PROJMGNT 5004 - Risk Assessment and Management
North Terrace Campus - Trimester 3 - 2021
General Course Information
Course Code PROJMGNT 5004 Course Risk Assessment and Management Coordinating Unit Adelaide Business School Term Trimester 3 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 Risk is inherent in projects of all scale. This course provides students with the knowledge required to identify, manage, and monitor project risks using ISO 31000 and principles of systems thinking. Through local and international real world examples, students will consolidate the principles of risk management as applied during the various phases of large projects, programs, and mega projects. Students will gain the ability to act on early warning signs, using a systematic methodology to ensure that they are able to maintain project control in accordance with schedule, budget, and quality. Students will also consider methods for researching, identifying, managing, and communicating project risks to equip them with the competence required to lead or participate in project risk management teams.
Course Coordinator: Dr Krishnan Mysore
The full timetable of all activities for this course can be accessed from Course Planner.
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
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 ResourcesThere 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 ResourcesOther 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.
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Learning & Teaching Activities
Learning & Teaching ModesThis course is offered in blended learning mode with the face-to-face component offered as intensives.
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 SummaryThis 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
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- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
An overview of the course assessment appears in the following Table. Details appear in the following section:
# Assessment Task Task Type Length Weighting Learning Outcomes 1 Risk Register [Including
Group Minimum 3,000 words 30% 1-4 2 Risk Management Plan Individual 2,000 words 30% 1-4 3 Systemic Risk Individual 2,500 words 30% 4-6 4 Class Participation Individual N/A 10% 1-6 Total 100%
Assessment Related RequirementsStudents 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.
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Assessment DetailRisk Register and Presentation
Form groups of 4-5 people and complete a risk register for a project that can be a project of one of the members of the group or a future project. Identify at least 50 risks in the project and develop the risk register using the given standard template.
Present your risk management approach and risk register related to the chosen project. Present and Discuss the top 10 risks and explain why you have decided on the chosen treatments. The presentation is to be shared amongst the group.
Risk Management Plan
Individually write up a Risk Management plan and comment on the identified top 10 risks concerned with the chosen project and explain why you have decided on the chosen treatments. 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.
The purpose is to research current trends in the theory and application of Risk Management at the systems level. Using secondary data (published literature or publically available data), Review a project or system where risk management has gone wrong or systemic risks are observed. Draw a systems map to showcase the systems that influence, cascade and interact with each other. 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 the systemic 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, examples, engaging and collaborating with peers during the course.
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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
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