Risk Management in Projects

Terminology related to risk and uncertainty in projects. Main elements of risk management to deal with risk and uncertainty in projects. Review of central practical methods for identification and analysis of risk and uncertainty. Quantitative modelling of schedule and time in project. Decision theory. Cost analysis in a life time perspective. Statistical methods for parameter estimation. Use of expert judgement for assessment of parameters. Case studies related to turnarounds.

Knowledge:

Basic insight into the theoretical foundation risk management in projects.

Skills:

Be able to perform practical risk analysis for identification, structuring and modelling risk. Be able to apply the models in the various trade-off situations related to risk. Be able to assess model parameters used in project risk management.

General competence:

Understand the importance of risk management in a project management setting.

Lectures, exercises and project work. The lectures and exercises are given in English when students who do not speak Norwegian take the course. If the teaching is given in English the examination papers will be given in English only. Students are free to choose Norwegian or English for written assessments.