16918 Risk Management
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Subject handbook information prior to 2022 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
This subject examines risk management generally but with a focus on project risk management. It covers the main techniques and methods used for risk identification, evaluation and response and relates these to the risks typically faced by project participants. The subject presents risk management as a positive process that should be intertwined with the identification and realisation of opportunities. Risk identification examines the various risks inherent in projects such as financial risk, environmental risk, estimating risk, schedule risk and safety risk. Various methodologies are introduced for the qualitative and quantitative assessment of these risks. Risk response and treatment and issues such as risk sharing and transfer between clients and project participants are examined. Methods of monitoring and controlling risks are then explored. The subject culminates with the development of risk management plans for projects.
Subject learning objectives (SLOs)
On successful completion of this subject, students should be able to:
|1.||overview of risk and opportunity management systems|
|2.||risk management approaches and methodologies|
|3.||risk and uncertainty in projects|
|4.||risk and opportunity identification|
|5.||risk and opportunity analysis|
|6.||perceptions of risk|
|8.||crisis management and recovery|
|9.||risk management and control|
|10.||risk management software|
|11.||contemporary issues in risk and opportunity management.|
Teaching and learning strategies
Modes of offering
Weekly on campus: 2 hr lecture and 1hr tutorial supplemented by online learning
Learning activities – within and outside formal class contact
The learning activities in this subject involve a variety of face-to-face lectures, tutorials and online teaching strategies. Lectures involve face-to-face content delivery employing the use of media and electronic resources to enhance the theoretical delivery of the subject. Regular guest lectures from industry practitioners will be utilised to demonstrate current practical applications of subject content. The tutorial program utilises case studies, student group work, student presentations and experiential exercises to link theory and application. This will be complemented by independent student reading. Students are further supported through the use of UTS Online offering subject material and information and moderation with the subject coordinator.
On successful completion of this subject students will be able to:
- Understand what risk is and the importance of managing risk effectively
- Understand and describe the main techniques and methodologies used in risk management
- Understand and be able to implement the main methods used to identify, quantify, analyse, evaluate, treat and control risks on projects including both quantitative and qualitative methods.
- Be able to describe and evaluate the main risk management software/statistical applications that can be used on projects
- Demonstrate an awareness of the different levels in the risk management process – corporate, organisational, project, team and individual
- Demonstrate an awareness of the different types of project risks such as financial, contractual, environmental, estimating, programming and safety risks
- Be able prepare risk management plans for small to medium-sized projects
Assessment task 1: Assignment(Group)
Assessment task 2: Formal Examination
Students must achieve a minimum aggregate mark of 50% to pass this subject
- Loosemore, M., Raftery, J., Reilly, C. & Higgon, D. (2006), “Risk Management in Projects”, 2nd Edition, Taylor & Francis, London
- Standards Australia (2009), AS/NZS ISO 31000:2009, Risk management - Principles and Guidelines.
- NSW Department of Commerce (2004), Project Risk Management Guidelines, Sydney
- Butterworths Tolley (2003), Tolleys Practical Risk Assessment Handbook, Butterworths, London.
- Cooper, D. et. Al. (2005), Managing Risk in Large Projects & Complex Procurements, John Wiley & Sons, United Kingdom
- Edwards, P.J. & Bowen, P.A. (2005), “Risk Management in Project Organisations”, UNSW Press, Sydney
- Hillson, David (2003), Effective Opportunity Management For Projects: Exploiting Positive Risk, M. Dekker, New York.
- Smith, Nigel (2003), Appraisal, Risk And Uncertainty, Thomas Telford, London
- Teale, Donald, Successful Project Risk Assessment In A Week (2001), Hodder & Stoughton, London
- Webb, Alan (2003), The Project Manager's Guide To Handling Risk, Gower, Aldershot
- Wideman, R. (2002), Project and Program Risk Management: A Guide to Managing Project Risks and Opportunities, Project Management Institute, Pennsylvania7.