Quantitative Risk Analysis

Course Overview

The course focuses on project risk analysis and the possible impact of risks on schedule and cost. One important aspect is how project risks affect programs and portfolios – and lastly why project risks are often related to strategic business risks. The course teaches how to use and to interpret Monte Carlo Simulation. You can use this course as part of your preparation for the PMI® Risk Management Professional Certificate.

During this 2-day course, you will learn about advanced risk analysis and how to perform it. The selected tool for our risk analysis is PertMaster which uses the Monte Carlo Simulation, a probabilistic approach to analyzing risks. The course features in-depth discussions of the topics belonging to qualitative and quantitative risk analysis, hands-on exercises, and an introduction to the tool-based approach to risk analysis with PertMaster.

Your Benefits

• Understand the Monte Carlo Simulation and be able to apply it to improve your decision-making scenarios
• Understand how to communicate opportunity and risk analysis to stakeholders and how to explain the sensitivity of quantitative risk analysis

Who should attend?

• Line Managers
• Junior Project Managers
• Senior Project Managers
• Program Managers
• Portfolio Managers
• Strategic Business Risk Managers
• Project Risk Managers
• Project Commercial Manager

What you can expect

• Interactive Lecture
• Exercises
• Discussion
• Simulation (PertMaster)

Prerequisites

• An understanding of the risk management knowledge area
• Precedence diagramming method knowledge
• Schedule development techniques
• Basics of statistics