic.  The course is based upon strong theoretical foundations, but delivered in a practical way- so you can apply what you learn to better your projects. 

I have also tried to make the course engaging using a mix of visual and auditory delivery accompanied by tasks which you can use to test your knowledge and apply the concepts.  I have also tried to approach the subject in a casual way, which will hopefully make it a fun learning experience.

I have tried to keep the language to its simplest form, explaining industry words as I progress through the course.  This will enable you to understand the vocabulary used in Project Management, without being confused by it. 

Who this course is for:

  • This course has been designed for those; new to project management, working in project teams or a project environment or managing small to medium scaled projects. This course is highly recommended for anyone studying the Certificate IV in Project Management Practice (BSB41515)

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