Project Risk Management

Catalog description

Credits 3. 3 Lecture Hours. Identifies causes of risks in projects; discusses probabilistic description of risks and formulation of risk models; Bayesian methods for revising probabilities; qualitative and quantitative risk assessment; setting contingencies on budgets and schedules; risk mitigation and risk management; handling technological risk; Utility theory and game theory in management of risks. Prerequisites: (s): STAT 601 or equivalent; graduate status in Engineering, approval of instructor.