PROJMGNT 5004OL - Managing Project and Systemic Risk

Online - Quadmester 2 - 2018

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

  • General Course Information
    Course Details
    Course Code PROJMGNT 5004OL
    Course Managing Project and Systemic Risk
    Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre
    Term Quadmester 2
    Level Postgraduate Coursework
    Location/s Online
    Units 3
    Contact Approximately 4 hours per week over 10 weeks (interaction & preparation)
    Available for Study Abroad and Exchange Y
    Course Description This course addresses recognition of risks and risk analysis, methods for researching, identifying, managing and communicating results for project risks, using ISO31000 for project risk and systems, and for systemic and cascading risk using international best practice Monte Carlo simulation, design by risk, the concept of tolerance and phase-gate process are addressed and competencies developed in participants. The outcome is competence to lead or participate in a risk management team as part of a project or program. Throughout the course, examples are drawn from the commercial word, enabling the participant to consolidate theoretical and practical knowledge of risk.
    Course Staff

    Course Coordinator: Associate Professor Indra Gunawan

    Program Director Contact Details: Project Management
    Name: Associate Professor Indra Gunawan
    Email: indra.gunawan@adelaide.edu.au


    Teaching staff:

    Term 2
    Name: Michael Lloyd
    Email: mlloydfvsa@adam.com.au 
    LinkedIn: https://www.linkedin.com/in/mtlloyd/

    Course Timetable

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

    Course Dates: Monday 9 April - Sunda 17 June 2018
  • Learning Outcomes
    Course Learning Outcomes

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

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

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

    University Graduate Attribute Course Learning Outcome(s)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1-6
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    1-4
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    3
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1,2,5,6
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    5,6
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    3-6
  • Learning Resources
    Required Resources
    No Text book required.
    Recommended Resources
    Optional Reading:
    Bowden, Adrian, Lane, Malcolm, and Martin, Julia, Triple Bottom Line Risk Management, (2001) Wiley.

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


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

    * Log in to access complimentary read-only PDFs of all of PMI's published standards or take advantage of discounts on paperback editions
    http://www.pmi.org/PMBOK-Guide-and-Standards/Standards-Library-of-PMI-Global-Standards.aspx
    Online Learning

    LEARN is the University of Adelaide’s platform for dedicated online delivery. LEARN is a customised version of Moodle, and houses all course requirements including the course profile, announcements, additional course materials (beyond the prescribed text), assessment items, discussion forums, grading, feedback, links to various university and course resources, an internal website email system, a technical assistance facility, etc. LEARN is only accessible once the URL and a password have been provided to the student on enrolment. Students are given access to the course prior to the start date to familiarise themselves with the operational aspects and functionality of the website.

  • Learning & Teaching Activities
    Learning & Teaching Modes
    This course is offered in online mode.
    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.
    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.
    Week Content Readings Activities
    1 Understanding of the basic concepts of risk management Online lessons
    Bowden Chapters 1–5
    Optional reading
    Class discussion
    Learning activity
    Work on Final project
    2 Statistical and other concepts underpinning risk management. Online lessons
    Bowden Chapter 6
    Class discussion
    Learning activity
    Work on Final project
    3 Project planning requirement for analysing risks Online lessons
    Bowden Chapter 7
    Class discussion
    Learning activity
    Submit Project Plan
    4 Development of a Risk Plan and Stakeholder communication Online lessons
    Bowden Chapter 8
    Class discussion
    Learning activity
    Work on Final project
    5 Phase Gate, Incremental Commitment and their effect on the Project Delivery System Online lessons
    Optional reading
    Class discussion
    Learning activity
    Work on Final project
    6 Using Risk as a design tool Online lessons
    Bowden Chapter 7 & 17
    Class discussion
    Learning activity
    Submit Risk Analysis Treatment Plan.
    Work on Final project
    7 Expanding your knowledge via Case Study Analysis Online lessons
    Bowden Chapter 10, 13, 15
    Class discussion
    Learning activity
    Submit Risk Plan.
    Work on Final project
    8 Explore the limitations of Traditional Project Management and introduction of the Unknown Unknowns Online lessons Class discussion
    Learning activity
    Work on Final project
    9 Mould your learning into a Risk Manual Online lessons Work on Final project
    10 Completion of the course work and A chance to reflect. Online lessons Submit Risk Management Manual
  • Assessment

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

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

    Assessment Summary
    # Assessment Task Length
    Weighting Due Date Learning outcomes
    1 Discussion Participation substantive participation (see below) 25% Day 3-7 of each week
    weeks 1,3,5,7,8,9
    1,2
    2 Learning Activities Part 1: 150–200 words
    Part 2: 200–300 words
    25% Day 7 of
    weeks 2, 4, 6 and 8
    1,2
    3 Final Project (See component parts below) 50%, divided up as follows
    3a • Project Plan 1,000 words min

    10% End week 3 3,4
    3b • Risk Analysis Treatment Plan
    plus
    • Presentation and Discussion
    Minimum of 3,000 words
    25 ppt slides
    Excel file
    20% End week 6

    Day 1-7 of week 8
    5,6
    3c • Risk Plan Development 2,000 words min 30% End week 7 3
    3d • Risk Manual 3,000 words min 40% End week 10 5,6
    Total 100%
    Assessment Related Requirements

    Students must check all discussion forums weekly and to actively participate in and contribute to any ongoing online discussion threads.

