ENCE 627 Risk Assessment and Decision Analysis for Project Management

Introduction to identifying, analyzing, assessing, and managing risks inherent to engineering projects. Includes: probability modeling, choice and value theory, schedule and cost risk, risk mitigation and transfer, and contract considerations of project risk. Examples are drawn from construction, software development, systems integration, and other large engineering projects; and cover probability basics, subjective probability, statistical data analysis, introduction to decision theory, Monte Carlo simulation, value of information, and risk-based decision making.