Skip to main content

We are aiming for an incremental return to campus in accordance with guidelines provided by NSW Health and the Australian Government. Until this time, learning activities and assessments will be planned and scheduled for online delivery where possible, and unit-specific details about face-to-face teaching will be provided on Canvas as the opportunities for face-to-face learning become clear.

Unit of study_

PMGT5891: Project Risk Management

This unit is delivered in multiple modes (online and weekly). Please ensure that the correct mode is selected before checking the detailed content. The aims of this course are to develop students' understanding and ability in applying project risk management skills in project environments. The course enables the students to apply best practice techniques and methods commonly used by industry in project risk management. The competencies developed through this unit cover and go beyond the competencies in Risk areas as outlined in the competency standards by the Australian Institute of Project Management and Project Management Institute in the USA, respectively. The unit aims to develop students ability to understand and conceptualise risk management issues, and analyse and apply risk management techniques using concepts and frameworks from the underpinning literature. - Ability to establish risk management plans, policies and integrate them with other project plans, organisation and align them to the business case - Ability to understand the sources of potential risks (including but not limited to political, organisational, psychological and technical risks) and to use risk management tools and techniques to identify, assess, evaluate, and prioritise risks - Ability to simulate the potential effects of risks on schedule, cost and other performance dimensions using sensitivity analysis, decision tree analysis and simulation techniques. - Ability to track, monitor and control risks and actions to achieve project objectives and the business case - Ability to close risks for an optimal outcome

Details

Academic unit Project Management
Unit code PMGT5891
Unit name Project Risk Management
Session, year
? 
Semester 1, 2020
Attendance mode Normal evening
Location Camperdown/Darlington, Sydney
Credit points 6

Enrolment rules

Prohibitions
? 
PMGT6891
Prerequisites
? 
None
Corequisites
? 
None
Available to study abroad and exchange students

No

Teaching staff and contact details

Coordinator Gerard Mcgarry, gerard.mcgarry@sydney.edu.au
Type Description Weight Due Length
Participation group assignment Discussion forum
10% Multiple weeks 4
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Assignment group assignment Group assignment
30% Week 08 n/a
Outcomes assessed: LO1 LO4 LO2
Presentation group assignment Group presentation
20% Week 10 n/a
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Assignment Final exam - Take Home
The take-home exam covers the main topic areas from the course.
40% Week 13
Due date: 23 May 2020
24 hours.
Outcomes assessed: LO1 LO2
group assignment = group assignment ?

Group assignment (30% written and 20% presentation) is designed to give you some practical exposure to some of the techniques and tools. Both assignments will be performed in teams. The assignment details and the case study used are posted separately.

Discussion forums (10%). There are also 4 online discussion forums. All students are required to participate in the discussion forums. These forums will be based around case studies where you will be asked to consider what went wrong, or in one case what went right. There is a strong tendency for technical people to focus on the obvious technical risks in projects, and not as much on the less obvious and more people focused risks. The case study discussions should give you an opportunity to explore these issues.

Final exam - Take Home (40%) - The exam will be ‘take-home’. The exam questions will be posted online and you will have 24hours to respond. You must get 50% in the final exam to pass the unit, regardless of the sum of your individual marks.

Assessment criteria

Group assignment (30% written and 20% presentation) is designed to give you some practical exposure to some of the techniques and tools. Both assignments will be performed in teams. The assignment details and the case study used are posted separately.

Discussion forums (10%). There are also 4 online discussion forums. All students are required to participate in the discussion forums. These forums will be based around case studies where you will be asked to consider what went wrong, or in one case what went right. There is a strong tendency for technical people to focus on the obvious technical risks in projects, and not as much on the less obvious and more people focused risks. The case study discussions should give you an opportunity to explore these issues.

Exam (40%) - The final exam will be a ‘take-home exam’. You be given questions to answer and have 24hours to submit a response. You will be able to use any resources avaliable to you but must complete individually.

You must get 50% in the take-home exam to pass the unit, regardless of the sum of your individual marks.

 

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

 

Distinction

75 - 84

 

Credit

65 - 74

 

Pass

50 - 64

 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

IMPORTANT: - Late penalty for assignments is 5% per day. After 10 days late (with special consideration) an assignment gets 0. - There may be statistically defensible moderation when combining the marks from each component to ensure consistency of marking between markers, and alignment of final grades with unit outcomes. - The University has authorised and mandated the use of text-based similarity detecting software Turnitin for all text-based written assignments.

