Study Guide

Objectives

This course familiarizes the participants with Risk Management as the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. Special emphasis is put on practical risk management tools and latest concepts.
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When the participant has passed this course he/she will know:
- Core terms and notions related to risks and risk management
- Different risk types and profiles in different business environments
- Risk management process phases
- Risk identification techniques
- Risk assessment tools
- Risk management linkage to other management disciplines
- Trends in academic risk management research
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After completing the course participants can:
- Identify risks in projects and on the company level by using appropriate techniques
- Analyse risks and their consequences with effective tools
- Apply risk management effectively in projectsto save time and money
- Avoid the common pitfalls of risk management implementation
When the participants have passed this course he/she will be:
- A project manager understanding the risk profile of her own project and what impact change has on them
- A specialist to define and analyze risks with effective tools and techniques
- A leader to manage risks and act fast if risks realize
- A leader making project members to understand the importance of risk management

Content

Course is a combination of meetings and online exercises. The content is:
-Terminology of risks and risk management
-Risk types and risk profiles in international operations
-Risk management process and its implementation
-Implementation of risk management methods and tools
-Current "hot topics" in risk management research

Assessment criteria, satisfactory (1-2)

The student recognises the core terms and notions related to risks and risk management. He/she is aware of different risk types and profiles in different business environments.  The student knows the risk management process phases and risk identification techniques, and is able to apply them in simple cases. He/she is able to identify risks and consider means how to respond to them.

Assessment criteria, good (3-4)

The student is able to link risk management to other forms of operations management.
He/she is able to analyze the identified risks and their consequences with effective tools. The student knows how to avoid the common pitfalls of practical level risk management implementation. He/she is able to adopt the role of junior level risk manager e.g. in a project.

Assessment criteria, excellent (5)

The student has a profound understanding of operations management subcategories and how risk management is linked to them. He/she knows on a senior or specialist level how to define and analyse risks with effective tools and techniques. The student is able to recognise interdependencies among various risk types and individual risks, and respond accordingly. He/she can perform as a leader making project team members understand the importance of risk management.