A3: Decision & Risk Management Professional (DRMP) Certification Exam Prep

Friday - Saturday, June 22-23, 2018
1.6 CEUs

Amin TerouhidInstructor: Dr. Amin Terouhid, DRMP PSP
Dr. Terouhid is a senior project management and construction claim consultant. He has a master’s degree in industrial engineering and another master’s degree in civil engineering. With a Ph.D. in construction management, Dr. Terouhid’s expertise is focused on project planning and scheduling, construction claim analysis, and cost engineering. As an expert, Dr. Terouhid has provided consulting services to many clients for more than 14 years especially in the gas, petrochemical, and construction industries.

He also has extensive teaching and research experience in the fields of operations, project, and construction management. He is the primary author of three AACE recommended practices (RP 89R-16, RP92R-17, and 91R-16), and has published a variety of articles, with a focus on construction management, in scientific journals and presented his works in international conferences. He also holds Project Planning and Scheduling Professional (PSP), Decision and Risk Management Professional (DRMP), and Project Management Professional (PMP) certificates.

This course is designed to help professionals study for AACE International’s (AACE) certification in Decision and Risk Management (DRM); and to provide a summarized review of relevant topics considered essential for DRMP knowledge. The selected topics are those outlined in AACE International’s Recommended Practice 11R-88 —Required Skills and Knowledge of Cost Engineering— and in AACE International’s Skills and Knowledge of Cost Engineering. The terms used throughout the course are carefully chosen to ensure consistency with AACE Recommended Practice 10S-90 —Cost Engineering Terminology. It is also ensured that the course content is consistent with AACE International’s Total Cost Management (TCM). This course is structured in a concise, systematic, and straightforward lecture format and covers primarily key topics in investment decision-making and risk management. The course material contains tutorials, exercises, and memo-writing assignment; and covers the key skills and knowledge used by DRM professionals.

Content:  Intermediate

Learning Objectives and Measurement
-To prepare and equip DRM professionals who are preparing to take the AACE International
DRMP certification examination with the knowledge and skills essential for DRMP knowledge
-To identify, understand and explore the Decision and Risk Management (DRM) processes
within the Total Cost Management Framework
-To describe how each of the Decision and Risk Management (DRM) processes can be
planned and implemented
-To learn how to apply investment decision-making and risk management practices under
different circumstances

The course material contains both tutorials and exercises. To enable educational training and
learning objectives to be planned and measured properly, exercises will specifically target each
of the learning objectives outlined above. Additionally, the assessment questions will be
created such that they correlate with the learning objectives.

Knowledge Areas Addressed
This course is structured in a systematic lecture format and covers primarily key topics in investment decision-making and risk management. First, an introduction to TCM and its essential knowledge areas, including scheduling, resource planning, budgeting, performance assessment, and value analysis, will be provided; and AACE International’s Canons of Ethics will be reviewed.

In covering investment decision-making, topics such as the structuring, evaluation, agreement, and implementation processes will be discussed and tools and techniques of decision making will be explored. Other key topics that will be covered as part of investment decision-making module are as follows:
-Cost vs. pricing: concepts, classifications, tools and techniques
-Lifecycle costs: project and asset
-Monetary versus opportunity costs
-Economic and financial analysis
-Engineering economics
-Decision-making terminology and concepts
-Basic concepts in probability and statistics
-Decision modeling and analysis

In covering risk management, topics such as plan risk management, assessment, treatment,
and control will be addressed. Other key topics that will be covered as part of the risk
management module are as follows:
-Risk management terminology and concepts
-Risk and uncertainty: concepts, classifications, tools and techniques
-Risk identification
-Risk assessment
-Risk analysis: qualitative and quantitative
-Sensitivity and decision-tree analysis
-Risk treatment: risk response strategies
-Risk monitoring, control, and reporting
-Specific Risk Management

Who would benefit?
Risk management practitioners, especially those who are interested in studying for AACE
International’s (AACE) certification in Decision and Risk Management (DRM).


A. Investment decision-making – Day 1
Morning session:

1. Introduction to TCM and its essential knowledge areas
2. AACE International’s Canons of Ethics
3. Structuring, evaluation, agreement, and implementation processes
4. Cost vs. pricing: concepts, classifications, tools and techniques
Afternoon session:
5. Lifecycle costs: project and asset
6. Monetary versus opportunity costs
7. Economic and financial analysis
8. Engineering economics
9. Decision-making terminology and concepts
10. Basic concepts in probability and statistics
11. Decision modeling and analysis

B. Risk Management – Day 2
Morning session:

12. Risk management terminology and concepts
13. Risk and uncertainty: concepts, classifications, tools and techniques
14. Plan risk management
15. Risk identification
Afternoon session:
16. Risk assessment
17. Risk analysis: qualitative and quantitative
18. Sensitivity and decision-tree analysis
19. Risk treatment: risk response strategies
20. Risk monitoring, control, and reporting
21. Specific Risk Management

$1,300 member / $1,450 non-member
*Add $100 if you are not staying at the host hotel. Book your room before registering for the seminar to lock-in the rate listed above.
**Add $100 for on-site registration.

Professional Development & Technical Resources