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Organised as an advanced seminar, the subject exposes students to the various dimensions of risk management at different levels in a specific internal and external environment. Enabling them to establishing the contexts; identity, analyse and evaluate the risks; and select the best risk treatment options all according to Australian and International Standards.
The content of this subject ranges from studies of theoretical risk analysis techniques through real examples from industry, given emphasis on the various risk management strategies and approaches, decisions and options that leaders and managers in construction industry may assume to risk. At an organisational strategic level, the different perspectives of diverse stakeholders in the property development and construction process are considered (i.e. clients, developers, consultants, designers, contractors, tenants, financiers and authorities).
The subject also examines some of the ways in which stakeholders might assess and allow for risk through contingencies, allowances and margins. The reliance on specialised subcontractors is also studied from a risk management perspective. Case studies centring on risk at site, corporate and industry levels are extensively used in the subject to develop students’ analytical and research capacity in the topic by real scenarios.
Intended learning outcomes
- Build an appreciation of the sources and impacts of risk in construction;
- Provide the generic processes and associated theories, principles and tools to manage risk in construction in a holistic manner;
- Understand qualitative and quantitative methods in analysing risk; and
- Provide generic risk management strategies at site and corporate levels in construction.
At the completion of the subject students should have developed the following skills and capabilities:
- Ability to appreciate the sources and impacts of common risk factors in construction;
- Ability to understand analytical methods and tools to analyze risk;
- Ability to propose risk mitigation strategies to manage, identified and evaluated risk factors;
- Basic ability to design and construct risk management systems at project and corporate levels.
Last updated: 3 November 2022