Risk Analysis from Coursera

This course covers third domain of PMI-RMP® Exam Content Outline (ECO)-2022.

Unravel the intricacies of precision and strategic risk analysis in this Risk Analysis course!

This course of Risk Analysis forms a core aspect of the PMI-RMP® specialization, arming you to use very powerful tools and techniques to appraise risk quantitatively as well as qualitatively.

You’ll learn advanced techniques like Monte Carlo simulations and Fault Tree Analysis through interactive lessons, practice assignments, and graded quizzes. Learn to apply Waterfall and Agile metrics, such as earned value and schedule variance, to measure and predict risk impacts.

Further, elaborate your analytical skills by venturing deep into sensitivity analysis and decision-making frameworks such as Ishikawa diagrams and Network diagrams.

By the end of this course, you’ll be able to:

• Analyze risks using qualitative methods such as FMEA and Affinity Diagrams.

• Use quantitative risk analysis techniques, such as Monte Carlo simulations and PERT.

• Assess project risks with Agile and Waterfall metrics, including budget and schedule performance indices.

• Prioritize and categorize risks to align with organizational objectives.

• Estimate contingency reserves and perform comprehensive impact analysis.

• Educate and empower stakeholders to foster a proactive risk management culture.

Take your risk management skills to the next level. Enroll in the Risk Analysis course today!

What's inside

Syllabus

Getting Started with Risk Analysis Techniques

This module covers a comprehensive range of techniques essential for effective risk analysis, beginning with the risk analysis process, qualitative risk analysis techniques, and advanced methodologies such as FMEA, the Analytic Hierarchy Process (AHP), Affinity diagrams, Influence diagrams, System Dynamics, and Risk Ranking.

Quantitative Risk Analysis

This module starts with an in-depth exploration of quantitative risk analysis and the application of Waterfall model metrics. Learners gain expertise in metrics such as budget at completion, earned value, and cost variance. The module introduces advanced quantitative techniques, including Monte Carlo simulations, PERT analysis, and sensitivity analyses using Tornado diagrams.

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Prepares learners for the PMI-RMP® Exam Content Outline (ECO)-2022, which is a globally recognized certification for risk management practitioners

Explores Waterfall and Agile metrics, such as earned value and schedule variance, which are essential for project monitoring and control

Covers advanced techniques like Monte Carlo simulations and Fault Tree Analysis, which are used to appraise risk quantitatively

Examines sensitivity analysis and decision-making frameworks such as Ishikawa diagrams and Network diagrams, which are useful for identifying root causes and dependencies

Requires familiarity with both qualitative and quantitative risk analysis techniques, which may necessitate prior coursework or experience in risk management

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Risk Analysis with these activities:

Review 'Risk Management: Concepts and Guidance'

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Gain a solid foundation in risk management principles before starting the course.

View The Project Management Drill Book: A Self-Study... on Amazon

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Obtain a copy of the book.
Read the introductory chapters on risk management concepts.
Take notes on key definitions and principles.

Review 'The Risk Management Memory Jogger'

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Quickly refresh your understanding of key risk management concepts.

View Putting Knowledge to Work on Amazon

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Obtain a copy of the book.
Browse the book to familiarize yourself with its contents.
Use the book as a quick reference during the course.

Monte Carlo Simulation Practice

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Reinforce your understanding of Monte Carlo simulations through practical exercises.

Browse courses on Monte Carlo Simulation

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Find a Monte Carlo simulation tool or software.
Create a simple project risk model with uncertain variables.
Run multiple simulations and analyze the results.
Adjust input parameters and observe the impact on outcomes.

Four other activities

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Follow a Fault Tree Analysis Tutorial

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Deepen your understanding of Fault Tree Analysis by following a step-by-step tutorial.

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Analyze the diagram to identify potential failure points.
Search for a reputable Fault Tree Analysis tutorial online.
Follow the tutorial to create a Fault Tree diagram for a sample system.
Document your findings and insights.

Create a Risk Analysis Presentation

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Solidify your knowledge by creating a presentation summarizing key risk analysis techniques.

Browse courses on Risk Analysis

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Choose a specific risk analysis technique (e.g., FMEA, Monte Carlo).
Research the technique and gather relevant information.
Create a presentation outlining the technique's steps and applications.
Include real-world examples and case studies.

Create a Sensitivity Analysis Tornado Diagram

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Visualize the impact of different variables on project outcomes using a Tornado diagram.

Browse courses on Sensitivity Analysis

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Identify the key variables that affect project outcomes.
Determine the range of possible values for each variable.
Use a spreadsheet or software tool to perform sensitivity analysis.
Create a Tornado diagram to visualize the results.
Interpret the diagram to identify the most influential variables.

