Risk Management in Development Projects from edX

Project teams usually spend a large portion of their time solving problems instead of preventing them. Project risk management seeks to preemptively manage positive and negative events that may affect a project so as to improve its chance of success.

What will you be able to do by the end of the course?

Identify risks in scenarios of uncertainty
Determine who can help you
Understand how to manage risks in settings with limited resources
Develop risk response strategies
Monitor and update risks throughout the life of the project

Who is this course for?

The course is aimed at people from Latin America and the Caribbean.

Project managers or supervisors
Project team members
Funders and financiers
Public officials from national, subnational, and municipal entities
Professionals from different fields who help develop and execute projects
Professionals Interested in risk management in development projects

By taking this course you will have the opportunity to share your knowledge and experience with other participants. There will be a case study through which you will be able to apply best risk-management practices to a project and you will also carry out practical exercises that will help you understand key concepts.

Course content is based on the Inter-American Development Bank’s risk management methodology, which is aligned with A Guide to the Project Management Body of Knowledge, Sixth Edition, 2017, of the Project Management Institute (PMI)®.

This course is "self-paced" so you can enroll at any time, even if the course has been open for a while. You can take it at the time that is most suitable for you inside the enrolment period of the course.

If you choose the Audit Track , you can complete the course for free, but you won't have access to graded activities, and you won't be able to obtain a certificate upon course completion.

If you opt for the Verified track , you can access the course in an unlimited way and complete the qualified evaluations until the closing date, after making a payment of $25 . If you pass, in addition to the verified certificate, you will obtain a digital badge that allows you to change the way you share your academic and professional achievements, as for example, on social media.

*Did you know there is a financial aid to opt for the verified certificate?

EdX financial help: edX offers financial assistance for learners who want to earn Verified Certificates but who may not be able to pay the Verified Certificate fee. Subscribe to the course and apply for financial assistance.

See more information in the Frequently Asked Questions section below.

What's inside

Learning objectives

Identify the main stages involved in preparing a risk management plan for development projects following the idb’s methodology, which is based on pmi’s international standards, to successfully achieve expected results and impacts.
Recognize the process of identifying risks that may affect the project and documenting their characteristics to facilitate risk analysis and subsequent management.
Recognize the main elements of the risk analysis process and evaluating and combining risks’ probability of occurrence and impact to prioritize them.

Recognize risk management strategies that allow for managing opportunities and threats that could impact the project’s objectives.
Recognize the main elements of the risk monitoring process and continuously optimizing responses to improve efficiency when managing the project life cycle.

Identify the main stages involved in preparing a risk management plan for development projects following the idb’s methodology, which is based on pmi’s international standards, to successfully achieve expected results and impacts.
Recognize the process of identifying risks that may affect the project and documenting their characteristics to facilitate risk analysis and subsequent management.
Recognize the main elements of the risk analysis process and evaluating and combining risks’ probability of occurrence and impact to prioritize them.
Recognize risk management strategies that allow for managing opportunities and threats that could impact the project’s objectives.
Recognize the main elements of the risk monitoring process and continuously optimizing responses to improve efficiency when managing the project life cycle.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops foundational risk management skills, which are core for project management, particularly for Latin American and Caribbean Professionals

Applies the methodology of the Inter-American Development Bank, which is based on international standards from the Project Management Institute (PMI)

Led by instructors with a diverse professional background in project management

Taught in a self-paced format, allowing for flexible learning

Provides a case study for practical application of risk management principles

Offers financial assistance for learners who may need it

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 Management in Development Projects with these activities:

Compile materials and outline course goals

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Start by gathering materials such as course notes, assignments, and quizzes. Outline course goals and objectives to help focus your learning.

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Gather course notes, assignments, and quizzes
Identify and outline course goals and objectives

Compile a reference list of resources on risk management

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Risk management is a vast topic with many resources available. Having a compiled list will improve your access to these resources and become useful for this course and your future endeavors.

