PROJMGNT 5004 - Managing Project and Systemic Risk
North Terrace Campus - Winter - 2017
General Course Information
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 Coordinator: Associate Professor Indra GunawanTeaching Staff:
Summer School, Trimester 1, Semester 1
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)
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.
Name: John Sing
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.
Emeritus Professor Vernon Ireland
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.
The full timetable of all activities for this course can be accessed from Course Planner.Opening Intensive:
Monday 26th and Tuesday 27th June 2017
9am to 6pm
Nexus10 Building, UB34 Teaching Room
Monday 10 and Tuesday 11 July 2017
9am to 6pm
Nexus10, UB34, Teaching Room
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.
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.
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Online LearningMyUni 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 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 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 Assignments 2 & 3;Examples and tools; Case Study Text book, additional reading and the Risk Management Magazine * 3 & 4 Risk register review & Presentation of Assignment 3, Risk management tools applied (managing project 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 4; Case Studies & additional examples Text book, additional reading and the Risk Management Magazine * * Risk Management Magazine http://newsletters.keymedia.com.au/5843.aspx
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- 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 Length Weighting Due Date Learning Outcomes 1 Class participation - Intensive sessions N/A 10% Intensive sessions All 2 Individual Assignment - Project risks 3,000 - 4,000 words 25% See MyUni 1, 2 & 3 3 Group Assignment – Risk register and risk report
Section 1. Report 25%, presentation 10%
3,000 - 4,000 words
& ppt slides
35% See MyUni 1, 2, 3 & 4 4 Individual Assignment - Future trends 3,000 - 4,000 words 30% See MyUni 4, 5 & 6 Total 100%
Assessment Related RequirementsStudents 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 DetailAssessment 1: Intensive sessions - individual and group activities
Due Date: Intensive sessions.
You are expected to attend and participate in the PM activities during the intensive sessions. Your lecturer will provide you with case studies and activities to develop and make presentations during each of the intensive sessions.
Topics will be taken primarily from the assigned readings and course material. You are encouraged to actively participate during the classroom sessions and to contribute positively to the learning environment.
Length and Presentation:
You will be graded on your attendance and quality of your participation in class, subsequent discussions and presentations that you make on the key topic areas being covered. It is expected that students will practice their PM skills by being punctual to the sessions as well as substantially participate and complete all assigned class room activities. Discussions and sharing of learnings from your own PM experiences/context and actions in applying the techniques will enhance the classroom discussion and learning.
Criteria by which you will be marked:
- Participation based on your own comments/experiences on the topic covered
- Participation and discussions demonstrate application of the concepts, critical thinking and insight
- Participation indicates you understand the issues and the underlying concepts
- Student response to classroom activities met minimum substantive expectations
- Demonstrated appropriate communication style and language choices
Assessment 2: Individual assignment - Project risks
Due Date: 30th June, 2017
Submission Details: Submit through the Turnitin link on MyUni
Despite the application of risk management (process, tools and techniques) evidence indicates that there still exists a high proportion of project problems experienced during the implementation/execution phase (resulting in schedule delays, cost overruns and/or quality concerns). Clearly simply using the risk management process does not necessarily guarantee project success for the project manager. There needs to be a clear understanding as to the risk management process and understanding of the risks that may impact on the achievement of the project objectives. As a result of the above context and expectations, the following tasks are required to be undertaken:
1. Research, analyse and identify why projects fail. Consider what is deemed to be a project failure. How is success/failure measured? Does your organisation provide metrics for project failure? Provide a definitive list of factors (i.e. hot spots) that you believe are the reasons as to why ‘value’ is eroded and projects fail.
Comment: If as a Project Manager you have a better understanding and can anticipate where and why projects are failing, this should assist in determining which areas require greater focus (and why).
2. Based on the results from your analysis, provide a suggested approach for how the risk management process and its application can be improved in order to achieve project success.