Risk Management Plan for a Hypothetical Project

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Apply your knowledge by developing a comprehensive risk management plan for a hypothetical project.

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Define the scope and objectives of the hypothetical project.
Identify potential risks using brainstorming and checklists.
Analyze the risks using qualitative and quantitative techniques.
Develop risk response strategies and contingency plans.
Document the risk management plan in a clear and concise manner.

Career center

Learners who complete Risk Analysis will develop knowledge and skills that may be useful to these careers:

Risk Manager

A Risk Manager is responsible for identifying, assessing, and mitigating risks to an organization's financial stability, operations, and reputation. Given the importance of precision and strategic thinking in identifying and mitigating risks, this Risk Analysis course is a strong fit for anyone pursuing this career. The course provides hands-on experience with both quantitative and qualitative risk analysis techniques, which are essential for understanding and managing risks effectively. The course goes into advanced techniques like Monte Carlo simulations, Fault Tree Analysis, sensitivity analysis, and decision making frameworks. These tools help a Risk Manager make informed decisions. The coursework also provides practice in using metrics such as earned value and schedule variance. These metrics allow risk managers to better predict and understand project impacts.

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Project Manager

A Project Manager is responsible for planning, executing, and closing projects, often under significant constraints such as budget and schedule limitations. This Risk Analysis course is highly useful for any Project Manager as it arms the user with powerful quantitative and qualitative risk assessment skills, including advanced techniques such as Monte Carlo simulations. The course goes into depth on using Agile and Waterfall metrics to measure and predict risk impacts and this is essential for project success. The course also elaborates on analytical skills with sensitivity analysis and decision-making frameworks. These techniques, together with practice in using earned value and schedule variance, make this course a strong fit for aspiring project managers, enabling them to effectively manage risks and ensure project success.

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Financial Analyst

A Financial Analyst focuses on analyzing financial data, providing insights, and making recommendations to improve an organization’s financial performance. For a Financial Analyst, understanding risk is crucial. This Risk Analysis course offers critical skills and knowledge through its curriculum, including learning advanced methods such as Monte Carlo simulations and Fault Tree Analysis. The course's exploration of budget and schedule performance indices is useful for any Financial Analyst assessing the financial health of a project or organization. The course will help a Financial Analyst build a foundation for making informed decisions on investments by learning to estimate contingency reserves and performing comprehensive impact analysis. Furthermore, the course's focus on sensitivity analysis and decision-making frameworks is directly relevant to the complex financial decisions a Financial Analyst makes.

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Business Analyst

A Business Analyst identifies business needs and determines solutions to business problems, bridging the gap between business and technology. Understanding and mitigating risks associated with business solutions is crucial, making this Risk Analysis course highly relevant. The course's focus on both qualitative and quantitative risk analysis, including techniques like FMEA and Monte Carlo simulations, will provide a Business Analyst with a powerful toolkit for assessing and addressing potential issues. The course teaches methods such as sensitivity analysis and decision-making frameworks. These are crucial to a Business Analyst's ability to evaluate the viability of different solutions. The course's approach in educating and empowering stakeholders to foster a proactive risk management culture is a key skill needed by a Business Analyst. For these reasons, this course is highly applicable to the Business Analyst role.

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Operations Manager

An Operations Manager is responsible for overseeing the day-to-day activities of an organization and ensuring operational efficiency. For an Operations Manager, understanding and managing risk is crucial for maintaining smooth and effective operations. This Risk Analysis course provides an excellent framework for assessing and mitigating risks. The course's curriculum includes practical techniques, such as Monte Carlo simulations and sensitivity analysis. These are helpful for an Operations Manager to make data-driven decisions and optimize operational processes. The course also enables future Operations Managers to assess project risks with Agile and Waterfall metrics, including budget and schedule performance indices. The course's focus on educating stakeholders supports a proactive risk management culture, which is essential for a successful Operations Manager.

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Compliance Officer

A Compliance Officer ensures that an organization adheres to regulatory requirements, internal policies, and ethical standards. This Risk Analysis course may be useful for a Compliance Officer by providing a strong foundation in identifying and mitigating risks. The course introduces a variety of risk-analysis techniques, including qualitative methods like FMEA and quantitative approaches like Monte Carlo simulations. These will allow a Compliance Officer to more effectively assess potential areas of non-compliance. Further, the course also delves into sensitivity analysis and decision-making frameworks like Ishikawa diagrams, which are crucial in the risk assessment process. These skills, plus the ability to prioritize risks, help a compliance officer make well informed decisions.

