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Project Risk Management Spring 2016

9:00 am – 5:00 pm 11 May School of Continuing Studies

640 Massachusetts Ave NW DC 20001

Faculty: Jeffery Stempien Email: jts87@georgetown.edu

Course overview The principles of project risk management can be stated very simply. Any project organization is subject to risks. One which finds itself in a state of perpetual crisis, is failing to manage risks properly. Failure to manage risks is characterized by inability to decide what to do, when to do it, and whether enough has been done. Risk Management is a facet of Quality, using basic techniques of analysis and measurement to ensure that risks are properly identified, classified, and managed. Structure Students will learn a structured, disciplined approach to managing uncertainty (risks) in projects. The course includes a review of the basic components of risk: probability of an event and the consequences of the event. Risk management is presented through a five step process: risk planning, risk identification, risk analysis, risk response planning, and risk monitoring and control. Discussions on risk tolerances and preferences look at how they influence risk management strategies. Risk modeling, including Monte Carlo simulation and reserve analysis, will be fully discussed. Case studies will illustrate how risk management improves project performance as measured by reduced cost overruns and schedule delays. Examples of the application of risk management at various process rigors will be presented.

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Learning Objectives At the completion of the course, a successful student will be able to:

• Understand a practical, five-step process to manage project risk • Identify threats and opportunities and weigh their relative impact to project

objectives • Develop cost-effective risk response strategies • Understand the psychological barriers to risk • Describe how risk management improves project performance • Understand what it takes to implement an effective risk management process.

Materials The recommended, but not mandatory text is ‘The Project Management Body of Knowledge, 5th edition, chapter 11. (published by the Project Management Institute). Notes and student guides will also be provided and posted on Blackboard by the instructor. Evaluation ‘Successful completion’ will be regarded as having been achieved through attendance at the great majority of classes, satisfactory completion of all assignments and active participation in class discussion. There will be no formally graded tests or final examination. Class Ethics and Etiquette You are expected to conduct yourself in a way which is courteous to your instructor and fellow students, and conducive to deriving the greatest benefit from your studies. Because of the importance of high levels of engagement and interaction use of laptops and mobile phones is contrary to policy during plenary sessions. Communication Maximum use will be made of ‘Blackboard’ and email as a means of communication in both directions. You are encouraged to make individual appointments with your instructor whenever you feel it would be of benefit to you.

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Instructional Continuity In the event of the closure of the University every effort will be made to maintain instructional continuity via remote digital means. Should this occur students should refer to Blackboard for further information. The absence of any instruction indicates alternatives are not possible and make-up arrangements will be made. For latest information regarding campus status please call the weather hotline at 202-687-7669(SNOW)

Copyright Lectures and course materials, including power point presentations, tests, outlines, and similar materials, are protected by copyright. You may take notes and make copies of course materials for your own use. You may not and may not allow others to reproduce or distribute lecture notes and course materials publicly whether or not a fee is charged without express written consent. Non-Credit Grade Schema

Students enrolled in courses at the Georgetown University Center for Continuing and Professional Education (CCPE) are evaluated using Georgetown University’s non-credit grading schema (unless otherwise noted), which is explained as follows: Successfully Completed (SC) A grade of Successfully Completed (SC) denotes that the student successfully completed all course and attendance requirements as determined by the Georgetown University faculty of record. Students must meet three criteria to receive a grade of SC: 1. Attendance: The student must be in attendance for all contact hours of the course. 2. Course work: The student must complete all required course work assigned by faculty

during the course, including but not limited to case studies, problem sets, presentations, exams, quizzes, reports, papers, group projects, etc.

3. Learning Objectives: The student must satisfactorily meet all learning objectives stated in the course syllabus or course description.

Incomplete (I) A grade of Incomplete (I) denotes that the student has not satisfactorily completed all course requirements or met stated learning objectives, but the student has made arrangements with the faculty to meet course requirements. All incomplete coursework must be finished within six months of the last day of that course. If the required course work is not completed within the requisite time, the grade of (I) will become the grade of record.

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Attendance Verified (AT) A grade of Attendance Verified (AT) denotes that the student was in attendance for a majority of the course, but did not satisfactorily complete all course requirements or meet stated learning objectives and the student does not intend to complete incomplete course work within one semester after the last day of the course. If the student has received permission from the faculty of record to complete incomplete course work, then faculty should assign a grade of (I) for Incomplete. Registered but Never Attended (RE) A grade of Registered (RE) denotes that the student was registered for a course, but failed to attend, submit required course work, and/or meet stated learning objectives. Withdrawn (W) A grade of Withdrawn (W) denotes that the student formally withdrew from a course after the start of the course. Faculty cannot assign a grade of W; only the University Registrar or authorized university staff members may assign a grade of W to the student’s record. Consult the Georgetown University CCPE Resources and Policies website for information about incomplete grades, grade changes, and the appeals process.