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This is an ASCE Micro Learning Seminar consisting of short modules and videos for ease in consuming and learning.
INSTRUCTORS:
R. Raymond Issa, Ph.D., J.D., P.E., F.ASCE, API
Ian Flood, Ph.D
Course Length: 1.5 hours
Purpose and Background
In the construction industry effective risk management is critical to success. This course intends to guide the participants through the process of identifying, qualifying, quantifying, containing, and mitigating risk. The mechanisms available to contractors to effectively cope with risks will be explored and legal and insurance approaches to risk management will be explained. This is followed by an introduction to the main modeling and analysis tools used by the design and construction team in the management of risk on construction projects.
Learning Outcomes and Benefits
Module 1: Risk identification
- Learn how to identify risks
Module 2: Risk Management
- Learn how to contain risks
- Learn how to contractually allocate risks
Module 3: Principles of Risk Analysis
- Understand the meaning of risk and uncertainty and their potential impact on a project
- Identify the goals of a risk study
Module 4: Risk Modeling
- Model and quantify project options in a high risk environment
- Evaluate and select the optimal project option in a high risk environment
Assessment of Learning Outcomes
Students' achievement of the learning outcomes will be assessed via a short post-assessment (true-false, multiple choice and fill in the blank questions).
Intended Audience
- Construction engineers and managers
- Transportation engineers
- Facility managers
- Public and private facility owners
- Procurement officers
Course Outline
Module 1: Risk identification
- Risk definition
- Coping with risks
- Elements of risk management
Module 2: Risk Management
- Risk containment
- Sources of contractual risks
- Risk allocation tools
- Contractual
- Insurance
- Practical Approaches
Module 3: Principles of Risk Analysis
- Decision-Theory, Risk and Uncertainty
- Decision-Making Under Risk
- Decision-Making Under Uncertainty
- Utility and Multi-Criteria Decisions
- Summary of the Decision-Making Process
Module 4: Risk Modeling
- Present Value
- Decision Trees
- Continuous vs. Discrete Variables, and Monte Carlo Sampling
How to Earn your CEUs/PDHs and Receive Your Certificate of Completion
To receive your certificate of completion, you will need to complete a short on-line post-test and receive a passing score of 70% or higher within 1 year of purchasing the course.
How do I convert CEUs to PDHs?
1.0 CEU = 10 PDHs [Example: 0.1 CEU = 1 PDH]