PROJMGNT 5004NA - Managing Project and Systemic Risk

Ngee Ann Academy - Trimester 1 - 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 5004NA
    Course Managing Project and Systemic Risk
    Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre
    Term Trimester 1
    Level Postgraduate Coursework
    Location/s Ngee Ann Academy
    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 Graciela Corral de Zubielqui

    Teaching staff:

    Trimester 1
    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
    Course Timetable

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

    Singapore timetable

    Opening intensive:

    Friday 29 January 2016 7pm-10pm
    Saturday 30 January 2016 1pm-8pm Promising entrepreneurs need a drive to succeed and a thirst for knowledge.
    Sunday 31 January 2016 9am-4pm

    Closing intensive:

    Friday 26 February 2016 7pm-10pm
    Saturday 27 February 2016 1pm-8pm Promising entrepreneurs need a drive to succeed and a thirst for knowledge.
    Sunday 28 March 2016 9am-4pm
  • 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
    Text book:
    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
    Jolly Vijay 1997 Commercialising New Technologies, Harvard Business School Press
    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
    Opening Intensive  The risk management process and why we need to manage project risks Course notes, text book chapter and additonal readings as provided in class
    Risk management process review - Risk management standard Course notes, text book chapter and additonal readings as provided in class
    Application of the risk management process in projects Course notes, text book chapter and additional readings as provided in class
    Discuss assignment 2: examples and tools: Case study Course notes, text book chapter and additional readings as provided in class
    Closing Intensive Incorporating risk into the schedule.  Identifying and managing stakeholders Course notes, text book chapter and additional readings as provided in class
    Uncertainty and the project cost contingency determination Course notes, text book chapter and additional readings as provided in class
    Establishing effective risk management planning Course notes, text book chapter and additional readings as provided in class
    Discusss assignments 3 & 4: Case studies and additional examples Course notes, text book chapter and additional readings as provided in class
  • 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 Classroom participation N/A 10% Ongoing 1-8
    2 Individual assignment - project risks Minimum 3000 words 30% see MyUni 1, 2, 5
    3 Case study - group assignment - risk management application Minimum 4000 words & risk register 30% see MyUni 3, 4, 7
    4 Individual assignment - risk management plans Minimum 3000 words 30% see MyUni 6, 8
    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: Intensive sessions - Classroom discussion & participation
    Weighting: 10%

    Task:
    Your lecturer will provide you with opportunities to participate in the discussions during each of the intensive classroom sessions.

    Discussion 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 to the learning environment.

    Length and Presentation:
    You will be graded on the quality of your participation in class and subsequent discussions to the key topics areas being covered. It is expected that students will substantially participate in all assigned discussions. (Eg: a short response like: yes, I agree with you or simply rephrase others' comments will not really add value. On the other hand, discussions and sharing learnings from your own experiences/ context and actions in applying the techniques will enhance the classroom discussion and learning).

    Criteria by which your assessment will be marked:

    • Participation based on your own comments/ experiences on the topic covered
    • Participation and discussions demonstrate 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 choice.




    Assessment 2: Individual assignment - Project risks
    Weighting: 30%

    Submission Details:
    Via MyUni.
    Submit 1 file only (1 pdf file). Do not zip the file.
    The filename must be the SID of the student submitting the file followed by the Assignment Title. For example:
    A1164033 - Assignment 2.pdf
    The name and student Id must be clearly marked on the first page of the Report.
    Failing to meet these rules may result in a penalty of up to 5% being imposed on the individual’s assignment.

    Tasks:
    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.
    Suggested length
    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: Case study – Group project ‘Risk management in projects’ application.
    Weighting: 30% - This is a group assignment (2 members per group)

    Submission Details:
    Via MyUni.
    Submit 1 file only (1 pdf file). Do not zip the file.
    The filename must be the SID of the student submitting the file followed by the Assignment Title. For example:
    A1164033 - Assignment 2.pdf
    The name and student Id must be clearly marked on the first page of the Report.
    Failing to meet these rules may result in a penalty of up to 5% being imposed on the individual’s assignment

     
    Tasks:
    This case study is set outside of Dusty Plains, a small, dusty town near Broome in Western Australia. While the location, and the legal and taxation environment is real, the on-shore Dusty Plains field is hypothetical. It is, however, based on realistic data drawn from similar projects from around the world. In this scenario, your group is working for ‘IOC One’, and is responsible for identifying and managing a myriad of uncertainties with this project. Appropriate and timely decisions are vital to the success of this $600 million, 2 year development and the organisation is looking to your group’s development of the project’s risk register as the project unfolds
     
    This is a ‘capstone’ case study and provides you and your partner with an opportunity of drawing on your previously acquired risk management skills and material covered in this course. 

    Overall your group is responsible for specifying the project value drivers, project objectives and development of the risk register. This is a complex project and will be a challenge for you as the project manager to ensure successful achievement of the project’s outcomes. Identifying and managing the risks and uncertainties will be critical to your success. The specific tasks to be completed have been listed as part of the case study (See MyUni).

    Length and Presentation:
    Minimum 4,000 words
     
    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 risk management techniques.
    • Demonstrated quality and depth of analysis, problem-solving, and synthesis.
    • Demonstrated quality of writing.




    Assessment 4: Individual assignment – Developing a project risk management plan
    Weighting: 30%

    Submission Details:
    Via MyUni.
    Submit 1 file only (1 pdf file). Do not zip the file.
    The filename must be the SID of the student submitting the file followed by the Assignment Title. For example:
    A1164033 - Assignment 2.pdf
    The name and student Id must be clearly marked on the first page of the Report.
    Failing to meet these rules may result in a penalty of up to 5% being imposed on the individual’s assignment. 

    Tasks:
    Select a project that you are required to manage and develop a formal Risk Management Plan (RMP) . Prepare the structure of your PMP based on your specific requirements (hint: you may need to undertake some research as to the purpose and key elements to include in your PMP). 

    It is to be presented as the official RMP for your nominated project, hence it must be concise and professional. While there is no word limit, you must use a common sense approach and be meaningful to you as the project manager. The completed RMP will demonstrate to your senior management or enterprise that you have the capability to manage risks alongside the ‘day to day’ project schedule.

    Length and Presentation:
    Word format, minimum 3,000 words

    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.
    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.

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    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.

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