Highlights
Description
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.
Aims
This course enables students to explore and gain further understanding of concept, key elements and applications of risk management through the investigation of a number of standards and best industry practices with a direct emphasis of their application to real-world situations in the field of project management.
Course Learning Outcomes (CLOs)
At the successful completion of this course, you will be able to:
1. Explain risks and uncertainties in relation to stakeholders’ objectives within the process of risk management.
2. Develop and apply tools to assess risks and contingencies for construction projects.
3. Analyse and evaluate risks and contingencies applicable in commercial construction projects.
4. Explain risk and contingency plan development and implementation.
5. Present a project Risk Management Plan.
Program Learning Outcomes (PLOs)
The Program Learning Outcomes from Construction Management and Property addressed in this course are:
1. Demonstrate a comprehensive and integrated understanding of the discipline knowledge in the Construction Management and Property field, and capable of relating it in its interdisciplinary context
2. Utilise project information, discipline knowledge and critical thinking skills to make decisions, solve practical problems and address strategic issues in construction management and property field. Capacity to manage international projects as well as localand national projects
3. Communicate and collaborate effectively with a range of stakeholders to inform, consult and negotiate in the management process
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