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Management Consultant

A Management Consultant works with organizations to improve their performance and efficiency by providing strategic advice and implementing solutions. For this role, understanding risk is crucial. Therefore, this Risk Analysis course may be useful, especially for consultants who are advising their clients on project or operational strategy. The course's curriculum provides exposure to both quantitative and qualitative risk assessment, which is essential for identifying potential issues. The techniques explored, such as Monte Carlo simulations and sensitivity analysis, are valuable for making informed business decisions. The course also covers the use of metrics like earned value and schedule variance, adding to a Management Consultant's toolkit. The course helps build a consulting skillset.

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Data Analyst

A Data Analyst interprets data, analyzes results, and provides ongoing reports. For a Data Analyst, the Risk Analysis course may be useful by providing a framework in using data to assess risks quantitatively. The course includes advanced techniques like Monte Carlo simulations. These techniques allow users to transform data into valuable insights. These techniques are useful for a Data Analyst looking to move into a more strategic role. Further, the course uses metrics like earned value and schedule variance. These can be integrated into risk-related data analysis projects. For a data analyst who wishes to work in risk modeling and analysis, this course may be helpful.

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Supply Chain Analyst

A Supply Chain Analyst optimizes the flow of goods and services to improve efficiency and reduce costs. This course may be useful for a Supply Chain Analyst by enabling them to identify and assess risks within the supply chain. The course’s content on quantitative risk analysis techniques, such as Monte Carlo simulations and PERT, are helpful in predicting and managing supply chain disruptions. Further, the analysis of metrics, such as budget and schedule performance indices, provides tools to monitor and mitigate potential supply chain issues. For a supply chain analyst who wishes to make data-driven decisions to reduce supply chain risk, this course may be useful.

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Quality Assurance Analyst

A Quality Assurance Analyst monitors and tests products and services to ensure they meet quality standards. This Risk Analysis course may be helpful for a Quality Assurance Analyst by offering methods to identify and assess potential risks related to product and service quality. The course discusses qualitative methods such as FMEA and quantitative techniques like Monte Carlo simulations. These tools can be used to evaluate risks and identify areas of improvement. The study of metrics such as budget and schedule performance indices help the Quality Assurance Analyst make informed decisions and mitigate risks. To have a proactive approach to quality, this course may be useful.

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Strategic Planner

A Strategic Planner helps an organization develop long term goals and strategies to achieve them. The Risk Analysis course may be useful for Strategic Planners by providing the ability to analyze risks using both qualitative and quantitative methods. The techniques covered in the course, like Monte Carlo simulations and sensitivity analysis, are directly applicable to forecasting and planning. Also the framework for decision-making covered in the course may prove useful to a Strategic Planner. While this is not the primary focus of the course, this course may still be useful to the career role.

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Software Engineer

A Software Engineer is responsible for designing, developing, and maintaining software systems. While not a direct fit, the Risk Analysis course may be useful to a Software Engineer who wishes to move into roles that focus on risk management. The course teaches quantitative risk analysis techniques, such as Monte Carlo simulations, as well as agile and waterfall metrics. These can be applied to the software development process to identify and mitigate project risks, particularly relating to budget and schedule overruns. If a Software Engineer plans to take on more project management responsibilities, then this course may be useful.

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Public Policy Analyst

A Public Policy Analyst examines government policies and their impact, providing analysis and recommendations. This Risk Analysis course may be useful by providing a set of skills that allow a policy analyst to evaluate policy risks. Techniques such as sensitivity analysis and risk prioritization may be useful for analyzing the wide-ranging impacts of public policy. The course covers a variety of qualitative and quantitative methods. While this is not the core focus of the course, it may be helpful to some policy analysts.

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Healthcare Administrator

A Healthcare Administrator manages the overall operations of healthcare facilities. This Risk Analysis course may be helpful to a Healthcare Administrator that is involved in the financial side of healthcare. The course teaches skills in assessing project risks with Agile and Waterfall metrics, including budget and schedule performance indices. Gaining these types of skills may be helpful to a Healthcare Administrator. The risk techniques explored in this course may be relevant to the overall operations of healthcare facilities.

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Market Research Analyst

A Market Research Analyst studies market conditions to determine potential sales of a product or service. This Risk Analysis course may be helpful for a Market Research Analyst that is looking to bring a new dimension to their skillset. The course goes into practices for analyzing risks using qualitative methods. It also explores quantitative risk analysis techniques such as Monte Carlo simulations. These techniques may be relevant for a market research analyst that is working to evaluate the risks and opportunities for a market or sector. The course provides a framework for making decisions under uncertainty.

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Risk Analysis

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