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Risk Analysis Aegean

Risk Analysis (9th semester – elective), University of the Aegean – Financial and Management Engineering Dpt.



Any project that might lead to a worth-pursuing outcome includes risks. Aim of this course is the introduction to risk concepts, analysis and management. During the course the whole risk management process is described, that is "risk identification", "risk analysis", "risk response planning" and "follow up". Although the course mainly deals with project risk management, basic engineering risk analysis techniques such as FMEA are also included in the curriculum. Apart from the basic skills and tools for the risk management processes, subjects such as risk psychology and human perceptions of risk (utility theory, risk attitudes, etc) are analysed, as well.


By the end of this course, students will be able to:

  • Understanding the basic principles and terminology of risk management according to relevant international standards.
  • Understanding and using the processes included in risk management (identification, analysis, reaction and follow up).
  • Implementing basic methods and techniques related to the aforementioned processes (Risk Breakdown Structure, Risk catalogues, Risk matrix, Probability and impact scales, Risk exposure, Decision/ event trees, Fault trees, Monte Carlo Simulation, Avoidance/ mitigation/ trasnfer response strategies, Risk sheets, Psychology methods for risk management).

The course is based on the following books:

Κηρυττόπουλος, Κ. 2006, Εγχειρίδιο Διαχείρισης Κινδύνων Έργων, Εκδόσεις Κλειδάριθμος, Αθήνα (published in Greek).


Chapman, C. and Ward, S., 2008, Διαχείριση Κινδύνων Έργων: Διεργασίες – Τεχνικές - Εμβαθύνσεις, Εκδόσεις Επίκεντρο.


Suggested bibliography:

David Vose, 2000, Risk Analysis: A Quantitative Guide, John Wiley.

David Hillson, 2004, Effective Opportunity Management for Projects: Exploiting Positive Risk, CRC Press LLC.

PMI, 2008, Project Management Body of Knowledge, Project Management Institute, USA.

Εμίρης, Δ., 2006, Οδηγός Βασικών Γνώσεων στη Διοίκηση Έργων, Παπασωτηρίου.



Course changed Professor in Academic Year 2011-2012.