PROJMGNT 5004 - Risk Assessment and Management

North Terrace Campus - Semester 2 - 2020

This course addresses recognition of risks and risk analysis, methods for researching, identifying, managing and communicating results for project risks, using ISO31000 for project risk and systems, and for systemic and cascading risk using international best practice Monte Carlo simulation, design by risk, the concept of tolerance and phase-gate process are addressed and competencies developed in participants. The outcome is competence to lead or participate in a risk management team as part of a project or program. Throughout the course, examples are drawn from the commercial world, enabling the participant to consolidate theoretical and practical knowledge of risk.

  • General Course Information
    Course Details
    Course Code PROJMGNT 5004
    Course Risk Assessment and Management
    Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre
    Term Semester 2
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Intensive: 36 to 40 hours
    Available for Study Abroad and Exchange Y
    Course Description This course addresses recognition of risks and risk analysis, methods for researching, identifying, managing and communicating results for project risks, using ISO31000 for project risk and systems, and for systemic and cascading risk using international best practice Monte Carlo simulation, design by risk, the concept of tolerance and phase-gate process are addressed and competencies developed in participants. The outcome is competence to lead or participate in a risk management team as part of a project or program. Throughout the course, examples are drawn from the commercial world, enabling the participant to consolidate theoretical and practical knowledge of risk.
    Course Staff

    Course Coordinator: Tracey Dodd

    Program Director Contact Details: Project Management
    Name:
    Dr Tracey Dodd 
    Email:
    tracey.dodd@adelaide.edu.au 

    Teaching Staff:
    Name: Kiran Hiriyanna
    email:
    kiran.hiriyanna@adelaide.edu.au
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes

    On successful completion of this course, students will be able to:

    1 Identify the core types of project risks;
    2 Use qualitative and quantitative risk assessment methods;
    3 Competently use risk simulation techniques and other risk analysis tools/methods and work in a group to create a risk management plan based on the ISO 31000:2009;
    4 Identify a range of risk management issues/challenges and the risks as complex systems cascade and be competent to initiate potential actions in response;
    5 Demonstrate continued learning and personal development;
    6 Recognise ethical, social and cultural issues and their importance for project managers.
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1-6
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    1-4
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    3
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1,2,5,6
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    5,6
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    3-6
  • Learning Resources
    Required Resources

    Recommended but not required textbooks:

    Marchetti, A.M. (2012), Enterprise Risk Management, Best Practices, Wiley.
    Bowden, A., Lane, M., and Martin, J., (2001), Triple Bottom Line Risk Management, Wiley.

    Recommended Resources
    There is a wide range of material on the course topic available. The following provides some additional reading guidance if you are interested in reading further on the topic.
    Chapman, Chris and Ward, Stephen 1997 Project Risk Management, Wiley
    Chorafas, Dimitris 2001 Managing Risk in the New Economy, New York Institute of Finance
    Clark, Kim & Wheelwright, Steven 1993 Managing new Product and Process Development, HBS
    Cooper, Robert 2001 Winning at New Products, 3rd Edition, Perseus Publishing, Cambridge Massachusetts
    Crawford, C Merle, and Di Benedetto, C Anthony 2000 New Products Management. Irwin McGraw-Hill
    Deschamps, Jean-Philippe and Nayak, P Ranganath 1995 Product Juggernauts, Arthur D Little
    Gray, Clifford & Larson, Erik 2000 Project Management, McGraw-Hill.
    Hardy, Karen 2015 Enterprise Risk Management, Wiley
    Jolly Vijay 1997 Commercialising New Technologies, Harvard Business School Press
    Louisot, J-P and Kethcam Christopher 2014 Enterprise Risk Management - Issues and case studies, Wiley
    McGrath, Michael 2001 Product Strategies for High Tech Companies, 2nd Edition, McGraw-Hill
    Pickford, James 2001 Mastering Risk, Volume 1: Concepts, Financial Times
    Smith, Preston G and Reinertsen, Donald 1995 Developing Products in Half the Time, Van Nostrand Reinhold
    Van de Ven, Andrew, Polley, Douglas, Garud, Raghu, & Venkataraman, Sankataran 1999 The Innovation Journey, Oxford UP

    Library Resources
    The University of Adelaide’s Barr Smith Library provides a range of learning resources including texts, journals, periodicals, magazines, and access to online databases and information services. It also offers a virtual library which is accessible via the University’s website. Access to the Library's electronic resources.

    Other resources
    If you are a member of the PMI (http://www.pmi.org/Membership.aspx) you will “gain exclusive access to PMI publications and our global standards*, networking options with our chapters and online communities of practice, and leadership and volunteer opportunities. You’ll also receive discounts on certification exams and renewals, as well as our professional development offerings.” Student membership is USD$40 to join and USD$30 to renew.