    Students must complete all course assessment requirements.

    Course results are subject to moderation by the ECIC Board of Examiners

    Assessment Detail

    Assessment 1: Discussion Participation
    Weighting: 25%
    Due Dates: Day 3-7 of each week, weeks 1,3,5,7,8,9
    Submission Details: Via Forum in LEARN

    Task:
    Your teaching staff will notify you, via course announcement, before the start of the week which of the discussion questions you will need to complete for the week.

    Respond to the discussion prompts and questions by your group members by the due dates outlined in the assignment. You are expected to post an initial response and then follow-up responses and inputs to the posts of your classmates and faculty.

    Scope:
    The discussion questions are taken from your assigned readings and online lectures. You may also need to conduct some additional research to support your responses.

    Length and Presentation:
    You will be graded on the quality, not necessarily on the quantity, of your posts – what is expected is substantive participation in all assigned discussions.

    Criteria by which your assignment will be marked:
    You will be provided a grading on your Discussion Participation each week by the Friday after the due date.

    Discussion:
    · Demonstrated critical thinking, including applications in practice.
    · Indicated that you understand the assignment and the underlying concepts.
    · Met the minimum substantive expectations.
    · Demonstrated an appropriate writing style and language choice.
    · Include your personal experiences whereever possible.

    Participation:
    · Posted the required subsequent responses to the posts of your classmates or to the responses to your initial post and ensured that responses are substantive in nature (at least 100 words).
    · Indicated critical thinking and provided constructive feedback and meaningful inputs to the discussion.
    · Focus on adding to the discussion with your thoughts.
    · Avoid lengthy and / or off topic posts.
    · Demonstrated quality writing and a concise language choice.


    Assessment 2: Learning Activities
    Weighting: 25%
    Due Dates: Day 7 of each weeks 2, 4, 6 and 8
    Submission Details: Via Drop Box in LEARN

    Task:
    You will summarise what you have learnt in the previous two weeks and will respond to learning activities that require you to apply what you've learnt to a task, a problem or an example Each learning activity will have two parts:
    · Part 1: A reflective summary of what you have learnt in the week (150–200 words)
    · Part 2: A real-life application activity of the concepts you have learnt in the week (200–300 words)

    Scope:
    The learning activities will assess your understanding of the course topic presented over the week

    Length and Presentation:
    · Part 1: 150–200 words
    · Part 2: 200–300 words

    Criteria by which your assignment will be marked:
    · Demonstrated an ability to transfer or apply concepts covered in the course to this activity.
    · Demonstrated problem-solving and critical-thinking skills and an ability to apply these skills to the concepts covered in this activity.
    · Demonstrated the quality and depth of analysis.
    · Demonstrated quality writing.


    Assessment 3: Final Project
    Weighting: 50%
    Task: The Risk Managament project is made up of 5 components. Please see below for each component


    Assessment 3a: Risk Management Project Plan
    Weighting: 10%
    Due Dates: End week 3
    Submission Details: Via Drop Box in LEARN

    Task:
    To develop a risk management plan, you need to have a project plan in place. Describe how you would develop a project plan.

    Scope:
    In order to develop a successful Project Plan, you need to first develop the process you intend to use in order to develop it. This assignment is not about providing me with a Project Plan but detailing the process you intend to use in order to develop a Project Plan that will allow the effective Management of Risk as the Project is delivered. Remember you are doing a Risk Management course.

    Length and Presentation:
    1,000 words

    Criteria by which your assignment will be marked:
    · Demonstrated knowledge and understanding of advanced risk management techniques.
    · Systematically identified the sources of risk in a new venture, a new product or a project.
    · Correctly analysed, quantified and prioritised risks impacting the project.
    · Developed effective solutions to risks.
    · Demonstrated quality of writing.


    Assessment 3b: Risk Analysis Treatment Plan, and Presentation and Discussion
    Weighting: 20%
    Due Dates: Risk Analysis Treatment Plan – end week 6
    Presentation and Discussion – day 1-7 of week 8
    Submission Details: Via Drop Box and Discussion Forum in LEARN

    Task:
    Develop a risk analysis and treatment plan for a project of your choice. Use the analysis and treatment approach of Critical Success Factors. Assume that you are presenting the results of your risk analysis and treatment plan to the senior management of your organization. Include the following in your presentation:
    1. An Excel spreadsheet representing the list register.
    2. An MS PowerPoint presentation of up to 25 slides including the result of your risk analysis and treatment plan.
    3. An MS Word summary and analysis of at least 3000 words. Include the Excel spreadsheet in the appendix of your paper.

