The course is lectured by: Jørn Vatn
First lecture: Monday 18th of August 2014 at 1315-1600 in VG1
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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.
Learning outcome
- Knowledge:
- Basic insight into the theoretical foundation of 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.
Course material
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Weekly exercises. The exercises are mandatory. It is required to have 4 exercises approved.
Project work
- A semester project is mandatory in this course
- The project counts 30% in the evaluation (the exam counts 70%)
- Projects shall be carried out by a group of three students (you are free to form groups as you like)
Note that previous exams (before 2013) have been open book exams. This year it wil no will not be an open book exam. However, a table of formulas is prepared. The students may write notes on this table, and use the table of formulas with the notes on the exam. The table of forumla may be found here.
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