    * Log in to access complimentary read-only PDFs of all of PMI's published standards or take advantage of discounts on paperback editions
    http://www.pmi.org/PMBOK-Guide-and-Standards/Standards-Library-of-PMI-Global-Standards.aspx
    Online Learning
    MyUni is the University of Adelaide's online learning environment. It is used to support traditional face-to-face lectures, tutorials and workshops at the University. MyUni provides access to various features including announcements, course materials, discussion boards and assessments for each online course of study.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    This course is offered in blended learning mode with the face-to-face component offered as intensives.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    As a guide, a 3 unit course comprises a total of 156 hours work (this includes face-to-face contact, any online components, and self directed study).
    Learning Activities Summary
    This is a draft schedule that may be changed during the course delivery if necessary.
    session Content
    1 Introduction to Risk and why we need to Manage our Risks
    2 AS/NZS/ISO 31000:2009 – Risk Management Standard
    3 Applying the Risk Management Process
    4 Discuss Assignment 1; Examples and tools; Case Study
    5 Introduction; Presentation of Assignment 1, Project Selection (under uncertainty)
    6 Systemic Risk; Enterprise Risk; Complex Systems; Health and Safety Risk
    7 Establishing effective Risk Management
    8 Discuss Assignment 2; Discuss Assignment 3 ; Case Studies & additional examples
    Risk Management Magazine http://newsletters.keymedia.com.au/5843.aspx 
    And www.rmmagazine.com 
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    #Assessment TaskTask TypeLengthWeightingLearning Outcomes
    1 Risk Management Plan and Risk Register (25%)
    and presentation, 10-15 slides (5%)
    Group Minimum 3,000 words 30% 1-4
    2 Enterprise Risk Management Framework Individual 1,800 words 30% 4-6
    3 Systemic Risk Individual 3,000 words 30% 1-3
    4 Class Participation Individual N/A 10% 1-6
    Total 100%
    Assessment Related Requirements
    Students should attend all classes in order to pass the course. There is considerable experiential learning during classes that build your knowledge and thus enable you to be successful in this course.

    Course results may be subject to moderation by the Assessment Review Committee.

    Appropriate use of the sources in assignments
    Avoiding plagiarism is not just referencing sources used within an assignment. It is taking the source information and critically evaluating it against other sources, your own views and original research on the matter, and how that fits the hypothesis of your assignment topic. It is plagiarism when there is little or no original content in the assignment, regardless of citing sources.

    For more information, review the resources at the University’s Writing Centre to assist in appropriate referencing and avoiding plagiarism.

    Or complete the Academic Integrity module found within any MyUni course, under the Assignment Help tab. It is important you do not breach the University’s Academic Integrity Policy as penalties will be applied to your grade.

    Plagiarism detection software Turnitin is used to check assignments. Make sure you familiarise yourself in how to review reports. Turnitin Quick Start Guides
    Assessment Detail
    Risk Management Plan and Risk Register
    Form groups of 4-5 people and complete a risk analysis and management plan for a project of one of the members of the group. You may use the approach of AS/NZS/ISO 31000:2009, with the addition of Critical Success Factors, or Bowden, Lane and Martin’s approach.

    Presentation of Risk Management Plan and Risk Register
    Present your risk management plan and risk register. Discuss the top 10 risks and explain why you have decided on the chosen treatments. The presentation is to be shared amongst the group.

    Enterprise Risk Management Framework
    From the list of articles in MyUni Readings for Assignment 2 write an Enterprise Risk Management Plan for a company and context of your choosing. The plan should be designed so that an Executive can effectively manage enterprise level risks within the organisation.

    Systemic Risk
    Purpose is to research current trends in the theory and application of Risk Management at the systems level. Review a project or system where risk management has gone wrong. Review the consequences which have occurred at the system level and comment on the cascading effects. Did the organisation or enterprise have the risk appetite for the consequences? Use the learnings from the second intensive where applicable to examine the way risk has been managed. Critique the techniques used in the organisation against those discussed in scholarly papers. Where could things have been improved?

    Participation and engagement
    Proactively contributing to the course by offering ideas, engaging and collaborating with peers during the course.
    Submission

    All text based assignments must be submitted via MyUni:

    • Assignment Submission: Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both).
    • Cover Sheet: Please include in the assignment a completed University of Adelaide Assessment Cover Sheet (found in MyUni, under Modules) providing details of yourself and your team members (if applicable), your assignment, the course, date submitted, etc. as well as the declaration signed by you that this is your (your team’s) work. Note that the declaration on any electronically submitted assignment will be deemed to have the same authority as a signed declaration.
    • Backup Copy of Assignments: You are advised to keep a copy of your assignments in case the submitted copy goes missing. Please ensure that all assignment pages are numbered. If your assignment contains confidential information, you should discuss any concerns with the Course Lecturer prior to submission.
    • Assessment extensions request: An application for Assessment Extension should be made before the due date of the assignment to the Course Lecturer. Normally, extensions will only be granted for a maximum of two weeks from the original assignment submission date. Extensions will only be granted in cases of genuine medical, compassionate or extenuating circumstances. See sections 3 and 7a) i. in particular on assessment extensions in the Modified Arrangements for Coursework Assessment (MACA) Policy.
    • Failure to submit: Failure to submit an assignment on time or by the agreed extension deadline may result in penalties and may incur a fail grade. Note that a late penalty of 5% of the total available marks for that assessment item will be incurred each day an assignment is handed in late (Unless otherwise stated in 'Assessment Related Requirements' or 'Assessment Detail' above). Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.
    • Resubmission: of an assignment after reworking it to obtain a better mark will not normally be accepted. Approval for resubmission will only be granted on medical or compassionate grounds.
    • Appealing a mark or grade: If you are dissatisfied with your mark or grade, you may request a review or re-mark. There must be academic or procedural reasons for your request, so you can’t simply request a re-mark because you are disappointed with your result. For more information on the process see Assessment Grievance: Appealing a mark or grade
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.