Certification Programs

Gold Seal Certification Credits

This course allows you to earn credits towards Gold Seal Certification Program, subject to approval upon review. Keep in mind that 6 hours of learning equals 1 Gold Seal credit. You can see the course hours in the curriculum section on this page. This course is also part of our Intermediate Level Bundle, which earns you 36 credits towards the GSC Program, with a minimum passing mark requirement of 75%.
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In this course we will cover...

...how to identify, quantify and price the unknown and unexpected events on construction projects.

  • What is Risk?

    This course will provide you with an in-depth understanding of what qualifies as risk on construction projects and the different types of risks that can occur.

  • How do We Quantify Risk?

    The process of risk quantification can be subject to a high degree of subjectivity and requires considerable experience to execute effectively.

  • How do We Price risk?

    This course will explore the different methods of pricing risk based on the type of risk and cost estimate. Note that not all risks have a dollar value in a cost estimate.

A few more words...

on the definition of risk associated with construction projects...

Consider risk assessment as the final step in the cost estimation process. To accurately identify and understand risks, you must possess a deep understanding of the cost estimate's intricate details, including recognizing knowledge gaps. We categorize risks into two groups: known risks, which are more transparent, and unknown risks, which are more challenging to discern. However, this course will provide an overview of the commonly used industry practices for defining, identifying, and quantifying both known and unknown risks, equipping you with the necessary tools to tackle potential risks in cost estimation.
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Course curriculum

Estimated time to complete this course: 30 hours.

    1. 1.1 Overview of Online Course Structure

      FREE PREVIEW

    2. 1.2 Defining the Expected Outcomes for Construction Professionals

      FREE PREVIEW

    3. 1.3 Certification Programs Credits

      FREE PREVIEW

    4. 1.4 Instructor Introduction and Background

      FREE PREVIEW

    5. 1.5 Estimated Time Commitment for Course Completion

      FREE PREVIEW

    6. 1.6 Detailed Evaluation Criteria

      FREE PREVIEW

    7. 1.7 Prerequisite Knowledge and Skills

      FREE PREVIEW

    8. 1.8 Pre-course Assessment to Gauge Understanding

    1. 2.1 Introduction to Construction Risk Management

    2. 2.2 Exploring Cost Risk: Concepts and Case Studies

    3. 2.2 Exploring Cost Risk: Concepts and Case Studies - Quiz

    4. 2.3 Duration Risk: Analysis and Real-World Impact

    5. 2.3 Duration Risk: Analysis and Real-World Impact - Quiz

    6. 2.4 Market Conditions Risk: Trends and Case Analysis

    7. 2.4 Market Conditions Risk: Trends and Case Analysis - Quiz

    8. 2.5 Resource Availability Risk: Strategic Planning for Uncertainty

    9. 2.5 Resource Availability Risk: Strategic Planning for Uncertainty - Quiz

    10. 2.6 Project Owner-Related Risk: Mitigation and Communication Strategies

    11. 2.6 Project Owner-Related Risk: Mitigation and Communication Strategies - Quiz

    12. 2.7 Integrated Assignment: Cross-Risk Analysis and Interdependencies

    1. 3.1 Introduction to Risk Quantification and Pricing

    2. 3.2 Cost Risk Assessment Techniques and Costing Strategies

    3. 3.2 Cost Risk Assessment Techniques and Costing Strategies - Quiz

    4. 3.3 Duration Risk Quantification and Impact on Project Valuation

    5. 3.3 Duration Risk Quantification and Impact on Project Valuation - Quiz

    6. 3.4 Assessing Market Conditions for Proactive Risk Pricing

    7. 3.4 Assessing Market Conditions for Proactive Risk Pricing - Quiz

    8. 3.5 Resource Availability: Assessment Tools and Pricing Adjustments

    9. 3.5 Resource Availability: Assessment Tools and Pricing Adjustments - Quiz

    10. 3.6 Owner's Risk Considerations in Project Financial Models

    11. 3.6 Owner's Risk Considerations in Project Financial Models - Quiz

    12. 3.7 Assignment: Creating a Risk-Informed Project Financial Model

    1. 4.1 Risk Mitigation Plan Development

    2. 4.2 Comparative Analysis of Risk Management Approaches

    3. 4.3 Cost-Benefit Analysis of Risk Decisions

    1. 5.1 Highlighting Major Insights

    2. 5.2 Planning for Future Learning Paths

    3. 5.3 Reflective Course Review

    4. 5.4 Certification of Completion

About this course

  • $375.00
  • 39 lessons

Collaboration is essential

The benefit of timely feedback

All lessons have a dedicated discussion section so you can ask questions, see previously answered questions, interact with other course participants and your instructor. You do not have to go through this learning journey alone or have to ponder on unanswered questions.
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A word from the training program creator

Doina Dobre, P.Eng., GSC

For those new to cost estimating in construction projects, the topic of risk can be daunting. However, by understanding how to approach it correctly and where to begin, the process becomes more predictable. As the cost estimator, you play a critical role in initiating and maintaining the risk registry. However, a team of professionals with a vested interest in the project will also contribute to this registry. The size and complexity of the project will determine the depth of the risk identification, quantification, and pricing process and the team's size. This course is designed to instill confidence in your ability to start and successfully complete the risk pricing process for any construction project. Note that the level of your participation in the process will depend on your professional experience.
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Cost-effective course bundles

Buy courses in a bundle and save 15% to 25% off the individual courses price.