Risk Management is fundamental to Project Management
If you are a project manager, and you want to be successful, you must understand and effectively implement risk management processes. This understanding begins with topics like variation, and statistics (don’t worry, this will not be a math class). We will also need to uncover what can go wrong and followed close by how bad could it go wrong. This discovery will require more than just the project manager and more than just a single event. The project manager must create an environment where a diligent approach to risk will require setting an environment where our team members freely contribute to the process throughout.
- Describe mean and variation. Explain the limitation of the mathematical mean.
- Calculate the probability of a chain of events working out successfully
- List and describe the steps in risk management
- Describe the need for and the role of the team throughout the project
- Calculate the Expected Monetary Value