Outline

Overview

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

Unit details and rules

Academic unit	Project Management
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	PMGT6891
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Fatima Afzal, fatima.afzal@sydney.edu.au
Lecturer(s)	Gerard McGarry, gerard.mcgarry@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Take-home extended release)	Final exam - Take Home The take-home exam covers the main topic areas from the course.	40%	Formal exam period	48 hours
Outcomes assessed:
Participation	Discussion forum Short submission based on a case.	10%	Multiple weeks	4 discussion forums worth 2.5 each.
Outcomes assessed:
Assignment	Group assignment Group assignment based on case study.	30%	Week 06 Due date: 16 Apr 2021 at 23:59	Approx. 15 pages not including appendix.
Outcomes assessed:
Presentation	Group presentation Reflective presentation on case study.	20%	Week 10 Due date: 07 May 2021 at 23:59	10min presentation + ppt slides.
Outcomes assessed:
= hurdle task ? = group assignment ? = Type E final exam ?

Assessment summary

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 48 hours to respond. You must get 50% in the final exam to pass the unit, regardless of the sum of your individual marks.

Detailed information for each assessment can be found on Canvas.

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 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.

Academic integrity

The Current Student website provides information on academic integrity 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 integrity breaches seriously.

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

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Ongoing	Independent study guided by the online content and lectures. You are expected to undertake 8-10 hours per week of independent study in addition to the workshops.	Independent study (100 hr)
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)
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)
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)
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)
Week 05	1. Approaches to dealing with risk in projects; 2. Contingency plans (and fallback plans)	Workshop (3 hr)
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)
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)
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)
Week 09	1. Modelling: decision trees, PERT and sensitivity analysis, Delphi, Monte Carlo technique	Workshop (3 hr)
Week 10	1. Modelling: decision trees, PERT and sensitivity analysis, Delphi, Monte Carlo technique	Workshop (3 hr)
Week 11	1. Utility theory and the organisations risk appetite; 2. Allocation of risk between parties	Workshop (3 hr)
Week 12	1. Risk reporting; 2. Risk contingency usage, risk triggers; 3. Capturing lesson learned	Workshop (3 hr)
Week 13	1. Future of Risk Management.	Workshop (3 hr)

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

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.

Outcomes
Graduate qualities

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
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

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.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

PMGT5891: Project Risk Management

Semester 1, 2021 [Normal evening] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect