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Unlocking the Risk Matrix: Project Risk and the Change Management Process

Learn to control, minimise and prepare for potential hazards, from qualitative vs quantitative to making a risk management plan.

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  • Duration

    2 weeks
  • Weekly study

    5 hours
  • 100% online

    How it works
  • Included in an ExpertTrack

    Course 3 of 5
  • Get full ExpertTrack access

    $39/monthFind out more

The key to good project management is good risk management – and this short course will tell you everything you need to know about risk and control management.

This objective-led course will equip you with advanced skills in monitoring project performance, identifying risk and addressing and avoiding potential threats to an otherwise-successful outcome.

Explore the qualitative versus quantitative risk analysis and the Probability Impact Matrix

Under guidance from experts at Coventry, you’ll learn the differences between qualitative and quantitative risk analysis (including the Probability and Impact Matrix),as well as how to create a risk-management plan.

You’ll also discover how to manage the treatment of risks and evaluate discrepancies relating to the scope, cost and schedule of a project.

Learn about project control and risk identification

You’ll explore all aspects of risk and control management, from risk identification, categorisation and response to the PRAM (or Project Risk Analysis and Management) process. You’ll learn how to carry out earned value analysis (EVA) and how to use the Probability and Impact Matrix.

Start using Microsoft Project management software

If you’re working with controlling risk, you should also be working with Microsoft Project.

You’ll learn how this software can help you create a schedule, assign resources to tasks, track progress and analyse workloads, before exploring its benefits and challenges in terms of planning, executing and closing a project.

What topics will you cover?

  • Chart project progress and performance
  • Identify changes to the project baseline
  • Change control and configuration management
  • Earned value management to monitor and control cost
  • Identify risks and opportunities
  • Explore the project risk analysis management process
  • Identify sources of risk
  • Perform qualitative and quantitative risk analyses
  • Create a risk management plan
  • Consider the roles and responsibilities in risk management
  • Examine the organisational structure for risk management
  • Establish a risk response plan
  • Manage the treatment of risks

Prove you're job ready

Highlight the new, job-relevant skills you’ve gained and supplement existing qualifications with a hard-earned, industry-specific digital certificate – plus one for every course within your ExpertTrack.

  • Learn the latest in your chosen industry or subject.
  • Complete each course and pass assessments.
  • Receive certificates validated by the educating organisation.
  • Impress employers with learning outcomes you can add to your CV.
  • Make your career dreams a reality.

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Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll be able to...

  • Evaluate variances as they pertain to project scope, cost, and schedule, and demonstrate how to formally communicate such variances to the stakeholders
  • Evaluate the nature of risk and opportunity, and construct a prioritised risk register
  • Develop a qualitative risk assessment
  • Classify the project risks and construct a prioritised risk register with a risk response plan

Who is the course for?

This ExpertTrack is designed for anyone interested who wants to understand the fundamentals of project management in the context of an organisation.

It will be of particular interest to professionals and individuals interested in project management – especially aspiring project managers, project managers looking to take their career to the next level, and people in other careers such as engineering looking to gain project management skills.

Who developed the course?

Coventry University

Coventry secured 5 QS Stars for Teaching and Online Learning in the QS World University Ranking 2020 and has received No. 1 in the world for Massive Open Online Courses in MoocLab’s World University Ranking 2021.

  • Established

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About this ExpertTrack

Become an effective project manager and learn how to deliver strategic change and transformation in an organisation.

Start learning today - free 7-day trial

After your free trial you can:

  • Pay $39 per month to keep learning online
  • Have complete control over your subscription; you can cancel any time
  • Work at your own pace and set your own deadlines at every stage
  • Only pay while you’re learning; the subscription will cancel automatically when you finish
  • Complete online assessments to test your knowledge and prove your skills
  • Earn digital course certificates and a final award that you can share online, with potential employers, and your professional network
  • Keep access to the content of courses you complete even after your subscription ends

Learning on FutureLearn

Your learning, your rules

  • Courses are split into weeks, activities, and steps to help you keep track of your learning
  • Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
  • Stay motivated by using the Progress page to keep track of your step completion and assessment scores

Join a global classroom

  • Experience the power of social learning, and get inspired by an international network of learners
  • Share ideas with your peers and course educators on every step of the course
  • Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others

Map your progress

  • As you work through the course, use notifications and the Progress page to guide your learning
  • Whenever you’re ready, mark each step as complete, you’re in control
  • Complete 90% of course steps and all of the assessments to earn your certificate

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