Project Risk Management

Project Risk Management

All projects involve risks – threats and opportunities – and risk management is a key component of project success. To maximise the probability of success, you need to be able to identify the most important risks and analyse how they affect the business and project objectives. You also need to be able to initiate actions for reducing, avoiding, exploiting, sharing, transferring or accepting the threats and opportunities.

Project risk management is a powerful and simple tool for project management teams, but far too few projects are exploiting its full potential. Most projects can improve their performance and profitability simply by implementing project risk management: i.e., conducting their risk management process according to proven “best practice”. In this course, you will learn about the most important project risks and how the probabilities and consequences develop over the project phases. You will learn how to identify the most important risks using different techniques, how to perform qualitative and quantitative risk assessments, how to communicate risk and how to establish a risk register (including risk actions) that you can implement in your project. You will also learn how risks affect both schedule and cost estimate and how to make appropriate allowances for risk.In this course, you will learn how to manage risks in a professional way.

Learning objectives

  • Get an understanding of how better knowledge of a project's potential pitfalls and management of risk can ensure project success
  • Gain knowledge about methods and techniques to identify, analyse and manage risks in projects
  • Gain insight into how risk analysis can be used to produce good management and decision-making, both for project manager and project owner.

Target audience

This course is aimed at anyone involved in planning and executing projects.


  • Gain an understanding of risks and how they can affect projects
  • Use a practical risk process to manage threats and opportunities
  • Identify threats and opportunities and assess how they affect project performance
  • Define risk actions and implement them to improve project performance
  • Overcome psychological barriers to risk in stakeholders and team members
  • Make risk and opportunity integral components of your next project plan
  • Understand why risk is an important element in a project contract.

Flexible study options

The course is 100% online. When you enrol, you get access to a unique learning platform with an intuitive user-interface. The amount of time required to complete the course will vary depending on your existing project knowledge and experience. Allow at least 15-20 hours to complete the course.

Metier OEC programmes and Executive MBA at SKEMA Business School

The course can form part of the Diploma in Project Management and the Advanced Certificate in Project Management, which in turn can become part of the Executive MBA in Project Management delivered by SKEMA Business School and Metier. If you take this course as part of a programme including exams and university credits, you will spend more time as you need to review recommended literature and prepare for the exam. The course is worth 5 ECTS as part of an academic degree.

Topics covered

  • Project management and management of risks
  • Management of risks through the project phases
  • The risk management process
  • Risk identification
  • Risk assessment and communication
  • The risk register
  • Initiating risk actions, monitoring and controlling the effect of the actions
  • Risk allowances in schedules and cost estimates
  • Risk in project contracts
  • People in the process – the human factor in project risk management

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