Learning objectives embrace 4 key areas as itemised below:
| 1) Managing Risk |
- Everyday interpretations of risk
- Correct definitions of risk and related concepts, such as hazard and threat
- Alternative risk classifications, including financial, political, major, environmental
- Treating risk as opportunity
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| 2) Assessing Risk |
- The fundamental risk assessment process:
Identify – estimate – evaluate
- Key risk assessment techniques such as scenario planning, HAZOP, decision analysis
- Profitability in risk estimation
- Risk evaluation including the FAFR method
- Approaches to quantifying risk involving consequence, probability with examples from the construction and chemicals industries
- Statistical risk assessment
- Some statistical resources to support risk assessment
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| 3) The Management Risk |
- How responsibility for risk management is affected by organizational hierarchy and structure
- The four stages of maturity in organizational risk management:
- ad hoc, specialised, integrated, strategic
- A simple four-step risk management process
- Some barriers to effective risk management in organisations
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| 4) Risk Management in Practice |
- The application of risk management to a complex project (engineering sector)
- Using the decision tree technique
- An example of how risk management is practiced in healthcare
- Some recent fiascos which might have benefited from effective risk Management.
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