PROJMGNT 5004 - Managing Project and Systemic Risk

North Terrace Campus - Winter - 2016

This course addresses recognition of risks and risk analysis, methods for researching, identifying, managing and communicating results for project risks, using ISO31000 for systems and project risk, 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 course addresses systemic and cascading risk. The outcome is competence to lead or participate in a risk management team.

  • General Course Information
    Course Details
    Course Code PROJMGNT 5004
    Course Managing Project and Systemic Risk
    Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre
    Term Winter
    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 systems and project risk, 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 course addresses systemic and cascading risk. The outcome is competence to lead or participate in a risk management team.
    Course Staff

    Course Coordinator: Associate Professor Indra Gunawan

    Teaching Staff:

    Summer School
    Name: Kiran Hiriyanna


    BE, Mechanical, (University of Technology, Sydney) 
    CEng (Institute of Mechanical Engineers, London, UK)
    Grad Dip in Project Management (Defence and SYstems Institute, Univerity of South Australia)
    MBA (University of Adelaide)

    Short Bio:
    Kiran has a wealth of experience from working in Australia and the United Kingdom over the last fifteen years in the defence and infrastructure sectors. He has worked for large corporates such as Sydney Water, General Electric, Tenix, Airbus and Babcock. In his past roles, he has not only been a Project Manager, he has also been a risk management practitioner.   He is a Chartered Engineer and holds a formal project management qualification.  As such, his knowledge and application of risk management and systemic risk will underpin the delivery of your course. 

    He currently runs his own consultancy, the Tuareg Group, providing project management and operational advice to aged care facilities.  He also supplies and manages staff to aged care facilities under his company Aged Care Staff Services.  Largely, this change in focus was brought on by a desire to be involved in an altruistic sector.  Kiran has been able to combine the knowledge gained from his engineering degree and MBA (from the University of Adelaide) with his corporate experience to guide organisations to reach their strategic goals.

    He is looking forward to meeting and teaching you this semester.

    Email: 
    Kiran.hiriyanna@adelaide.edu.au


    Trimester 1
    Name: Kiran Hirayanna

    BE, Mechanical, (University of Technology, Sydney) 
    CEng (Institute of Mechanical Engineers, London, UK)
    Grad Dip in Project Management (Defence and SYstems Institute, Univerity of South Australia)
    MBA (University of Adelaide)

    Short Bio:
    Kiran has a wealth of experience from working in Australia and the United Kingdom over the last fifteen years in the defence and infrastructure sectors. He has worked for large corporates such as Sydney Water, General Electric, Tenix, Airbus and Babcock. In his past roles, he has not only been a Project Manager, he has also been a risk management practitioner.   He is a Chartered Engineer and holds a formal project management qualification.  As such, his knowledge and application of risk management and systemic risk will underpin the delivery of your course. 

    He currently runs his own consultancy, the Tuareg Group, providing project management and operational advice to aged care facilities.  He also supplies and manages staff to aged care facilities under his company Aged Care Staff Services.  Largely, this change in focus was brought on by a desire to be involved in an altruistic sector.   Kiran has been able to combine the knowledge gained from his engineering degree and MBA (from the University of Adelaide) with his corporate experience to guide organisations to reach their strategic goals.

    He is looking forward to meeting and teaching you this semester.

    Email: kiran.hiriyanna@adelaide.edu.au


    Semester 1
    Name: Kiran Hirayanna
    BE, Mechanical, (University of Technology, Sydney) 
    CEng (Institute of Mechanical Engineers, London, UK)
    Grad Dip in Project Management (Defence and SYstems Institute, Univerity of South Australia)
    MBA (University of Adelaide)

    Short Bio:
    Kiran has a wealth of experience from working in Australia and the United Kingdom over the last fifteen years in the defence and infrastructure sectors. He has worked for large corporates such as Sydney Water, General Electric, Tenix, Airbus and Babcock. In his past roles, he has not only been a Project Manager, he has also been a risk management practitioner.   He is a Chartered Engineer and holds a formal project management qualification.  As such, his knowledge and application of risk management and systemic risk will underpin the delivery of your course.  He currently runs his own consultancy, the Tuareg Group, providing project management and operational advice to aged care facilities.  He also supplies and manages staff to aged care facilities under his company Aged Care Staff Services.  Largely, this change in focus was brought on by a desire to be involved in an altruistic sector.Kiran has been able to combine the knowledge gained from his engineering degree and MBA (from the University of Adelaide) with his corporate experience to guide organisations to reach their strategic goals.He is looking forward to meeting and teaching you this semester. Email: Kiran.hiriyanna@adelaide.edu.au


    Winter School:
    Name: John Sing

    Short Bio:

    As an Adjunct Associate Professor and Business Consultant, John develops and delivers academic and professional development programs for both the public and private sector. Prior to establishing a small consultancy firm, John had worked for as an executive within the Queensland Public Sector where he was responsible for leading and implementing the Government’s financial and economic reform agenda.  This included overseeing the organizations transition from cash based to accrual accounting, financial and management
    reporting to the CEO and governing board of directors, and project and risk management at the strategic and operational levels.  John has conducted numerous management, leadership, risk, financial and project management courses for industry.  He was recruited after having been a full-time academic where he has researched and taught at both undergraduate and postgraduate levels in the domains of
    financial accounting, auditing, project and risk management.   He is currently involved in the development and delivery of specialized project and risk management programs for finance and engineering professionals working in capital intensive project based organizations.  Following the attainment of his Bachelor degree in accounting, John obtained a Doctoral degree in risk from Southern Cross University.  He also holds a Master of Accounting degree, Post graduate degree in Education and a Bachelor of Business degree in Accounting.


