Project risk analysis
Duration: 2 days
Course overview
Analysing the time to complete a project using project planning tools nearly always underestimates the time to completion. It is not the fault of the software or of the analysts, but of the use of 'best guess' values for task durations, etc. in the project plan. Risk analysis will allow you to avoid systematically underestimating project costs and durations.
The project risk analysis course is designed to help those who wish to apply quantitative risk analysis modelling to project planning problems.
A project is defined as any set of tasks involving resources (human, machine, time, financial) with well-defined goals. Project risk analysis aims at identifying the risks and uncertainties that threaten the achievement of those goals or the efficiency with which the project can be carried out. The techniques are very general and intuitive and require little mathematical knowledge, but reward the project manager with a clear understanding of the risks being faced and efficient ways of managing those risks.
The course looks at resource, strategy and communication issues that management face in risk assessment. It gets the participants used to the risk analysis modelling environment (in this case Crystal Ball with MS Excel and Crystal Ball with MS Project or @RISK with MS Excel and @RISK with MS Project, but the lessons apply equally well to other modelling environments).
This course is suited to those already familiar with project planning, who have some modelling experience and who are interested in developing these abilities further. The course content will enables the participants to produce realistic, professional quality risk models. It is designed to encourage the modeller to develop creative problem solving skills to ensure that the risks being addressed are modelled accurately, efficiently and in a manner that provides decision makers with the clearest and most helpful input.
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