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Selected topics in risk management

This is the study programme for 2020/2021.

The course addresses, at a more advanced level, selected current topics in the field of risk management. The course is based on relevant articles and books and is carried out as a project work where students prepare an academic essay on pre-defined topics.

Learning outcome

After taking and passing the course student shall:
- have in-depth knowledge of central concepts, theories, principles, frameworks, approaches, methods and/or models related to the selected topic in risk management that the student has been working on
- understand whether the problem worked on and the answer of it in the essay relate to generic and/or applied risk analysis
- be able to specialize in a more closely defined part of the risk management field
- be able to independently process scientific literature in the risk management field, with emphasis on achieving a stringent written presentation where critical analysis and reasoning are the main elements; this means a logically structured presentation that is characterised by presentation and discussion of various definitions and perspectives, and reflection on assumptions and results
General competence
- be able to write an academic essay, including mastering proper referencing to the literature used


The course addresses, at an advanced level, selected current topics in the field of risk management, such as: foundational issues; perspectives and conceptualisations of risk; risk and decision analysis; uncertainty in risk analysis; risk management policies such as risk acceptance criteria, the ALARP principle, the cautionary principle and the precautionary principle; risk indicators and accident statistics; risk and economy, including cost-benefit analysis; reliability analysis and maintenance optimisation; and infrastructure risk and resilience. The topics addressed in the course will vary. The course is based on relevant articles and books and is carried out as a project work where students work individually and prepare an academic essay on a problem selected by the student from a set of pre-defined problems. The problems available for students on the study programme master in risk management is adapted to the chosen specialisation if relevant. Students can choose to see the project work in relation to the master thesis work in the 4th semester.
Some gatherings (seminars/workshops and a library course) will be held throughout the semester. The students may within defined deadlines submit a rough sketch of solution (interpretation of the problem and plan for the work), and a first draft and second draft of the essay. The students who choose to do so will receive written feedback on their submissions and an offer of guidance with the teacher based on the submitted drafts.

Required prerequisite knowledge

One of the following alternatives:
  • RIS500 Risk analysis and risk management
  • RAG500 Foundations of risk analysis and governance


Weight Duration Marks Aid
Project assignment1/1 A - F
The students shall write an academic essay of maximum 10 pages, including a maximum one-page summary. The summary and the rest of the essay will be weighted equally in the grading.
The set of pre-defined problems will be made available in the first lecture, and the students shall within 15 weeks of this submit the final version of the essay.

Course teacher(s)

Course coordinator
Roger Flage
Head of Department
Tore Markeset

Method of work

Lectures and individual work. Student-active methodology and close dialogue between the students and the teacher are key elements in the pedagogical work form.

Open to

Admission to Single Courses at the Faculty of Science and Technology
Industrial economics - Master's Degree Programme
Industrial economics - Master's Degree Programme - 5 year
Industrial Asset Management - Master's Degree Programme
Risk Management - Master's Degree Programme (Master i teknologi/siviling.)

Course assessment

The course is evaluated in line with the guidelines and plans of the university and/or the faculty.


List to reading list

This is the study programme for 2020/2021.

Sist oppdatert: 13.08.2020