Risk Management Program Overview

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This 10-week, noncredit risk management professional development course explores the full life cycle of risk management through the lens of project execution and procurement planning. Designed for professionals working in complex environments, this course covers how to proactively identify, assess, and mitigate risk using both qualitative and quantitative techniques.

Topics include: 

  • Strategy development
  • Stakeholder analysis
  • Risk registers
  • Procurement strategy and vendor selection
  • Contract risk
  • Monitoring and control methods 

Students will engage in weekly case-based discussions and complete a final project: a comprehensive risk analysis and management plan that includes a detailed procurement risk profile.

Throughout the course, students will gain practical experience using tools such as Monte Carlo simulation, sensitivity analysis, decision trees, and change management frameworks. Emphasis is placed on communication and documentation best practices, as well as managing claims, disputes, and closeout activities across projects and programs.

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Schedule (Remote via Zoom)

PJMGT 5022: 10 sessions, 30 hours (30 Professional Development Units [PDUs])
Dates: September 23 – November 25  
Time: Tuesdays, 6:00 - 9:00 p.m. 
Cost: $895 ($100 early registration discount if registered by September 16)Register

Note: This course is not PDO eligible.

(An additional $100 discount will be applied for students who completed the Penn State Project Management Certificate).

Credly badge that says "Project Risk Professional Development Certification"

A digital badge will be awarded upon completion. Badges can be digitally displayed anywhere to recognize attaining a new level of knowledge.

The Pennsylvania State University is a Project Management Institute (PMI)® Authorized Training Partner (A.T.P.), who are committed to enhancing the ongoing professional development of both current and future PMI Members, PMI-certified Project Management Professionals (PMP)®, and other project management stakeholders. We also offer Project Management Supplemental topics.

This course is approved by the Project Management Institute (PMI) to receive one Professional Development Unit (PDU) for each contact hour (30 PDUs). PDUs are necessary for individuals who wish to apply to and take the Project Management Professional (PMP) Exam.

A Penn State Great Valley certificate is awarded upon completion. 

Who Should Attend

This course is ideal for project and program managers, procurement specialists, operations leaders, and others seeking practical tools to manage uncertainty, vendor risk, and strategic project outcomes. No prior experience in risk management is required.

Program Benefits

  • Learn to design and implement a full-spectrum risk management plan
  • Gain hands-on experience with procurement and risk analysis tools
  • Improve readiness for challenges across scope, cost, and schedule
  • Earn 30 PDUs toward Project Management Institute (PMI®) certifications
  • Receive a digital badge upon successful completion

Risk Management Program Learning Objectives 

Upon successful completion of this course, participants will be able to:

  • Develop a comprehensive project risk management plan.
    Design and present an integrated risk management plan that addresses risk identification, analysis, mitigation, monitoring, and communication across the project lifecycle.
  • Apply both qualitative and quantitative risk assessment tools.
    Use tools such as probability/impact matrices, Monte Carlo simulation, sensitivity analysis (including tornado diagrams), and decision tree models to evaluate risk exposure and inform response strategies.
  • Integrate procurement risk into project planning.
    Assess procurement-related risks, evaluate vendor performance, develop procurement strategies, and build a Procurement Management Plan that aligns with risk and project objectives.
  • Analyze and respond to organizational risk appetite and tolerance.
    Evaluate how risk attitudes influence strategic planning and stakeholder alignment and incorporate this understanding into the development of adaptive response plans.
  • Monitor and close risk events effectively.
    Conduct risk audits, manage change, resolve claims and disputes, and ensure that all risk responses are documented and closed out in accordance with project governance.
  • Communicate risk information with clarity and impact.
    Document and report risk scenarios, decisions, and outcomes using structured tools like risk registers, activity checklists, and executive-ready presentations.
  • Understand and manage risk across both project and program contexts.
    Differentiate between project-level and program-level procurements, assess macroeconomic influences, and apply risk strategies to dynamic, interconnected operational environments.

Continuing Education Units

Continuing Education Units (CEUs) are awarded based on a standard of one unit per ten (10) hours of classroom contact.

Note: The University reserves the right to cancel courses due to insufficient enrollment or other unforeseen circumstances.

Customized Programs

Companies and organizations can have this program conducted at Penn State Great Valley or elsewhere. Program content can be customized to meet the needs of the company. Call 610-648-3273 for information.

PMI, the Authorized Training Partner logo, and PMP are registered marks of the Project Management Institute, Inc.