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Risk Mgt Ms-1303-09-01


Risk Management and its Applications
March 13 2009 Post-Graduate

Introduction
In the world of risks, the master of risk is to distinguish the past to modern times. Murphy's law is an adage in Western culture that broadly states: "Anything that can go wrong will go wrong.“

Madoff 50billion USD Loss
Anything that can go wrong will go wrong
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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

What is Risk and Risk management

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Risk is a concept that denotes the precise probability of specific eventualities. Technically, the notion of risk is independent from the notion of value and, as such, eventualities may have both beneficial and adverse consequences. However, in general usage the convention is to focus only on potential negative impact to some characteristic of value that may arise from a future event. A life without risk will be too boring, to many risks would make a life too short. The biggest risk in life is not taking risk.
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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Course Objective
In this course, the nature of risk and risk management will be introduced, especially risks in context with engineering projects This is a course on how companies and project managers make use of the insights and tools of risk management. The focus is on how corporations use the insights and models to improve their project operations, to increase the value of their projects in terms of safety, cost, schedule and quality, or to create the financial flexibility necessary to implement their core strategy. We are also going to deal with a real international project executed by a Chinese company abroad and discuss the results in a class-room workshop.
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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Course Objective
There are many types of risk management going on in different parts of a project or a company at the same time. The most familiar place of risk management is Engineering, procurement and Construction. But many other parts of the Company are involved in risk management. The marketing department designs types of contracts for customers that share risk. Business unit managers evaluate projects with different risk characteristics, and decide on ways to alter projects so as to minimize risk without sacrificing return. The tax, legal and accounting departments are concerned with risk, with hedging and with the corporate governance issues.

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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Course Objective

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At the highest level of the company, key questions about the firm's strategy and its ability to fund its operations must be answered with an eye on the risks of each alternative and strategic decisions that can secure the greatest value for shareholders. Each of these different risk management activities focuses on different aspects of risk management. The problem before a contract manager is not the same problem that is before the Subcontractor.

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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Topic Outline
The course will be organized according to the following outline of topics. Due to the short nature of the course, the depth into which each is explored will vary greatly. However, the outline is very useful for organizing the thinking about the place of risk management in the firm's business. The Role of Risk Management 1. How Companies Manage Risk 2. How the Market for Risk is Organized 3. Why Manage Risk The Tools of Risk Management 4. Measuring Risk 5. Risk Breakdown Structure 6. Risk Mapping
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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Topic Outline
Scope,application and definitions , 1.1 Scope 1.2 Application 1.3 Definitions Risk management requirements 2.1 Purpose 2.2 Risk management policy 2.3 Planning and resourcing 2.3.1 Management commitment 2.3.2 Responsibility and authority 2.3.3 Resources 2.4 Implementation program 2.5 Management review
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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Topic Outline
Risk management overview 3.1 General 3.2 Main elements a) Establish the context b) Identify risks c) Analyze risks d) Evaluate risks e) Treat risks f) Monitor and review g) Communicate and consult

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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Topic Outline
Risk management process 4.1 Establish the context 4.1.1 General 4.1.2 Establish the strategic context 4.1.3 Establish the organizational context 4.1.4 Establish the risk management context 4.1.5 Develop risk evaluation criteria 4.1.6 Define the structure 4.2 Risk identification 4.2.1 General 4.2.2 What can happen 4.2.3 How and why it can happen 4.2.4 Tools and techniques
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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Topic Outline
Risk management process 4.3 Risk analysis 4.3.1 General 4.3.2 Determine existing controls 4.3.3 Consequences and likelihood 4.3.4 Types of analysis a) Qualitative analysis b) Semi-quantitative, analysis c) Quantitative analysis 4.3.5 Sensitivity analysis 4.4 Risk evaluation
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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Topic Outline
Risk management process 4.5 Risk treatment 4.5.1 Identifying options for risk treatment 4.5.2 Assessing risk treatment options 4.5.3 Preparing treatment plans 4.5.4 Implementing treatment plans 4.6 Monitoring and review 4.7 Communication and consultation

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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Prerequisites and References Knowledge of English and Project Management related Subjects

? PMBOK 2004, Chapter 11 ? AS/NZS 2004, First international standards on Risk
management ? ISO 31000, 2009 ? Case Study: Risk Management Guideline for Sinopec Engineering ? Case Study: Analysis of International EPC Project in Rabigh Saudi Arabia, MS I , Sinopec Engineering

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中国海洋大学

刘强博士

Risk Management and its Applications
March 13 2009 Post-Graduate

Course Format
The course will be taught with a mixture of lectures presenting specific tools and outlines of project risk problems and case discussions in which students attempt to apply the tools and concepts. The first segment will be a lecture presentation with plenty of time for questions, discussion and interaction. The course is offered on a 100 score Pass/Fail basis. The second segment of each meeting will be case discussion. Class participation is obviously critical. A passing grade is earned by (1) minimum all attendance, (2) general class participation, especially in the case analysis, and (3) obvious effort and accomplishment in mastering the basic tools. Engagement is the key. The learning is a collective process accomplished with involvement on the part of all.
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中国海洋大学

刘强博士


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