Monitor and Close Risks from Coursera

Welcome to this Monitor and Close Risks Course!

This course covers the fifth and last domain of PMI-RMP® Exam Content Outline (ECO)-2022.

This Monitor and Close Risks course equips you with the insights needed to monitor risks effectively and close risks systematically while contributing to organizational growth.

You will learn through an interactive curriculum that involves practice assignments, graded quizzes, and real-world scenarios on key topics such as performance data analysis, risk reporting, and document updates.

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

• Monitor and measure the effectiveness of risk responses with data analysis.

• Prepare detailed risk reports for diverse project approaches, including predictive and adaptive ones.

• Update critical project documents like Risk Registers, Change Logs, and Management Plans to reflect current realities.

• Address secondary risks impacted by contract types and project outcomes.

• Incorporate lessons learned to improve organizational risk culture and future project success.

• Contribute to organization-wide risk updates that enhance the overall system life cycle.

What's inside

Syllabus

Risk Monitoring

This module starts with an overview of the risk monitoring and closing process. Learners go through how to gather and analyze performance data, measure the efficacy of risk responses, and understand the impact of contract types on secondary risks. The module also emphasizes updating the risk registers to reflect the ongoing insights.

Risk Reporting and Closing

This module starts by developing specific risk reports to fit the predictive and adaptive approaches. Students learn qualitative and quantitative techniques for gathering and reporting data in a way that ensures accuracy across methodologies. The module highlights the importance of updating critical project documents, including management plans, change logs, and organization-wide risk updates.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Prepares learners to monitor risks effectively and close risks systematically, contributing to organizational growth and aligning with industry best practices

Covers the fifth domain of the PMI-RMP® Exam Content Outline (ECO)-2022, which is highly relevant for those pursuing PMI-RMP® certification

Develops skills in performance data analysis, risk reporting, and document updates, which are core skills for effective risk management

Examines secondary risks impacted by contract types and project outcomes, which is highly relevant to real-world project scenarios

Teaches qualitative and quantitative techniques for gathering and reporting data, ensuring accuracy across methodologies and project approaches

Requires learners to understand the impact of contract types on secondary risks, which may necessitate prior knowledge of contract management principles

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 Monitor and Close Risks with these activities:

Review Risk Management Fundamentals

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Reinforce your understanding of fundamental risk management concepts to better grasp the monitoring and closing processes.

Browse courses on Risk Management

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Review the basic principles of risk identification.
Study risk assessment techniques.
Familiarize yourself with risk response strategies.

Read 'Risk Management: Concepts and Guidance'

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Expand your knowledge of risk management concepts and best practices to enhance your understanding of risk monitoring and closing.

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

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Read the chapters related to risk monitoring and control.
Take notes on key concepts and techniques.
Reflect on how these concepts apply to real-world projects.

Practice Data Analysis Techniques

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Sharpen your data analysis skills to effectively monitor and measure the effectiveness of risk responses.

Browse courses on Data Analysis

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Find sample project data sets online.
Apply various data analysis techniques to identify trends.
Interpret the results and draw conclusions about risk performance.

Four other activities

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Study 'Making Sense of Data II: A Practical Guide to Data Visualization, Advanced Data Mining Methods, and Data Science'

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Improve your data visualization skills to communicate risk information more effectively.

View Making Sense of Data I: A Practical Guide to... on Amazon

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Read the chapters related to data visualization techniques.
Experiment with different visualization tools and methods.
Apply these techniques to visualize risk data.

Develop a Risk Reporting Template

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Create a practical risk reporting template to improve your ability to communicate risk information effectively.

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Research different risk reporting formats.
Design a template that includes key risk metrics.
Present the template to peers for feedback.
Refine the template based on the feedback received.

Simulate a Risk Monitoring and Closing Process

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Apply the concepts learned in the course by simulating a risk monitoring and closing process for a hypothetical project.

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Define a hypothetical project with associated risks.
Develop a risk monitoring plan.
Track and analyze risk performance data.
Prepare a final risk report and lessons learned document.

Mentor Junior Project Managers

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Reinforce your understanding of risk monitoring and closing by mentoring junior project managers on these topics.

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Offer guidance on risk monitoring techniques.
Share best practices for risk reporting.
Answer questions about risk closing procedures.

Career center

Learners who complete Monitor and Close Risks will develop knowledge and skills that may be useful to these careers:

Project Manager

A Project Manager is responsible for planning, executing, and closing projects and must have a strong knowledge of risk management. This course, Monitor and Close Risks, directly enhances a Project Manager's skills. Project Managers directly apply the course's teaching on monitoring risk responses with data analysis, preparing risk reports, and updating essential project documents. A Project Manager will benefit from the course's lesson on addressing secondary risks and incorporating lessons learned to improve future project success. Learning these lessons will allow the Project Manager to better contribute to project and organizational success. The course will be helpful for Project Managers in both traditional and adaptive project settings.

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Program Manager

A Program Manager handles multiple related projects and must be adept at risk management across the entire program. This course, Monitor and Close Risks, will be especially useful for a Program Manager. The course's curriculum provides experience in risk monitoring, data analysis, and report generation. This is all important to the Program Manager role. A Program Manager benefits from learning how to measure the effectiveness of risk responses and how to update project documents like risk registers. The course prepares one to address secondary risks, and it highlights the importance of incorporating lessons learned to improve future project success. The course offers practice assignments, quizzes, and real-world case studies.

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Risk Analyst

A Risk Analyst identifies, assesses, and monitors potential risks that could impact an organization. This course, Monitor and Close Risks, directly helps a Risk Analyst by providing skills in risk monitoring, data analysis, and report generation. Risk Analysts must understand how to measure the effectiveness of risk responses, and they must be able to update crucial project documents so that they reflect current realities. The course's focus on updating risk registers, change logs, and management plans helps one in the Risk Analyst role. The skills learned through practice assignments, graded quizzes, and real world scenarios will be very useful to a Risk Analyst.

See salaries and explore the career path for Risk Analyst

Management Consultant

A Management Consultant advises organizations on strategy and operations, which must include risk management. This course, Monitor and Close Risks, enhances the skills of a Management Consultant by showing how to monitor and close risks, as well as providing a grounding in risk analysis and reporting. The course covers how to gather and analyze performance data and how to measure the effectiveness of risk responses, which are important skills for the Management Consultant. Moreover, the course shows how to update crucial project documents, like risk registers, to reflect current realities. The Management Consultant can use the course's lessons to better advise their clients.

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Strategic Planner

A Strategic Planner develops long-term plans for an organization, and risk management is crucial to consider. This course, Monitor and Close Risks, helps the Strategic Planner by teaching how to monitor risks, develop reports, and incorporate lessons learned to improve future planning. The course's emphasis on analyzing performance data and updating project documents helps the Strategic Planner to take a systematic, evidence-based approach to planning. Learning how to measure the effectiveness of risk responses with data analysis is also very helpful. The course's use of real-world scenarios and practice assignments will be helpful to a Strategic Planner.

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Business Continuity Planner

A Business Continuity Planner develops and implements strategies to ensure an organization can recover from disruptions, making risk management a key function. This course, Monitor and Close Risks, helps a Business Continuity Planner by teaching how to monitor risks effectively and close risks systematically. The course provides experience with updating project documents and incorporating lessons learned, both of which are important to this role. Analyzing performance data and reporting it is another key component of this role. This course's focus on real world scenarios gives the Business Continuity Planner an edge. The course gives the specific skills required to monitor and measure the effectiveness of risk responses with data analysis.

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Compliance Officer

A Compliance Officer ensures an organization adheres to regulations and internal policies, often needing to assess and manage risks related to noncompliance. This course, Monitor and Close Risks, offers a Compliance Officer valuable knowledge about risk monitoring and reporting. The course trains learners to update critical project documents like risk registers, change logs and management plans, all of which are important to maintaining compliance. The course's teaching on the monitoring and measurement of risk responses with data analysis is also valuable for Compliance Officers. The ability to address secondary risks that are impacted by project outcomes is also helpful. The Compliance Officer will need to analyze real world scenarios, as is taught in this course.

