2023 Project Risk Management

After successful completion of the module, students should be able to explain the context, rationale, strategy and tactics of project management with emphasis on the importance of project planning and project risk management by identifying and examining critical project phases and conditions. The course enables the participants to apply project management skills to projects in a variety of industries and disciplines with a strong focus on the complexities and problem constellations of mega projects, but also information technology, procurement & maintenance projects. By focussing on providing knowledge in core areas of risk analysis, time, cost and quality, the participants are able to confidently deal with the ever growing complexities and challenges of project management.

The module starts with a systematic overview of the principles of project management. The module covers the areas of project scope management, time management and resource scheduling as well as cost & quality management primarily from a risk-oriented perspective. The module applies methods such as model-based and statistical risk analysis, decision-theoretic analyses, Monte-Carlo-simulations as well as behavioral and game-theoretic approaches to understand incentives, decision biases and public acceptance. Finally, the module derives conclusions for efficient risk management policies for complex projects.