    Discussion: Presentation of Results
    In Week 8, you will be assigned to small groups of 4–7 students. These groups will act as the senior management to review and comment on your presentation.
    You will submit your presentation (PowerPoint, Word document and Excel spreadsheet) to the assigned discussion forum and discuss your findings and analysis. As part of a group acting as the senior management, you will also review and comment on the presentations of your classmates.
    As part of the group, you can pose and expect questions involving the following: · Critique of the presentation and its findings
    · Questions about how the risk treatment plan was arrived at
    · Requests for supporting rationales or evidence for any findings or analyses
    · Questions about the written summary or Excel spreadsheet

    Scope:
    This assignment is used to assess your ability to apply the learning’s of this course to a real life application. The approach I want you to take is to assume your intended audience for both the PowerPoint and Word documents is either the senior management of your organisation or the Project Sponsors. You need to efficiently deliver a presentation that provides enough detail to convey your message in a succinct manner which is backed up by a word report that is intended to be read. Think about what senior managers want to know, which will show me what you personally believe to be important.

    Length and Presentation:
    Excel spreadsheet for list register
    25 Presentation slides in PowerPoint format
    Summary and Analysis 3,000 words minimum in Word format

    Criteria by which your assignment will be marked:
    Risk Analysis Treatment Plan:
    The three documents are intended to complement each other with the Excel Spreadsheet providing the raw data and the PowerPoint and Word documents clearly documenting your position in regards to the project being assessed. Duplication of information between the PowerPoint and Excell documents is to be expected and will not detract from your grades.
    I will be looking for a clear linkage between the data in the excel document to the detail in the PowerPoint and Word presentations
    Please keep in mind that the presentations are intended to be aimed at a Senior Management review and they need to be presented as such.

    Presentation and Discussion:
    The group work where you assess your fellow students work is intended to put you in the position of the Senior Manager. Your comments are required to be from this perspective. I will be looking for honest appraisal backed up by sugested improvements.


    Assessment 3c: Risk Plan Development
    Weighting: 30%
    Due Dates: End week 7
    Submission Details: Via Drop Box in LEARN

    Task:
    Describe how risk plans are developed using Australian Standard, AS/NZS ISO 31000:2009, Risk Management Principles and Guidelines as the guide. Feel free to add any other aspects to your risk plans you feel are appropriate.

    Scope:
    ISO 31000:2009 is an Industry Standard for Managing Risk in Australia and this assignment is intended to assist you in your appreciation of the contents of ISO 31000 but more importantly identify what is required in a Project Plan in order to meet the needs of the standard. Focus on what you would do to maximise the benefits of ISO 31000:2009

    Length and Presentation:
    2,000 words minimum

    Criteria by which your assignment will be marked:
    · Demonstrated knowledge and understanding of advanced risk management techniques.
    · Systematically identified the sources of risk in a new venture, a new product or a project.
    · Correctly analysed, quantified and prioritised risks impacting the project.
    · Developed effective solutions to risks.
    · Demonstrated quality of writing.


    Assessment 3d: Risk Management Manual
    Weighting: 40%
    Due Dates: End week 10
    Submission Details: Via Drop Box in LEARN

    Task:
    Develop a Risk Management Manual for your division, project or other business unit, which expresses your advice to a young employee.

    The purpose of a risk manual is to provide guidance to staff on risk management processes, typical risks, treatment approaches, and other relevant aspects of managing risks. The manual should definitely include the following and any other aspect you think is required:
    1. Objectives of the risk manual
    2. The plan for governance and responsibilities for managing risks
    3. Definitions of important terms
    4. Referenced documents
    5. Acronyms and abbreviations
    6. An explanation of the process and importance of the following:
    · Understanding the organisation's risk strategy
    · Understanding the project delivery systems
    · Developing a project plan before the development of a risk plan
    · Identifying and capturing the context
    · Planning for company-wide contingencies or project contingencies
    · Completing the risk analysis at bid time
    · Performing qualitative or quantitative risk treatment
    · Conducting interviews to capture likelihood and consequences
    · How to identify and capture risks
    · Identifying commercial risks

    Scope:
    This assignment is intended to highlight what you will do when you are responsible for developing the Risk Management Strategy for your organisation. The manual details what activities you want your team to do perform throughout a project’s life cycle, what tools they will use and the reports / outputs they are required to develop. The weighting to this assignment is to be taken as an indication that you need to bring in aspects of the entire course highlighting you understanding of the concepts and their various uses in a project environment.

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

    Criteria by which your assignment will be marked:
    · Demonstrated knowledge and understanding of advanced risk management techniques.
    · Systematically identified the sources of risk in a new venture, a new product or a project.
    · Correctly analysed, quantified and prioritised risks impacting the project.
    · Developed effective solutions to risks.
    · Demonstrated quality of writing.

    Submission

    All text based assignments must be submitted via Drop Box in LEARN

    There are a few points to note about the submission of assignments:

    • Assignment Submission: Assignments should be lodged via Drop Box in the LEARN system. Please refer to individual assignment tasks for specific submission details relevant to each task. Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.
    • Cover Sheet: As part of your assignment, please add the completed University of Adelaide Assessment Cover Sheet to your assignment, 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. Where applicable, also include the word count excluding title pages and references.
    • 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 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. Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.
    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.