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.

In alignment with industry standards and recommended practices, this course provides guidance on the selection and application of techniques for assessing risks and uncertainties in a wide range of situation. The techniques are used to assist in making decisions where there is uncertainty, to provide information about particular risks and as part of a process for managing risk. The course provides summaries of a range of techniques and methodologies, with references to other documents where the techniques are described in more detail. In addition, through review of some common 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 during project development and delivery phases.