PYY 607E - Risk Management

Course Objectives

1 1. To enable students to understand basic concepts of risk management related to successful project management practices
2 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;vrisk response strategies; opportunity management; case studies on risk management practices in construction industry