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Risk management methods

COURSE: Risk management methods

Code: FEIT08013

ECTS points: 6 ECTS

Number of classes per week: 3+0+0+3

Lecturer: Associate Prof. Dr. Sonja Gegovska-Zajkova

Subject of the course content: Phases in risk management. Distributions and random variables. Threats, risks, probability of appearance and influence on the project. Uncertainties assessment and probabilities specification. Risk analysis methods. Qualitative methods: preliminary analysis, HAZard and OPerability study, Failure Mode and Effects Analysis. Tree-based methods: Fault Tree Analysis, Event Tree Analysis, Cause-Consequence Analysis. Quantitative methods: Sensitive analysis, Expected monetary value analysis. Simulating methods. Monte Carlo simulations. Case studies and application of methods in real projects.


  1. Т. Aven, Foundations of Risk Analysis,  A Јohn Wiley & Sons, Inc., Publication, 2003
  2. T. Bedford, R. Cooke,  Probabilistic Risk Analysis:  Foundations and Methods, Cambridge University Press, 2001
  3. I. Rychlik, J. Ryden, Probability and  Risk Analysis, Springer, 2006