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Data Analyst

A Data Analyst collects, processes, and analyses data to provide insights and solutions. This course, Monitor and Close Risks, helps someone in the Data Analyst role, since it teaches how to analyze and report performance data. In particular, the course's focus on data analysis, risk reporting and documenting these findings is beneficial. A Data Analyst can benefit from this course's training in risk monitoring, and they will find the ability to measure the effectiveness of risk responses with data analysis is particularly valuable. The real-world examples and practice assignments may benefit someone in this role. This course helps a Data Analyst better understand the risk context of gathering and interpreting data.

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Operations Manager

An Operations Manager oversees the day-to-day activities of an organization, and they must be able to mitigate operational risks. The course, Monitor and Close Risks, helps enable an Operations Manager to better understand how to monitor and close risks, which directly improves operational efficiency. The course covers the skills in performance data analysis and reporting, both of which are needed to make sure operations are running smoothly. Furthermore, having the ability to update critical project documents and incorporate lessons learned helps the Operations Manager to be better equipped for the job. It provides experience with real-world scenarios which is beneficial for an Operations Manager. This course teaches one how to analyze and report data in a detailed way.

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Process Improvement Specialist

A Process Improvement Specialist analyzes and optimizes organizational processes, and risk management knowledge is helpful to identify potential process pitfalls. This course, Monitor and Close Risks, may be useful for a Process Improvement Specialist by providing a framework for risk monitoring and closing processes systematically. The course helps to understand how to gather and analyze performance data, measure the effectiveness of risk responses, and update project documents. Learning how to incorporate lessons learned to improve organizational risk culture is a key skill for a Process Improvement Specialist. This course may be useful to one seeking to improve processes with a risk oriented lens.

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Quality Assurance Manager

A Quality Assurance Manager monitors and audits processes to ensure quality standards are met; this role requires diligent risk assessment and mitigation. This course, Monitor and Close Risks, may be useful for a Quality Assurance Manager by improving skills in monitoring and measuring the effectiveness of risk responses with data analysis. The course's coverage of preparing detailed risk reports for varied approaches will help one in the role of Quality Assurance Manager. Also, the skills taught in the course on updating critical project documents, and incorporating lessons learned into a system is highly valuable. The practical training offered by this course, through practice assignments and case studies, may be very useful for a Quality Assurance Manager.

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Contract Manager

A Contract Manager is responsible for overseeing contracts and ensuring compliance, and they must understand the risks associated with contracts. This course, Monitor and Close Risks, enhances the skills of a Contract Manager by showing how to analyze performance data, monitor the efficacy of risk responses, and understand the impact of contract types on secondary risks. The lesson on addressing secondary risks impacted by contract types and project outcomes is especially relevant for the Contract Manager. The course helps a Contract Manager by presenting real-world scenarios. This course may be useful for a Contract Manager who wishes to better understand risk.

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Internal Auditor

An Internal Auditor evaluates an organization’s internal controls and risk management processes. This course, Monitor and Close Risks, may be useful, as it provides a framework for risk management within a project context. While not focused on internal controls directly, the course's discussion on secondary risks and how to incorporate lessons learned can help an Internal Auditor. The Internal Auditor is often tasked with analyzing the effectiveness of risk responses, just as the course teaches. The course uses practice assignments and quizzes which is beneficial to this role. Being able to update project documents benefits this role as well.

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Project Coordinator

A Project Coordinator assists in the planning and execution of projects, and they need to be aware of risk management practices. The course, Monitor and Close Risks, may be useful for a Project Coordinator by providing an overview of fundamental risk management concepts. The course's teaching on monitoring risks, reporting, and updating project documents are skills directly applicable to the Project Coordinator. This course helps in updating critical project documents like risk registers and change logs. Learning how to address secondary risks and incorporate lessons learned is also helpful. The course uses practical assignments and quizzes, which assist in learning general risk concepts. This course may be useful for a Project Coordinator to understand project risks.

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Financial Analyst

A Financial Analyst evaluates financial data to provide insights and recommendations, and they must be aware of financial risks. The course, Monitor and Close Risks, may be useful for a Financial Analyst by providing an understanding of risk monitoring, data analysis and reporting. The course's focus on updating risk registers and management plans as well as providing data-driven reporting will support this role. The ability to monitor and measure the effectiveness of risk responses using data analysis is also useful for a Financial Analyst. This course uses real world scenarios to help one learn about risk. The skills provided may help a Financial Analyst to improve their risk assessment capabilities.

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Monitor and Close Risks

What's inside

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