STR N421 - Lecture 1 - 2011 - STR STR N421 Risk Risk...

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STR N421 Risk Management in Construction Industry Lecture 1 Dr. Maged Ezzat Georgy Basic Course Information y 3 credit hours (2+1). y Lecture time: Saturday, 10:00 am – 12:00 pm. y Tutorial time: Saturday, 12:00 – 3:00 pm. y Lecture hall: 18301. Dr. Maged Ezzat Georgy
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Basic Course Information y Text book: “ Project Manager’s Spotlight on Risk Management ” by Kim Heldman by Kim Heldman. y Grading scheme: 40% term work (attendance, assignments, project/report, quizzes). 20% mid-term. 40% final exam. Dr. Maged Ezzat Georgy Instructor Information y Office: Civil Engineering Building, 2 nd floor. y Office hours: Saturday : 3:00 – 5:00 pm. Sunday : 12:00 – 1:30 pm ( first ½ of the semester ). By arrangement. y Email: [email protected] com [email protected] Dr. Maged Ezzat Georgy
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Week 1 Topics to Cover in Week 1 y Definition of risk. y Risks vs. problems. y Construction project risks. y Risk triggers. y Risk management: what & how ???? Dr. Maged Ezzat Georgy
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Meaning of “ RISK “ y When the word “risk” is mentioned, most people tend to think of negative consequences to think of negative consequences. y A risk is a possible/potential event. y An example is fluctuations in exchange rate. Dr. Maged Ezzat Georgy Meaning of “ RISK “ y Any possible/potential event could have either: Positive consequences (opportunity). Negative consequences (threats). y Typically, we get more concerned about threats than opportunities opportunities. Dr. Maged Ezzat Georgy
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Risks vs. Problems y Risks aren’t problems. y Problems are negative events that are in the process of occurring right now. y Risks are potential/possible events that can materialize and then become problems. Dr. Maged Ezzat Georgy Textbook Example y Crossing the street to catch a meeting. y Consequences. y Likelihood/chances. Dr. Maged Ezzat Georgy
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Construction Examples y Late delivery of equipment shipped from overseas. y Shortage of cash / lack of self-financing.
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