This course explores the principles and practices of risk management. Key concepts in managing uncertainty include developing a risk approach and identifying, analyzing, responding to, and monitoring risks in projects in traditional and adaptive project management environments.

Upon completion of this course, students are expected to be able to do the following:

• Determine the level of risk exposure that is acceptable in pursuit of project objectives, and define a risk strategy for the project.
• Identify and accurately describe potential threats and opportunities associated with a project.
• Analyze the likelihood of individual threats or opportunities occurring and their potential impact on overall risk of meeting objectives.
• Determine appropriate responses to significant risks, and evaluate implemented responses.

Chapter I: Introduction to Risk Management

1. 1. An over view of Risk Management
   2. Perspectives on Risk
   3. Sources of Risk on Projects
   4. Risk and Time Horizons
   5.  Risk Exposure
   6. Classification of risk
   7. Risk Management Roles and Responsibilities

Chapter II: -Phases of Risk Management

1. 1. Risk identification
   2. Risk measurement
   3.  Risk administration

Chapter III: -The Project Cycle and Risk Management Effort

Chapter IV: -Risk Management Methods

1. 1. Risk control techniques
      1. Avoidance
      2. Loss prevention                                                   
      3. Loss Control
      4. Separation /diversification
      5. Combination
   2. Risk financing techniques
      1. Retention
      2. Self- insurance
      3. Non- insurance transfers
      4. Insurance

Chapter V: -Review of Risks Over Time Intervals

• Hillson, D. (2009). Managing risks in projects. London: Gower Publishing ltd.
• A Guide to Project Management Body of Knowledge (PMBOK Guide), 6^th Edition,  2017 (Pennsylvania: Project Management Institute)
• Frame, J. Davidson (2002), The New Project Management: Tools for an age of rapid change, complexity and other business realities (Jossey-Bass)
• Lewis,  James P. (2008), Mastering Project Management, 2^nd Ed.: Applying Advance Concepts to Systems Thinking,  Control Evaluation, [and] resource allocation.
• TeklegiorgisAssefa (2004), Risk Management and Insurance, Mega Printing PLC,  Mekelle university.