    Email:
    john.sing@adelaide.edu.au


    Trimester 3:

    Emeritus Professor Vernon Ireland

    Email:
    vernon.ireland@adelaide.edu.au  

    Work Phone:
    0411 153 861

    Personal Link: 
    http://www.adelaide.edu.au/directory/vernon.ireland  

    After completing his engineering degree Professor Vernon Ireland practised as a structural engineer for seven years while completing an arts degree in English literature, psychology, philosophy and sociology and also completed a Master of Engineering Science degree and a Ph.D. in Project Management later.

    He rose to the position of Professor and Dean of the Faculty of Design, Architecture and Building at the University of Technology, Sydney and occupied this position from 1987-1991. While at UTS he used some tools from his PhD research to compare the performance of Australia’s construction industry with that of the USA, Canada, United Kingdom, Germany, Sweden and New Zealand, surveying over 20 projects in each country. This work was eventually fed into the results of a Royal Commission on Productivity in the Building Industry of New South Wales. In this period he was also Chairman of the Building Services Corporation, the licensing authority for domestic building, and Electrical and plumbing work in New South Wales.

    He then spent the next 12 years in the commercial sector as Corporate Development Director of Fletcher Challenge Construction, working mainly in the USA. He then became chief executive of the Australian Graduate School of Engineering Innovation. Finally he was appointed Professor and Director of Project Management at the University of Adelaide with the task of establishing the Master of Project Management, which has directed since 2003. He introduce complex systems into ECIC which has both contributed to the Master of Applied Project Management and created a bridge with the innovation and entrepreneurship in both teaching and research. He publishes in recognised journals.

    He has received three medals: the Silver Magnolia medal from the Shanghai government for contributions to Chinese overseas relationships; the rotary gold medal for contribution to vocational education and the engineer’s Australia medal for contribution to engineering.
    He was President of the Sydney Division of Engineers Australia in 2004 and initiated the Centre of Engineering Leadership and Management. He supervises a number of Ph.D. students who are researching the role of complex systems in various diverse areas including disaster preparation and management, dispute resolution between warring nations, a complex adaptive systems and security management of events.





    Course Timetable

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

    Opening Intensive:
    Thursday 7th  July and Friday 8th July 2016
    9am to 6pm
    Nexus10 Building, UB34 Teaching Room

    Closing Intensive:
    Thursday 21st July & Friday 22nd Jul 2016
    9am to 6pm
    Ingkarni Wardli, B21 Teaching Room
  • Learning Outcomes
    Course Learning Outcomes
    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
    4 Competently work in a group to create a risk management plan based on the ISO 31000:2009
    5 Identify a range of risk management issues and challenges
    6 Identify the risks as complex systems cascade and be competent to initiate potential actions in response
    7 Demonstrate continued learning and personal development
    8 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)
    1-8
    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
    2, 3, 6
    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
    4
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    3, 7, 8
    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
    8
    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
    6, 7, 8
  • 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. The University Library web page is: http://www.adelaide.edu.au/library/ 
    From this link, you are able to access 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 (see: https://myuni.adelaide.edu.au) 
  • 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 and session dates are a guide only. The timetable may be changed during the course delivery if necessary.
    Intensive Content Readings/Activities
    1 & 2 Introduction to Risk and why we need to Manage our Risks Text book, additional reading and the Risk Management Magazine *
    AS/NZS/ISO 31000:2009 – Risk Management Standard Text book, additional reading and the Risk Management Magazine *
    Applying the Risk Management Process Text book, additional reading and the Risk Management Magazine *
    Discuss Assignment 1;Examples and tools; Case Study Text book, additional reading and the Risk Management Magazine *
    3 & 4 Introduction; Presentation of Assignment 1, Project Selection (under uncertainty) Text book, additional reading and the Risk Management Magazine *
    Systemic Risk; Enterprise Risk; Complex Systems; Health and Safety Risk Text book, additional reading and the Risk Management Magazine *
    Establishing effective Risk Management Text book, additional reading and the Risk Management Magazine *
    Discuss Assignment 2;Assignment 3; Case Studies & additional examples Text book, additional reading and the Risk Management Magazine *
    * 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

    An overview of the course assessment appears in the following Table. Details appear in the following section:

    #AssessmentLengthWeightingDue DateLearning Outcomes
    1 Group Assignment – Risk Management Plan and Risk Register (25%) and Presentation, 10-15 slides (5%) Minimum 3,000 words 30% See MyUni 1, 2, 5
    2 Individual Assignment - Enterprise Risk Management 3,000 words 30% See MyUni 3,4,7,10
    3 Individual Assignment – Systemic Risk 3,000 words 30% See MyUni 6,8,9
    4 Class Participation 10% Ongoing
    Total 100%
    Assessment Related Requirements
    Students must complete all course assessment requirements and must attend lectures to be eligible to pass the course.

