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MSCM 835 Uncertainty and Risk Management

The course 'Uncertainty and Risk Management' aims to equip students with essential skills in identifying, assessing, and managing risks in construction projects. It covers various topics including risk identification, analysis, mitigation strategies, and the legal and ethical aspects of risk management. The course includes lectures, discussions, and practical assessments, culminating in a final written examination.

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51 views3 pages

MSCM 835 Uncertainty and Risk Management

The course 'Uncertainty and Risk Management' aims to equip students with essential skills in identifying, assessing, and managing risks in construction projects. It covers various topics including risk identification, analysis, mitigation strategies, and the legal and ethical aspects of risk management. The course includes lectures, discussions, and practical assessments, culminating in a final written examination.

Uploaded by

hrisab
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Uncertainty and Risk Management

Course Type: Elective (II) Code: MSCM 835 Credits: 4 II Year / I Part

Course Objectives: The objective of this course is to provide students with a comprehensive
understanding of the principles and techniques of uncertainty and risk management in
construction projects, enabling them to identify, assess, and analyze uncertainties and risks,
develop effective strategies for mitigation and response planning, comprehend the legal and
ethical aspects of risk management, address social and environmental risks, and integrate risk
management practices into construction management processes, ultimately enhancing their
decision-making and communication skills in the field of construction management.
Course Outlines: (60 hrs)
1. Introduction to Uncertainties and Risks in Construction Projects (12 hrs.)
1.1. Understanding uncertainty and risk in construction projects
1.2. Importance of uncertainty and risk management in construction
1.3. Historical context and lessons learned
1.4. Role of stakeholders in uncertainty and risk management
1.5. Types and sources of uncertainties in construction projects: Design
uncertainties, technical uncertainties, financial uncertainties
1.6. External uncertainties (e.g., weather, regulatory changes)
1.7. Identifying and assessing uncertainties in construction projects
1.8. Uncertainty mapping and visualization techniques
1.9. Risk registers and matrices
1.10. Expert judgment and historical data analysis
1.11. Potential Sources of risk
1.12. Common risks in construction projects
1.13. Schedule delays and disruptions
1.14. Cost overruns and budget uncertainties
1.15. Quality and performance risks
1.16. Safety and security risks
2. Risk Management and Hazard Identification (12 hrs.)
2.1. Definition and importance of risk management
2.2. Risk sharing and distribution
2.3. Risk response strategies (e.g., avoid, transfer, mitigate, accept)
2.4. Risk monitoring and control
2.5. Insurance and surety bonding
2.6. Principles and Concepts of Risk Assessment in Construction
2.7. Qualitative and Quantitative Risk Assessment Methods
2.8. Job Hazard Analysis (JHA) and Failure Mode and Effects Analysis (FMEA)
2.9. Identification and Evaluation of Common Hazards in Construction
2.10. Involvement of Stakeholders in Risk Assessment and Hazard Identification
3. Risk Identification and Assessment (8 hrs.)
3.1. Risk identification, assessment, and prioritization
3.2. Methods for identifying uncertainties and risks
3.3. Categorizing risks in construction projects
3.4. Quantitative and qualitative risk assessment techniques
3.5. Risk prioritization and ranking
4. Risk Analysis and Evaluation (6 hrs.)
4.1. Probability theory and its application in risk analysis
4.2. Decision tree analysis
4.3. Sensitivity analysis
4.4. Monte Carlo simulation
5. Risk Mitigation and Response Planning (6 hrs.)
5.1. Risk mitigation strategies and techniques
5.2. Developing risk response plans
5.3. Contingency planning and reserves
5.4. Insurance and contractual mechanisms for risk transfer
6. Risk Monitoring and Control (4 hrs.)
6.1. Establishing risk monitoring systems
6.2. Early warning indicators and triggers
6.3. Performance measurement and evaluation
7. Corrective actions and risk control mechanisms (4 hrs.)
7.1. Legal and Ethical Aspects of Risk Management in Construction
7.2. Legal framework and regulations related to risk management
7.3. Ethical considerations in risk management decisions
8. Contractual issues and risk allocation (4 hrs.)
8.1. Social and Environmental Risks in Construction Projects
8.2. Social and community impacts of construction projects
8.3. Environmental risks and sustainability considerations
9. Stakeholder engagement and communication (4 hrs.)
9.1. Integrated Risk Management in Construction
9.2. Integrated risk management frameworks
9.3. Integrating uncertainty and risk management with other construction
management processes
9.4. Case studies and best practices
References:

1. Jha, K. N. (2011). Construction project management: Theory and practice. Pearson


Education India.
2. Cretu, O., Stewart, R. B., & Berends, T. (2011). Risk management for design and
construction (Vol. 75). John Wiley & Sons.
3. Smith, N. J., Merna, T., & Jobling, P. (2014). Managing risk in construction projects.
John Wiley & Sons.
4. Edwards, L., & Edwards, L. J. (1995). Practical risk management in the construction
industry. Thomas Telford.
Teaching Method: Lectures, Discussion, Pannel discussion, Group Work, Interaction, Hands on
Exercises
Internal Assessment Method: Attendance, Reports, Home assignments, Case studies, term
paper/seminars
Final Assessment Method: Final Written Examination
Evaluation Schemes:
Students need to pass in internal and external examinations separately
Evaluation Schemes:

Internal Full Marks: 50 Pass Marks: 25


Evaluation
External Full Marks: 50 Pass Marks: 25
Evaluation

S. N Particular Hours Marks


1 Chapter 1 12 10
2 Chapter 2 12 10
3 Chapter 3 8 7
4 Chapter 4 6 5
5 Chapter 5 6 5
6 Chapter 6 4 4
7 Chapter 7 4 3
8 Chapter 8 4 3
9 Chapter 9 4 3
Total 60 50

Remarks:
• One question will be practical problem-solving type that might be related to
multiple chapters. This is compulsory question with weight of 15 marks. Answer
to this question will be evaluated based on conceptual understanding, originality
and practical relevance.
• Remaining six questions will be of 7 marks each and students need to attempt five
questions. In order to cover all chapters, the questions might contain sub-
questions (weight of sub-question would be indicated)
• The teaching hours and marks distributions will broadly follow above table but
not strictly.

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