Project Risk Management
|Lecture hours per week||3|
|Lab hours per week|
The essence of Risk Management is to create an implementable plan to identify and respond to events, which, if they occur during project execution, may have a negative or a positive impact on project objectives.
This course outlines various strategies for exhaustively identifying those events that are likely to have an impact on a project during its execution. Since some events may have a higher probability of occurrence that others, or may be more impactful that others, concepts of probability will be introduced in this course. This course also looks critically at the impact and severity of differing events on a project. Students will be shown how project risk events can be assessed and will be exposed to tools such as risk breakdown structures and risk matrices, amongst others, to qualitatively assess risk events from a high-level point of view with the intention of prioritizing those that are deemed to be more significant. This course exposes students to quantitative tools and techniques for assessing those significant risk events to determine their more precise probabilities of occurrence as well as their impact values. Students will utilize a number of stochastic methods to make decisions under conditions of risks, certainty and uncertainty. This course will also examine ways of responding to prioritized risk events. Students will learn how to develop contingency plans and how to integrate these back into the other subsidiary project plans.
This course also examines how risks will be tracked, monitored and controlled during project execution. As a matter of practical application of the subject matter covered in the course, students will be required to survey how risk management is performed in several industries.