Advanced Project Management: Advanced Project Risk Management

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Project risk is based on a simple equation: Event Risk equals the Probability of an Event times the Consequences of the Event. As project managers we know this, either implicitly because we’ve studied and read about risk in projects or we know it from first-hand experience. We’ve also learned along the way that we cannot fully eliminate risk, only mitigate the risk and that there is no such thing as a risk free project or action. During this interactive online course on project risk management we will go beyond the fundamental truths of project risk and cover how decisions are made, delving into decision theory and decision making in the face of uncertainty; as well as exploring risk management through the four phases of Risk Identification, Risk Analysis, Risk Response, and Risk Mitigation and Control. (Advanced - 2 hours).

LEARNING OBJECTIVES

By the end of this course you will be able to:
  • Describe the utility theory and risk aversion. 
  • Identify the decision-making styles. 
  • Define the 5-step decision model in project management activities. 
  • Differentiate between decision making under uncertainty and under certainty. 
  • List and discuss the 4 phases of risk management. 
  • Recall the 4 possible response strategies for risk mitigation.

Christian Knutson, P.E., PgMP, PMP

Christian Knutson, P.E., PgMP, PMP, is a senior civil engineer and program management practitioner, adjunct professor, author and podcaster.  His experience in infrastructure engineering, program delivery, facility management, leadership and international cooperation spans the globe with more than two decades in the military, civil service and the private sector and is shared routinely through his writings.

Over Knutson’s career, he’s developed core skills to effectively lead teams and organizations, negotiate on projects and programs, and achieve success on high-stake infrastructure projects for clients in the U.S., Europe and the Middle East.

Knutson is a U.S. Air Force civil engineer officer and holds an undergraduate degree in civil engineering from Michigan State University and a Masters, Business Administration from Colorado State University. You'll find his writings on LiquidPlanner.com Blog, The Engineering Career Coach and General Leadership websites. He is also the co-host of the popular Engineering Career Coach - cited by Forbes as one of the 15 most inspiring podcasts for professionals – and the Civil Engineering podcast.  He currently lives near Cambridge, England.

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