PYY 607E - Risk Management

Course Objectives

1. To enable students to understand basic concepts of risk management related to successful project management practices
2. To demonstrate quantitative and qualitative risk analysis techniques and to make risk assessment by using these techniques
3. To introduce risk response strategies

Course Description

Introduction to risk and risk management; why is risk management important; behavioral aspects of risk; risk and decision-making; classifications of risk, generic categories of risk; risk management process overview
risk identification: methods of risk identification; class exercise 1: delphi estimating; risk analysis: tools and techniques for qualitative risk analysis; class exercise 2: qualitative risk assessments; risk analysis: tools and techniques for quantitative risk analysis; class exercise 3: quantitative risk assessments; simulation in risk analysis; case study simulations: crystal ball applications;risk response strategies; opportunity management; case studies on risk management practices in construction industry