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Search for relevant articles
Search for relevant books
Search for relevant websites
Compile list of resources

Review basic concepts of probability and statistics

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Probability and statistics are frequently used to identify and analyze risks. Reviewing and reinforcing these concepts will improve your understanding of the course.

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Review calculating probabilities
Review basic statistical techniques

12 other activities

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Review risk assessment techniques

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Review techniques for identifying and assessing risks to enhance your understanding of risk management principles.

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Explore different risk assessment techniques
Practice applying risk assessment techniques to scenarios

Practice identifying risks

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Identifying risks is key in risk management, especially in project risk management. Practicing will improve this skill.

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Start by brain storming risks related to any topic
Evaluate the complete list and select the risks that would apply to an actual project.
Repeat with different topics to improve your risk identification skill

Review A Guide to the Project Management Body of Knowledge

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A Guide to the PMBOK covers industry best practices in project management. Reviewing it will help you succeed in your course as the course uses an aligned methodology, the methodology of the IDB.

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Preview the table of contents
Set up a schedule for reading
Take notes or highlight the sections most relevant to the course

Join a study group to discuss risk management concepts

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Engage in discussions with peers to clarify concepts, share insights, and enhance your understanding.

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Find or create a study group focused on risk management
Actively participate in group discussions

Create a risk management toolkit

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A toolkit can provide quick access to relevant information and tools. Creating one tailored to risk management will enhance your understanding and retention in this course.

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Compile a list of essential risk management tools
Develop templates for risk management plans and other documents
Create a library of case studies and best practices
Organize the toolkit in a user-friendly way

Discuss risk management case studies using the IDB methodology

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The course is based on the IDB’s risk management methodology. Discussing case studies using this methodology with your peers will solidify your understanding.

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Find a peer group
Select a case study
Prepare the case study
Conduct the discussion
Summarize the key takeaways

Complete exercises on risk management scenarios

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Solve exercises and case studies to test your understanding of risk management practices in different situations.

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Find practice exercises and case studies related to risk management
Attempt to solve the exercises and analyze the outcomes

Create a risk management plan for a hypothetical project

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The course emphasizes the importance of creating a risk management plan. Creating one for a hypothetical project will reinforce what you learn in this course.

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Define the project scope
Identify potential risks
Analyze and prioritize risks
Develop risk response strategies
Create a risk management plan document

Start a project where you apply risk management principles

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Applying risk management principles in a real-life scenario will drive the concepts home and improve your preparedness to apply the course concepts.

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Identify a project to work on
Develop a project plan
Identify and analyze risks
Develop risk response strategies
Implement risk management plan
Monitor and control risks
Complete the project

Participate in a project management competition

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Project management competitions create a practical environment to test your skills. Participating in one will provide valuable hands-on experience and help you excel in this course.

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Find a competition
Assemble a team
Prepare a proposal
Develop and implement your project
Submit your final report

Contribute to an open-source risk management project

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Engage with the open-source community to contribute to real-world risk management projects, expanding your practical knowledge.

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Identify open-source risk management projects
Choose a project to contribute to and understand its goals
Make meaningful contributions to the project

Attend a workshop on advanced risk management techniques

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Enroll in a workshop to learn about advanced risk management techniques and engage with experts in the field.

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Identify and register for a relevant risk management workshop
Attend the workshop and actively participate in sessions

Career center

Learners who complete Risk Management in Development Projects will develop knowledge and skills that may be useful to these careers:

Risk Analyst

Risk Analysts evaluate the likelihood and potential impact of various risks. Risk Analysts help to project teams identify and manage risks that could jeopardize the success of a project. You'll learn a process for identifying risks, analyzing their potential impact, and developing strategies to mitigate them. This course would help you build a broad foundation of knowledge in risk management, which would help you succeed as a Risk Analyst.