Hint: If for example, you identify a ‘hot spot’ from 1, to be – ‘poor risk management’ and that this could be a possibility with your project (hence a threat to your project success), then you will need to consider how in you intend to control for this particular threat. What will you need to put in place in order to identify and manage project risks?
Length and Presentation:
A concise management report that is reflective of the 2 key tasks as provided above. Section 1 of your report should contain your research, analysis and findings from task 1. This should then be used as the basis to shape up section 2 of your report.
3000 – 4000 words
Please note: I am providing the suggested length as an indicative guide only. You have complete flexibility in determining your final report deliverable.
Criteria by which your assessment will be marked:
• Demonstrated ability to transfer or apply concepts covered in the course to each of the project components.
• Demonstrated awareness of and insight with regard to project management techniques.
• Demonstrated quality and depth of analysis, problem-solving, and synthesis.
• Demonstrated quality of writing.
Assessment 3, Section 1: Risk Management Plan and Risk Register report (Group Assignment)
Due Date: 14th July, 2017
Submission Details: Submit through the Turnitin link on MyUni
Form a group of 2 people and complete a risk analysis and management plan for a project to be selected by you. Ideally it should be for a new or proposed project rather than for a project that has already been executed to completion stage. Once you have selected the project, you are required to apply the risk management process (IS 31000). This includes undertaking a risk assessment, developing and populating a risk register and preparing a risk report for management’s consideration. Whilst you have the flexibility in which to apply the risk management process, the following are some suggested elements that you may want to consider.
Suggested risk management elements to consider:
- Introduction to the project.
- Introduction to Risk Management method
- Application of Risk Management Process to the project
a. Establish the context, and specifying S.M.A.R.T objectives
b. Risk identification
c. Risk analysis
d. Risk evaluation
e. Risk response. Why did you choose the response? How will the responses enable you to control your project?
f. Development and population of your project’s risk register
g. Monitoring and review – how will ensure that your risk work remains current?
- Conclusion / Summary of findings.
Length and Presentation:
For the report (PDF) of at least 3,000 words. In addition, supply your risk register (Excel file).
Tips for completing the section 1 risk report include:
Write the report in a clear, professional and concise format
Assume your report is for the senior management team and board of directors
Use the correct language
It is recommended that you incorporate some of the tools and techniques used in the lectures and classroom discussions.
Assessment 3, Section 2: Classroom presentation of your risk management plan and risk Register
Due Date: Second intensive sessions
Submission Details: To be confirmed in class
Based on your risk management work for your project, your group will be required to develop and make a formal presentation of your work to the meeting (during the intensive classroom sessions). Present your risk management plan and risk register. In discussing your risk work explain why you have decided on the chosen response options.
Length and Presentation:
Each group will be given time in class in which to prepare for a 30 minute presentation (20 minutes to present and 10 minutes for questions and further discussion). A hard copy of your presentation materials should be provided to the facilitator/lecturer prior to the presentation commencing (e.g. copy of the ppt slides & risk register). You may also embed any media you wish if it helps to communicate your presentation.
Tips for your group’s risk management work presentation include:
- Make sure you present it as a group
- Assume that you are presenting to the senior management team and board of directors (your fellow classmates) whom are wanting to know about the risk work that you have undertaken for your chosen project. They will want to know about your project, what risks and opportunities that you have identified and how you propose to manage these.
- Assume your lecturer is the chairman of the meeting.
Assessment 4: Risk Management Future Trends (Individual Assignment)
Due Date: 21st July, 2017
Submission Details: Submit through the Turnitin link on MyUni
Undertake some research into the trends in the theory and application of Risk Management at the systems level. Consider relating this to a ‘system’ where risk management may have been undertaken poorly. Review the consequences that 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 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 management.
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
SubmissionAll text based assignments must be submitted via MyUni.
Please refer to step by step instructions: MyUni Learning Centre
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.
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
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