    Course results are subject to moderation by the ECIC Board of Examiners
    Assessment Detail
    Assessment 1, Section 1: Risk Management Plan and Risk Register (Group Assignment)
    Weighting: 25% 
    Submission Details: Submit through the Turnitin link on MyUni

    Task:
    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.

    Length and Presentation:

    Submit a Report (PDF) of at least 3,000 words. In addition, supply a risk management plan and risk register (Excel file).
    Tips for completing the Group Assignment include:
    • Present the document in a clear, professional and concise format
    • Treat it as if you are addressing a client audience
      • Think of what information is important to the client
      • Use the correct language
    • Don't make graphs too complex!
    • It is recommended that you follow the methods used in the lectures
    Criteria by which your assignment will be marked:
    Introduction to the project.
    Introduction to Risk Management method
    Application of Risk Management Process to the project
    a. Establish context
    b. Risk identification
    c. Risk analysis
    d. Risk evaluation
    e. Risk treatment (Treatment Strategy) Why did you choose the treatments? How will the treatments enable you to control your project?
    f. Communication and consult - include waterfall chart
    g. Monitoring and review
    Use of tools and critique of process
    Conclusion / Summary of findings (make comments in conjunction with findings from variance modeling spreadsheet)

    Assessment 1, Section 2: Presentation of Risk Management Plan and Risk Register
    Weighting: 5%
    Submission Details: To be discussed in class

    Task:
    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.

    Length and Presentation:

    Submit a Power Point presentation of approximately 10-15 slides. You may embed any media you wish if it helps to communicate your presentation. Tips for completing the Individual Assignment include:
    • Make sure you present it as a group
    • Present professionally
    • Present it innovatively using Power Point
    • Diagrams are great and sometimes better than slides full of words!
    Assessment 2: Enterprise Risk Management Plan (Individual Assignment)
    Weighting: 30%
    Submission Details: Submit through the Turnitin link on MyUni

    Task:
    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 risks at the enterprise level within the organisation.

    Articles for review:
    - Refer to MyUni > Assignment 2 Readings

    Length and Presentation:
    Submit a Manual (PDF) of 3000 words maximum. Tips for completing the Individual Assignment include:
    • Make sure you present it as a plan
    • Write it specifically for a single company – Integrate information specific to the working environment
    • Produce a context/industry specific Enterprise Risk Management Plan

    Assessment 3:
    Risk Management Future Trends (Individual Assignment)
    Weighting: 30%
    Submission Details: Submit through the Turnitin link on MyUni

    Task:
    Purpose is to research 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 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 corporate world against those discussed in scholarly papers. Where could things have been improved.

    In this assignment, you are to demonstrate your awareness of systems thinking within the area of risk managment.

    This exercise requires wider research and reading such as The Australian newspaper (business section) or the Risk Management Magazine, or Harvard Business Review magazine.

    It is not a straight forward assignment, it requires wider reading and research, comparable to a masters degree.

    Length and Presentation:
    Submit a Report (PDF) maximum 3000 words.

    Criteria by which your assignment will be marked:
    Brief introduction to the project or system
    Compare and contrast the views of scholars, extrapolating on the learnings from the second intensive
    Discuss the cascading effects within the enterprise or system
    How could you, the Project Manager with your Leadership Team have avoided the consequences?
    Discuss how you would best manage project risk while managing risks pertaining to reputational damage and corporate social responsibility

    Assessment 4:
    Participation
    Weighting:
    10%
    Submission Details: Participate in class
    Task:
    Bonus points will be awarded to students who show exceptional participation during the course.
    This will be explained in class by your lecturer.

    Criteria by which you will be assessed:

    Exceptional participation includes, but is not limited to: sharing with class mates, helping other class mates, sharing notes.

    Submission
    All text based assignments must be submitted via MyUni.
    Please refer to step by step instructions: http://www.adelaide.edu.au/myuni/tutorials/files/AssignmentStudentSubmission.pdf

    There are a few points to note about the submission of assignments:
    • Assignment Submission:  Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both). Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.
    • Cover Sheet:  Please submit, separate to your assignment, the completed University of Adelaide Assessment Cover Sheet 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.
    • Extensions of Time:  Any request for an extension of time for the submission of an assignment should be made well 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 extenuating circumstances and proof, such as a doctor’s certificate, may be required.
    • 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 & Remarking

    Resubmission of an assignment for remarking 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.
    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.