Lecture 3: Risk Management Strategies

Business & Economics - Lecture 3: Risk Management Strategies - 14 slides

By Sharon

Explore Lecture 3: Risk Management Strategies, covering This lecture focuses on the identification, assessment, and management of risks in project management. It covers.

Topics Covered

  • Introduction to Risk Management in Projects
  • The Risk Management Process
  • Identifying Risks: Tools and Techniques
  • Qualitative Risk Analysis: The Basics
  • Quantitative Risk Analysis: Going Deeper
  • Risk Mitigation Strategies: A Proactive Approach
  • Monitoring and Updating the Risk Register
  • Risk Exposure and Tolerance in Projects
  • Monte Carlo Simulation for Risk Quantification
  • Sensitivity Analysis in Risk Assessment
  • Risk Interdependencies in Complex Projects
  • Soft Skills in Risk Management: Communication and Leadership
  • Embedding Risk Management into Organizational Practices
  • Summary and Conclusion: Ensuring Project Success Through Risk Management

References

  • Project Management Institute (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Seventh Edition. Newtown Square: Project Management Institute.
  • Vose, D. (2008). Risk Analysis: A Quantitative Guide. 3rd edn. Wiley: Hoboken.
  • Ward, S. and Chapman, C. (2003). 'Transforming project risk management into project uncertainty management', International Journal of Project Management, 21(2), pp. 97-105.
  • Project Management Institute (2021). A Guide to the Project Management Body of Knowledge: PMBOK Guide. 7th edn. Newtown Square: PMI.
  • Hillson, D. (2009). Managing Risk in Projects. Aldershot: Gower.
  • Vose, D. (2008). Risk Analysis: A Quantitative Guide. 3rd edn. Chichester, UK: Wiley.
  • Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 12th edn. Hoboken: Wiley.
  • Pritchard, C.L. (2014). Risk Management: Concepts and Guidance. 5th edn. Boca Raton: Auerbach Publications.
  • Hillson, D. (2004) 'Effective project risk management: The four A's', Project Management Journal, 35(3), pp. 13–17.
  • PMI (2021) A Guide to the Project Management Body of Knowledge (PMBOK® Guide). 7th edn. Newtown Square: Project Management Institute.
  • Hulett, D.T. (1996) 'Monte Carlo Simulation: What is it and how does it help?', International Journal of Project Management, 14(1), pp. 60–66.
  • Cooper, D., Gray, S. and Raymond, G. (2005) Managing Risk in Projects. Chichester: John Wiley & Sons.
  • Clemen, R.T. and Reilly, T. (2001) Making Hard Decisions. Belmont: Duxbury.
  • Morris, P.W. and Pinto, J.K. (2007) The Wiley Guide to Project, Program, and Portfolio Management. Hoboken: Wiley.
  • Haimes, Y.Y. (2009) Risk Modeling, Assessment, and Management. 3rd edn. Hoboken: Wiley.
  • Edmondson, A.C. (1999) 'Psychological Safety and Learning Behavior in Work Teams,' Administrative Science Quarterly, 44(2), pp. 350–383.
  • Kerzner, H. (2017) Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 12th edn. Hoboken: Wiley.
  • COSO (2004) Enterprise Risk Management—Integrated Framework. Durham: Committee of Sponsoring Organizations of the Treadway Commission.
  • ISO (2018) ISO 31000: Risk Management—Guidelines. Geneva: International Organization for Standardization.
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