Business & Management Basics
Fundamental principles and concepts
UMD, USMx: Risk Models for Project Managers: Monte Carlo and Beyond
Learn the risk manage tools that provide powerful insights into evaluating a project at each stage of its lifecycle to find strategies that work best for the stakeholders. Simulating budget and schedule risk across potential scenarios provides a clear decision space for project managers and maximizing value.
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Course Insight
Suitable for intermediate learners. Works well as a continuation after mastering Business & Management fundamentals. It bridges the gap toward advanced, production-level engineering.
Intermediate FriendlySelf-Paced LearningProject-Based
SKILLS TO
MASTER
Practical ApplicationTrending
Real-world project implementationBest Practices
Industry standard workflows and guidelinesCareers:Relevant for professionals pursuing roles within Business & Management.
Quick Facts
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What You’ll Learn
- ● How to quantify and assess projects for budget, schedule, and return on investment .
- ● Project budget and scheduling fundamentals .
- ● How to develop a project budget estimate .
- ● How to model impacts on the project budget .
- ● How to develop and model project schedules .
- ● How to simulate using Monte Carlo methods the potential impacts of project risk on budgets and schedule .
- ● Estimating the impacts of uncertainty.
- ● Leverage insights to select strategies and invest in projects.
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Description
Projects move businesses and society forward as by delivering the services, products, and outcomes needed to achieve objectives. As investments they require detailed consideration to ensure we’re investing our time, money, and attention wisely. Project risk management offers logical and numerical methods to analyze important project decisions.
The heart of modern project risk management focuses on the development of quantitative probabilistic models of cost, schedule, and other project risks. These quantitative models build on the qualitative risk register to create management forecasts which can be manipulated and optimized to develop risk management plans:
Modern quantitative risk models leverage probabilistic thinking about uncertainties and consequences to support formal analysis. These detailed models of the highest priority risks support optimizing strategies. Thus, they provide a quantitative approach to decision-making in the face of uncertainties, while leading to realistic targets for achievable cost, schedule, and scope.
These tools provide powerful insights into evaluating a project at each stage of its lifecycle to see which courses of action work best for stakeholders. Simulating budget and schedule risk across scenarios provides a decision space for project managers and sponsors. Projects can then be appreciated as an investment of time, money, and resources to achieve the organizations goals.
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