UMD: Risk Models for Project Managers: Monte Carlo and Beyond

by The University of Maryland, College Park

About This Course

This course on Project Risk Management delves into advanced techniques that aim to push projects towards their successful completion by minimizing risks associated with time, budget, and resources. The course lays a fundamental focus on quantitative probabilistic models to manage and forecast potentials risks.

Emphasizing modern tools such as Monte Carlo simulations, and other numerical methods, this course provides a practical approach towards understanding investment assessments and decision-making processes in project management.

What Students Will Learn

Quantify and assess potential budget, schedule, and return on investments for projects.
Understand fundamental and advanced concepts of project scheduling and budgeting.
Develop reliable project budgets and schedules using advanced modeling techniques.
Utilize Monte Carlo methods to simulate and predict the impacts of various project risks on budgets and schedules.
Make informed strategic decisions by evaluating uncertainties and leveraging probabilistic risk assessments.

Course Prerequisites

No prior prerequisites are needed for this course, making it accessible for beginners as well as intermediate learners who wish to advance their skills in project risk management.

Course Coverage

Introduction to Project Risk Management
Development of Quantitative Risk Models
Probabilistic Thinking and Analysis
Monte Carlo Simulations
Practical Application of Risk Modeling Tools

Who This Course Is For

Project managers, risk managers, business analysts, and any professionals involved in project planning, execution, or investment decision-making will find this course especially beneficial.

Application of Skills in the Real World

Upon completing this course, learners can apply these skills to enhance their capacity in managing risks more effectively ensuring the success of their projects. These skills are crucial in making robust investment decisions and providing more accurate forecasts that align well with business goals.