Risk-based Learning

Revision as of 14:18, 13 February 2022

Developed by Gudrun Gudnadottir, February 2022

Abstract

The meaning of the term risk-based learning is to learn and understand the risks that are involved in a project and make decisions based on the information. The higher the risk associated with a certain area of a project, the more effort needs to be put into learning all information about that area as possible. The potential of having the capacity to make informed decisions in order to minimize needless risks in projects is a fundamental reason for creating and adopting risk assessment systems. To do so, one must first understand about potential risks and how to manage them. Risk-based learning assists in the identification, assessment, and evaluation of possible risks.

In this article, the importance of risk-based learning in organizations is discussed, as well as risk-based project management. Application of risk-based learning will be discussed, as well as its limits.

The Big Idea: An Introduction

Risk-Based Thinking

Risk-based thinking in project management is crucial for determining risk levels and taking measures to address identified risks.

What is Risk-Based Project Management?

Risk-based project management is learning how to manage the risk and uncertainty that comes with each project. When uncertainty is decreased, if not totally removed, the project's value is preserved and predicted results are attained.^[1]

Application

Limitations

Annotated bibliography

References

1. ↑ The Art of Service. (NA). Understanding Risk Based Project Management. Retrieved from https://theartofservice.com/understanding-risk-based-project-management.html on February 13th 2022.