15317 Advanced Project Risk Management
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particular session, location and mode of offering is the authoritative source
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Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
Requisite(s): ((15319 Project Risk, Procurement and Quality Management OR 15315 Project Management Principles OR 17551 Property Market and Risk Analysis OR 12003 Time, Quality and Risk Management) AND 144 credit points of completed study in spk(s): C10413 Bachelor of Design Architecture Master of Architecture )
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
The subject focuses on advanced techniques in project risk management across various industry sectors. It emphasises the strategic importance of managing risk from situational perspectives in project implementation. The curriculum now includes a focused exploration of advanced risk management techniques, risk allocation and structuring, and contingency management. These elements are critical for evaluating risk and aligning it with the delivery of value while capitalising on market opportunities. The subject is particularly pertinent for students seeking to deepen their understanding and application of sophisticated project risk management practices. It addresses the challenges of managing multiple projects in uncertain and complex environments, benchmarking against current industry practices.
Subject learning objectives (SLOs)
On successful completion of this subject, students should be able to:
| 1. | Prepare appropriate risk management plans for projects |
|---|---|
| 2. | Use core tools and techniques to identify and resolve risk issues in projects |
| 3. | Link risk management concepts to the project framework |
| 4. | Demonstrate a reflective and professional approach to project management practice |
Course intended learning outcomes (CILOs)
This subject also contributes to the following Course Intended Learning Outcomes:
- Communicate effectively through oral communication in projects at a professional level (Oral Communication) (C.1)
- Communicate effectively through written communication in projects at a professional level (Written Communication) (C.2)
- Source and apply tools and techniques to meet contextual demands (Technique Application) (I.1)
- Apply foundational project management knowledge in projects (Foundational Knowledge) (P.1)
- Manage project activities from an organisational perspective (Organisational Management) (P.3)
- Actively reflect on, and improve, project practice (Practice Improvement) (P.5)
- Think critically and synthesise complex data (Critical Engagement) (R.1)
Contribution to the development of graduate attributes
The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:
C = communication and groupwork
A = attitudes and values
P = practical and professional
R = research and critique
I = innovation and creativity
Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-1, A-3, P-4, etc.).
Teaching and learning strategies
This subject, fully on-campus, incorporates the following teaching strategies:
Pre-workshop Preparation: Students access pre-workshop materials to understand the subject content. Comprehension is assessed through an assessment task.
Lectures: Experts discuss key concepts and techniques in risk management, encouraging student participation and using real and hypothetical cases for context. Lecture slides are available on Canvas beforehand.
Collaborative Problem Solving: In-class group work focuses on applying concepts to real and hypothetical scenarios, with students presenting solutions to facilitate peer learning.
Ongoing Feedback: Individual and group feedback is provided for activities and assignments. Immediate feedback is available during sessions, with summative feedback and grades posted on Canvas. Students are responsible for recording feedback during classes.
