Managing Project Risks

Managing Project Risks

Course title
Managing Project Risks
Course tag
10041
Semester
5
Course status
Elective
ECTS
4
Lectures
30
Practice
15
Independent work
75
Total
120
Teachers and associates
Marko Šimac, Lecturer
The course aims
The adoption of techniques and knowledge in the area of project risk management with IT projects.
Content
The Basics of project risk management, the definition of risk management, participants of project risk management, purpose and price risk management, the difference in relation to the circumstances); Qualitative analysis of project risk (the process of managing project risk, types of risk); Sources of project risks (internal and external, human resource, poor planning, technical and technological risk, credit or financial risk, marketing risk, the risk of product quality, external sources of risk; fiscal source of risk; political source of risk, the risk of the labor market, a legal source risk, risk suppliers); The process of identification and assessment of project risks (method of identifying risks and methods of its assessment of probability, power and danger, the risk of project risks through FMEA); Project risk management (strategy, project risk management); Determination weather reserves (determination of the real and the expected duration of the project, the probability of completion of the project within the planned time, Monte Carlo simulation, student syndrome, critical chain theory or contraction, the impact of changes in the project risks, scope creep); Determination of project financial reserves of the project budget (calculation method of project reserves, normal and expected budget, monitor project reserves).
Literature:
R. Max Wideman: Project and Program Risk Management: A Guide to Managing Project Risks and Opportunities (PMBOK Handbooks) (PMBOK Handbooks), Project Management Institute, 1992.
Supplementary literature
1. Tom Kendrick: Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project, AMACOM/American Management Association, 2003.
2. PMI PMBOK; www.pmi.org
3. ICB3; www.ipma.ch

Minimum learning outcomes

  1. To identify project risks using at least one method.
  2. To perform simple project risk quality analysis.
  3. To perform simple project quantitative risk analysis.
  4. To plan project activities by PERT method applying an adequate programme solution.
  5. To define project portfolio structure.
  6. To present project portfolio condition.

Preferred learning outcomes

  1. To identify project risks and opportunities using at least three methods.
  2. To perform risk and opportunities qualitative analysis and to define a complex project response plan.
  3. To apply complex project quantitative risk analysis.
  4. To plan and monitor project activities by the Monte Carlo method applying an adequate programme solution.
  5. To carry out a selection and evaluation process of project portfolio operations.
  6. To prepare complex reports on the improvement of the portfolio projects.