See salaries and explore the career path for Risk Analyst

Project Manager

Project Managers plan and oversee projects from start to finish. Project Managers are tasked with managing risks that could jeopardize the success of a project. You'll learn a process for identifying risks, analyzing their potential impact, and developing strategies to mitigate them. This course would strengthen your risk management skills, which are essential for success as a Project Manager.

See salaries and explore the career path for Project Manager

Risk Management Consultant

Risk Management Consultants help organizations identify and manage risks. Risk Management Consultants help organizations develop and implement risk management plans. You'll learn the main stages involved in preparing a risk management plan, as well as the process of identifying, analyzing, and mitigating risks. This course would strengthen your risk management skills, which are essential for success as a Risk Management Consultant.

See salaries and explore the career path for Risk Management Consultant

Investment Analyst

Investment Analysts evaluate the risk and return of potential investments. Investment Analysts identify and assess the risks associated with different investments. This course would help you build a strong foundation in risk management, which is crucial for success as an Investment Analyst.

See salaries and explore the career path for Investment Analyst

Financial Analyst

Financial Analysts evaluate the financial health of companies. Financial Analysts identify and assess the risks associated with different companies. This course would help you build a strong foundation in risk management, which is crucial for success as a Financial Analyst.

See salaries and explore the career path for Financial Analyst

Compliance Officer

Compliance Officers ensure that their organization complies with applicable laws and regulations. Compliance Officers identify and assess potential risks to an organization's compliance with laws and regulations. This course can help build a solid foundation in risk management, which is crucial for the success of a Compliance Officer.

See salaries and explore the career path for Compliance Officer

Auditor

Auditors examine an organization's financial records to ensure accuracy. Auditors must identify and assess potential risks to an organization's financial health. This course can help you strengthen your risk management skills, which are essential to success as an Auditor.

See salaries and explore the career path for Auditor

Information Security Analyst

Information Security Analysts plan and implement security measures to protect an organization's information systems. Information Security Analysts identify and assess potential risks to an organization's information systems. This course would help you build a strong foundation in risk management, which is essential for success as an Information Security Analyst.

See salaries and explore the career path for Information Security Analyst

Business Continuity Planner

Business Continuity Planners develop plans to help organizations recover from disasters. Business Continuity Planners identify and assess potential risks to an organization's ability to continue operating in the event of a disaster. This course would help you to develop skills in risk management, which are essential for success as a Business Continuity Planner.

See salaries and explore the career path for Business Continuity Planner

Insurance Underwriter

Insurance Underwriters assess the risk of insuring different individuals and organizations. Insurance Underwriters use their knowledge of risk management to calculate the appropriate insurance premiums. This course would strengthen your risk management skills, which are essential for success as an Insurance Underwriter.

See salaries and explore the career path for Insurance Underwriter

Quantitative Analyst

Quantitative Analysts use mathematical and statistical models to analyze financial data. Quantitative Analysts use their knowledge of risk management to assess the risk of different investments. This course would help build a solid foundation in risk management, which would help you succeed as a Quantitative Analyst.

See salaries and explore the career path for Quantitative Analyst

Data Scientist

Data Scientists use data to solve business problems. Data Scientists identify and assess potential risks to an organization's data. This course may help build a foundation in risk management, which could aid in your success as a Data Scientist.

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Operations Research Analyst

Operations Research Analysts use mathematical and statistical models to solve business problems. Operations Research Analysts may identify and assess potential risks to an organization's operations. This course may help build a foundation in risk management, which could aid in your success as an Operations Research Analyst.

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Actuary

Actuaries use mathematical and statistical models to assess the risk of different events. Actuaries typically work in the insurance industry, where they use their knowledge of risk management to calculate the appropriate insurance premiums. This course would help build a foundation in risk management, which may be useful as an Actuary.

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Emergency Manager

Emergency Managers plan and coordinate emergency response activities. Emergency Managers identify and assess potential risks to a community's safety and well-being. This course may help build a foundation in risk management, which could be useful as an Emergency Manager.

See salaries and explore the career path for Emergency Manager