| CODE | CPM1541 | ||||||
| TITLE | Risk Management in Construction | ||||||
| UM LEVEL | 01 - Year 1 in Modular Undergraduate Course | ||||||
| MQF LEVEL | 5 | ||||||
| ECTS CREDITS | 6 | ||||||
| DEPARTMENT | Construction and Property Management | ||||||
| DESCRIPTION | One of the most essential elements of effective construction project management is risk management. This unit of study offers students a comprehensive comprehension of the principles and applications of risk management in the construction sector. It addresses fundamental subjects, including risk identification, control measures, mitigation strategies, and assessment methodologies. The unit also investigates real-world case studies to demonstrate the most effective strategies and common obstacles in construction risk management. By the conclusion of the unit, students will possess the necessary skills to create and execute efficient risk management strategies that improve the viability, safety, and efficiency of projects. Study-unit Aims: The objective of this study-unit is to provide students with an extensive understanding of the principles of risk management in the construction industry. In particular, it will provide students with an introduction to risk identification, analysis, mitigation, and control techniques, with an emphasis on construction projects. The unit will underscore the significance of proactive risk management in guaranteeing the success, safety, and financial sustainability of a project. Furthermore, students will acquire problem-solving abilities that are relevant to real-world construction scenarios.The study-unit's content is a combination of quantitative and qualitative methods, guiding students to understand the financial implications of a risk event happening. A strong emphasis on practical aspects of risk management is maintained throughout, and non-technical students will be guided through the content. The curriculum offered guarantees that students comprehend the practical aspects of risk measurement and mitigation. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Define and explain key concepts, principles, and methodologies of risk management in construction projects; - Identify and classify different types of risks (e.g., financial, operational, legal, environmental) associated with construction projects; - Understand the legal and regulatory framework governing risk management in the construction sector; - Evaluate various risk assessment techniques such as qualitative and quantitative risk analysis; - Assess the impact of risk on project timelines, costs, and quality; - Examine case studies to understand real-world applications of risk management strategies. 2. Skills By the end of the study-unit the student will be able to: - Apply risk identification techniques to real construction projects; - Conduct risk assessments and propose suitable mitigation strategies; - Use industry-standard risk analysis tools and methodologies, such as risk registers and Monte Carlo simulations; - Develop contingency plans to minimize the impact of unforeseen risks; - Integrate risk management into overall project planning and execution. Transferable (Generic) Skills - Develop critical thinking and problem-solving skills to assess and mitigate risks; - Enhance decision-making abilities in uncertain and complex project environments; - Improve project management and leadership skills; - Communicate risk management strategies effectively to stakeholders; - Work collaboratively in multidisciplinary teams to manage project risks. Main Text/s and any supplementary readings: - Damodaran, A., (2008).Strategic Risk Taking: A Framework for Risk Management. Pearson. - Damodaran, A., (2003). Investment philosophies: successful strategies and the investors who made them work , Aswath Damodaran. 2nd edition鈥擶iley finance series. - Dalli Gonzi, R., (2019). Change and continuity management in the public sector : the DALI model for effective decision making. United Kingdom: Emerald Publishing Limited. - Smith, N.J., Merna, T., Jobling, P., (2013). Managing risk in construction projects.Wiley-Blackwell - Edwards, P., Bowen, P. (2004) Risk management in project organizations. UNSW Press - Loosemore, M., Raftery, J., Reilly, C., & Higgon, D. (2006). Risk Management in Projects (2nd ed.). Routledge. - Kelly, J., (2002) Best Value in construction. Blackwell Science. |
||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||
| METHOD OF ASSESSMENT |
|
||||||
| LECTURER/S | |||||||
|
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
|||||||