Focus on risks, contracts and legal issues related to project management. Covers materials on theories of risk management, cost estimation, pricing competitive bids, risk allocation, and incentive contract design, evaluation of threats and opportunities, and portfolio management.
- Define risk management principles and practices in managing projects.
- Exhibit an understanding of cost estimation, pricing competitive bids, risk allocation, and incentive contract design, evaluation of threats and opportunities, buffer management in a supply chain, investment appraisal, portfolio management and strategy formulation to manage projects successfully.
- Explain the basic concepts and structure of the American legal system.
- Recognize business situations that require legal counsel.
- Interpret and form contractual relationships in executing projects.
- Identify remedies for breach of contract in projects.
- Describe how third parties may become involved in contracts, and what their rights may be under the contract.
- Analyze legal issues that may arise in the project management engineering.
- Evaluate contract law and develop contracts pertinent to projects.
- Explain the need for awareness of and sensitivity to differences in business law in the international business environment.
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