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Lecture

Risk Analysis in Project Management

In courses (2)

MGT-427: Project management and risk analysis

Ce cours a pour objectif de présenter l'approche générale du management de projet en intégrant la gestion du risque dans toutes les étapes du projet. ...

MGT-426: Logistics and demand analysis

La logistique, fonction transversale par excellence, intègre toutes les dimensions des processus industriels à ajout de valeur, de l'approvisionnement à la distribution aux clients et au-delà en intégrant le développement durable. Un focus particulier sera ...

Description

This lecture covers the fundamental concepts of risk analysis in project management, emphasizing the importance of measuring and managing risks to achieve clear and measurable objectives. It explains the definition of risk, the calculation of risk value, and the identification and quantification of risks using various approaches and tools. The instructor illustrates the impact of risks through examples and emphasizes the significance of preventive actions and risk management strategies to minimize incidents and ensure project success.

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Instructor

Philippe Wieser

Philippe Wieser obtained his diploma of engineer in mechanics at the EPFL in 1977 and he received his PhD in 1981. After a few years working in a engineering consulting company, he joined the EPFL as lecturer. His fields of research and teaching deal with logistics, supply chain management, information systems and integrated logistics, health supply chain and project management. Since May 2000, Philippe Wieser is the executive director of IML: International Institute for the Management of Logistics (EPFL - Lausanne and ENPC - Paris). In 2008 he was appointed Professeur titulaire at EPFL. Philippe Wieser teaches in EPFL-Lausanne (Minor, Master and Executive Master MSL), ENPC-Paris (Executive Master) and other European and African Universities. He is author or co-author of more than ninety publications and international conferences.

Official source

Ontological neighbourhood

Business

Business administration: Risk management

Related concepts (30)

Risk

In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Risk assessment

Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis).

Value at risk

Value at risk (VaR) is a measure of the risk of loss of investment/Capital. It estimates how much a set of investments might lose (with a given probability), given normal market conditions, in a set time period such as a day. VaR is typically used by firms and regulators in the financial industry to gauge the amount of assets needed to cover possible losses. For a given portfolio, time horizon, and probability p, the p VaR can be defined informally as the maximum possible loss during that time after excluding all worse outcomes whose combined probability is at most p.

Operational risk

Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.

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