2023/24 Taught Postgraduate Module Catalogue
CIVE5233M Risk Management
15 creditsClass Size: 135
Module manager: Dr. Jose Juarez Cornelio
Taught: Semester 1 (Sep to Jan) View Timetable
Year running 2023/24
Pre-requisite qualificationsThe module introduces statistical methods applied to the context of risk management in construction projects.
There is no formal requisite for the module, however, familiarity with basic statistics and probability theory is advisable, particularly concerning mean, variance probability distribution, and Normal-Gauss probability distribution.
The module introduces these concepts so that novices to statistics can also complete the module.
This module is not approved as an Elective
Module summaryThis module focuses on risk management in projects. It introduces a structured risk management process, as well as the tools and techniques used to identify, evaluate, transfer and monitor risks. Despite most of the tool and techniques can be employed in a wide range of field, this module focuses mostly on risk management in construction projects. Consistently, the cases and examples considered are in the construction industry.
Objectives- To be aware of the principles of risk management
- To be aware of the tools and techniques at the forefront of construction risk management
- To identify sources of risk - To quantify the effects of risk using appropriate analysis methods - To undertake a risk analysis for a civil engineering project
- To reflect on the limitations and constraints underlying risk management methods
- To be aware of the role of risk management in the management of construction projects
On completion of the module students will be able to:
1. Develop knowledge and understanding of the principles of Risk Management as applied to Civil Engineering and infrastructure projects;
2. Identify and recognise sources of risk and causes of risk;
3. Have the ability to undertake a simple risk assessment and acquire an understanding of the outputs of the risk analysis process;
4. Develop an awareness of the role of risk management whilst recognising the limitations of the process in the management of infrastructure projects.
Planning and Organisation
Introduction: definition of risk, risk management and the main principles of risk management
The Risk Management process: (1) Risk identification, (2) risk evaluation, (3) Risk mitigation and transfer, (4) risk monitoring
Risk Management Software. Sensitivity Analysis and Monte Carlo Simulation - when and how to use;
Practical In-Class exercise (formative assessment) based on a Montecarlo simulation;
Limitations of Risk Management.
|Delivery type||Number||Length hours||Student hours|
|Class tests, exams and assessment||1||2.50||2.50|
|Private study hours||125.00|
|Total Contact hours||25.00|
|Total hours (100hr per 10 credits)||150.00|
Opportunities for Formative FeedbackThe module includes a mock exam so that students have the opportunity to test the exam, receive detailed comments on the marking process, and receive formative feedback.
Methods of assessment
|Exam type||Exam duration||% of formal assessment|
|Standard exam (closed essays, MCQs etc)||3 hr 00 mins||100.00|
|Total percentage (Assessment Exams)||100.00|
Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated
Reading listThe reading list is available from the Library website
Last updated: 18/10/2023
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