Content (topics)
The subject will address the following topics:
- Risk management tools and techniques
- Advanced risk assessment
- Contingency management
- Risk allocation and management
Assessment
Assessment task 1: Pre-workshop assignment
| Intent: | The intent of this assignment is to familiarise students with concept of risk and how it relates to projects. Students will be asked to undertake prescribed readings and use the information gleaned from the readings in order to critically analyse a past project. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): C.2 and R.1 | ||||||||||||
| Type: | Exercises | ||||||||||||
| Groupwork: | Individual | ||||||||||||
| Weight: | 20% | ||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 2: Workshop - Group workshop assessments
| Intent: | The intent of the in-workshop assessment is to expose students to the fast paced nature of risk management in a corporate setting. Students will work in groups to apply newly developed knowledge in a selected project. One of key items that will be emphasised during the workshop is that projects do not operate in isolation. As part of the in-workshop assignment, students will explore the relationship between the project and the organisation that owns the project. Project risks have an impact on the organisation, and organisations have an impact on the risks associated with a project. | ||||||||||||||||||||||||||||
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| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): C.1, C.2, I.1, P.1, P.3 and R.1 | ||||||||||||||||||||||||||||
| Type: | Exercises | ||||||||||||||||||||||||||||
| Groupwork: | Group, group assessed | ||||||||||||||||||||||||||||
| Weight: | 30% | ||||||||||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 3: Post-workshop assignment
| Intent: | The intent of the post workshop assignment is to take students full circle in the learning process by having them reflect on the first two assignments, suggested readings, and the materials covered in class. Students will then have the opportunity to put their knowledge into practice by developing a comprehensive risk management plan for the same project studied in the in-workshop group assignment. | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): C.2, I.1, P.1, P.5 and R.1 | ||||||||||||||||||||||||
| Type: | Essay | ||||||||||||||||||||||||
| Groupwork: | Individual | ||||||||||||||||||||||||
| Weight: | 50% | ||||||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Minimum requirements
Project Management students are required to attend 80% of all classes for all enrolled subjects. Achievement of the subject’s aims is difficult if classes are not attended. Where assessment tasks are to be presented personally in class, attendance is mandatory. Pursuant to UTS rule 3.8.2 students who do not satisfy attendance requirements may be refused permission by the Responsible Academic Officer to be considered for assessment for this subject.
Required texts
Standards Australia (2009) Risk management : principles and guidelines : AS/NZS ISO 31000:2009
Risk Engineering Society (2019) Contingency Guideline
Recommended texts
Hillson, D. (2009) Managing Risks in Projects. Gower.
Liu, J, Meng, F., Fellows, R. (2014) An exploratory study of understanding project risk management from the perspective of national culture, International Journal of Project Management, Available online 6 September 2014
Marcelino-Sádaba, Pérez-Ezcurdia, A., Echeverría Lazcano, A., Villanueva, P. (2014) Project risk management methodology for small firms, International Journal of Project Management, Volume 32, Issue 2, 327-340
Osipova, E., Eriksson, P. (2013) Balancing control and flexibility in joint risk management: Lessons learned from two construction projects, International Journal of Project Management, Volume 31, Issue 3, 391-399
Holzmann, V., Spiegler, I. (2011) Developing risk breakdown structure for information technology organizations, International Journal of Project Management, Volume 29, Issue 5, 537-546
Jun, L., Qiuzhen, W. Qingguo, M.(2011) The effects of project uncertainty and risk management on IS development project performance: A vendor perspective, International Journal of Project Management, Volume 29, Issue 7, 923-933
van Wyk, R., Bowen, P., Akintoye, A. (2008) Project risk management practice: The case of a South African utility company, International Journal of Project Management, Volume 26, Issue 2, 149-163
Olsson, R. (2007) In search of opportunity management: Is the risk management process enough?, International Journal of Project Management, Volume 25, Issue 8, 745-752
Kutsch, E., Hall, M. (2010) Deliberate ignorance in project risk management, International Journal of Project Management, Volume 28, Issue 3, 245-255
Baccarini, D., Archer, R. (2001) The risk ranking of projects: a methodology, International Journal of Project Management, Volume 19, Issue 3, 139-145
Uher, T., Toakley, A. (1999) Risk management in the conceptual phase of a project, International Journal of Project Management, Volume 17, Issue 3, 161-169
Raz, T., Michael, E. (2001) Use and benefits of tools for project risk management, International Journal of Project Management, Volume 19, Issue 1, 9-17,
Hydari, H. (2014) Risk Management for Project Driven Organizations: A Strategic Guide to Portfolio, Program and PMO Success, Project Management Journal, 45(3), 3.
Gladden, R. (2012) The Project Risk Maturity Model: Measuring and Improving Risk Management Capability, Project Management Journal, 43(5), 101.
Datta, S. (2001) Developing a risk management matrix for effective project planning--an empirical study, Project Management Journal, 32(2), 45-57
Royer, P. (2000) Risk management: The undiscovered dimension of project management, Project Management Journal, 31(1), 6-13