Special consideration

If you experience short-term circumstances beyond your control, such as illness, injury or misadventure or if you have essential commitments which impact your preparation or performance in an assessment, you may be eligible for special consideration or special arrangements.

Academic integrity

The Current Student website provides information on academic honesty, academic dishonesty, and the resources available to all students.

The University expects students and staff to act ethically and honestly and will treat all allegations of academic dishonesty or plagiarism seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic dishonesty. If such matches indicate evidence of plagiarism or other forms of dishonesty, your teacher is required to report your work for further investigation.

WK Topic Learning activity Learning outcomes
Week 01 1. Introduction to Risk Standards: AS/NZS ISO 31000 and PMBoK; 2. Definitions,terminology, process, RBS, risk plans and basics of risk management Workshop (3 hr) LO1
Week 02 1. Introduction to Risk Standards: AS/NZS ISO 31000 and PMBoK; 2. Definitions,terminology, process, RBS, risk plans and basics of risk management Workshop (3 hr) LO1
Week 03 1. Overview of tools used in risk management; 2. Interviews, questionnaires, scoring models, checklists, FMEA, Delphi, PERT, decision stress, sensitivity analysis, Monte Carlo and introduction to probability Workshop (3 hr) LO2
Week 04 1. Overview of tools used in risk management; 2. Interviews, questionnaires, scoring models, checklists, FMEA, Delphi, PERT, decision stress, sensitivity analysis, Monte Carlo and introduction to probability Workshop (3 hr) LO2
Week 05 1. Approaches to dealing with risk in projects; 2. Contingency plans (and fallback plans) Workshop (3 hr) LO3
Week 06 1. Developing contingency reserves: EMV, probability, impact assessment, removing the overlap between individual risks; 2. Project reserves: why are they used Workshop (3 hr) LO3
Week 07 1. Unknown unknowns: and Black Swans or the extreme unpredictable events; 2. Psychological errors in estimating (Kahneman and Tversky et al); 3. Introduction to probability; 4. Opportunity management Workshop (3 hr) LO3
Week 08 1. Problem with scoring models: ways to improve; 2. Calibration of estimators; 3. Critical Chain scheduling; 4. Value of additional data Workshop (3 hr) LO3
Week 09 Modeling: decision trees, PERT and sensitivity analysis, Delphi, Monte Carlo technique Workshop (3 hr) LO2 LO3
Week 10 Modeling: decision trees, PERT and sensitivity analysis, Delphi, Monte Carlo technique Workshop (3 hr) LO2 LO3
Week 11 1. Utility theory and the organisations risk appetite; 2. Allocation of risk between parties Workshop (3 hr) LO2 LO3
Week 12 1. Risk reporting; 2. Risk contingency usage, risk triggers; 3. Capturing lesson learned Workshop (3 hr) LO4
Week 13 1. Alternative approaches for dealing with major uncertainties and complexity around projects; 2. Project escalation Workshop (3 hr) LO4 LO5

Attendance and class requirements

Attendance is mandatory for all face-to-face students. 

IMPORTANT:

- Late penalty for assignments is 5% per day. After 10 days late (with special consideration) an assignment gets 0.

- There may be statistically defensible moderation when combining the marks from each component to ensure consistency of marking between markers, and alignment of final grades with unit outcomes.

- The University has authorised and mandated the use of text-based similarity detecting software Turnitin for all text-based written assignments.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University’s graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. establish risk management plans, policies and integrate them with other project plans, organisation and align them to the business case
  • LO2. understand the sources of potential risks (including but not limited to political, organisational, psychological and technical risks) and to use risk management tools and techniques to identify, assess, evaluate, and prioritise risks
  • LO3. simulate the potential effects of risks on schedule, cost and other performance dimensions using sensitivity analysis, decision tree analysis and simulation techniques
  • LO4. track, monitor and control risks and actions to achieve project objectives and the business case
  • LO5. close risks for an optimal outcome.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9
Additional video / audio tutorials to help understanding of class material. Some material now marked as optional.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.