Handbook

This course provides guidance on characteristics and industry good practices of effective and efficient project risk management and qualitative and quantitative risk assessment methodologies as well as possible risk treatment options including contingency allowances. 

All projects and programs, especially within the construction and infrastructure sectors, face many external and internal factors and influences that make it uncertain whether they will achieve their tangible and intangible objectives.

Project risk management is an iterative process and assists organisations in setting strategy, achieving objectives and informed decision making during project lifecycle, from initiation to completion.

Providing a good practice approach to managing any type of risk, this course is not industry or sector specific. Its focus however is on commercial risks in delivering construction projects. Key risk categories such as work health and safety, environment, quality and other common risks throughout the project lifecycle are also discussed. By referring to good industry risk assessment tools and business analytics, including Palisade @Risk software and Office Microsoft Project (MSP), the course helps students to learn and practice how risk assessment techniques and business analytics can drive smarter engineering and construction risk-based decisions.