V16C_25- Risk Management: Tools & Techniques

Risk can be defined as the effect of uncertainty or anything that can compromise the mission. Managing risk is essential to business success in today’s world of high costs, rapid and unpredictable change. Risk Management Tools and Techniques is a practical course that provides an understanding of risk management principles and tools by reviewing the risk management process and learning four risk management tools through practical examples. Identifying, understanding, quantifying and mitigating risks are key functions of Engineers and Managers. The risk management process and four tools for risk management are presented in “Risk Management Tools and Techniques.”This course is for anyone in engineering, technical, leadership or management positions. It can be especially beneficial to those who are responsible for project, process or general business management since all of these positions involve identifying and managing risks. Risk management involves identifying risks, quantifying the risks, applying sound engineering or other principles to mitigate or eliminate the risks and follow up to insure the risks are minimized or eliminated. There are numerous tools and techniques that can make this risk management process more effective. In this course we will explore four of the tools for risk management using real world examples along with a manufacturing plant scenario. Through these examples you should be able to transfer the concepts, principles, tools and techniques into your risk management processes. Risk Management Tools and Techniques provides practical information to help you and your organization more effectively identify, quantify and manage risks. The four tools we will learn to use are: Process, Product or Project Integrity Matrix Fault Tree Analysis Failure Modes Effect Analysis (FMEA) Risk Register The instructor for Risk Management Tools and Techniques has over three decades of real world experience with clients on 3 continents and in 35 states.

At the end of this course, participants will be able to:

1. Identify and list various types of project risks.
2. Explain the process of quantifying risks in a project.
3. Demonstrate the use of four different risk management tools in a project scenario.
4. Compare different techniques for managing project, process, and product risks.
5. Assess the effectiveness of risk management tools in your business context.
6. Develop a risk management plan incorporating identified tools and techniques for a specific project.