On October 17, 2018, BUS department held its second BMS (Beautiful Mind Speaker) lecture series with the speaker Abroon Qazi, the assistant professor at SUNY Korea Business Management.
The main topic was risk management, which is considered as a vital process contributing to the successful outcome of a complex construction project in terms of achieving the associated project objectives.
According to the lecture, The widely used industrial practice in managing construction project risks is to assign probability and impact values to each risk and to map risks on a risk matrix. The main criticism of this practice relates to ignoring complex interdependencies between risks and using point estimates for probability and impact values. Furthermore, Utilizing a data driven Bayesian Belief Network methodology, we introduce a new process where the risks mapped on a risk matrix corresponding to each project objective are aggregated and modelled as a risk network, and a holistic impact of each risk is captured across the network by means of new risk measures.
Thank you for coming and showing your support. BMS seminars continue to hold place. We look forward to see more students to be in this event! :)