Civil Engineering Dept. Master Program. Infrastructure planning and management. Lecture(12). 2013-2014. Risk & Uncertainty Definition.
Civil Engineering Dept. Master Program Infrastructure planning and management Lecture(12) 2013-2014
Risk & Uncertainty Definition “Risk” and “uncertainty” are two terms basic to any decision making framework. Risk can be defined as imperfect knowledge where the probabilities of the possible outcomes are known, and uncertainty exists when these probabilities are not known (Hardaker).
Project risk management definition The PRM process is defined as “the process of taking management action in order to respond appropriately to all identified risks to maximise the likelihood of the project meeting its objectives within its constraints, by monitoring risk exposure and adjusting project strategy to keep risk within acceptable levels”
Project risk management process • Risk identification • Risk Analysis - Qualitative risk analysis - Quantitative risk analysis • Risk mitigation • Risk Monitoring and follow up
Modeling and decision making processes in water resources management Stochastic variation of the water level in a reservoir.
WORKSHOP Risk analysis for wastewater pumping station (Group(A)) Risk analysis for landfill design (Group(B))