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ENGG3853: Project Risk Management: Tools & Techniques (2015 - Semester 1)

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Unit: ENGG3853: Project Risk Management: Tools & Techniques (6 CP)
Mode: Normal-Day
On Offer: Yes
Level: Senior
Faculty/School: School of Project Management
Unit Coordinator/s: Wehbe, Aminah
Session options: Semester 1
Versions for this Unit:
Campus: Camperdown/Darlington
Pre-Requisites: ENGG2851.
Prohibitions: CIVL4810.
Brief Handbook Description: Project risk management is considered to be one of the most vital of the nine content areas of the Project Management Body of Knowledge (PMBOK) as also developed by ISO/IEC 31010 (The International Organization for Standardization and The International Electrotechnical Commission (IEC)): Risk management – Risk assessment techniques. Important projects tend to be time constrained, pose significant technological and sociological challenges, and suffer from a lack of adequate resources and understanding of the risks involved at varying scales and different times. This UOS covers most relevant tools and techniques for identifying and managing project risk from a theoretical and practical perspective so that possibility of failure in critical projects can be minimised - e.g. through failure mode and effect analysis (FMEA). It offers students a step by step systematic approach through every phase of a project, showing them how to consider the possible risks involved at every stage in the process. Drawing on real-world situations and examples, this UOS outlines proven methods, demonstrating key ideas for project risk planning and showing how to use system-level risk assessment tools. It further offers guidance related to analysis aspects such as available resources, project scope, and scheduling, and also explores the growing area of Enterprise Risk Management.
Assumed Knowledge: None.
Lecturer/s: Wehbe, Aminah
Tutor/s: Ms Aminah Wehbe - [email protected]
Timetable: ENGG3853 Timetable
Time Commitment:
# Activity Name Hours per Week Sessions per Week Weeks per Semester
1 Lecture 2.00 1 13
2 Tutorial 1.00 1 13
3 Independent Study 6.00 1 12
4 Laboratory 1.00 1 13

Attributes listed here represent the key course goals (see Course Map tab) designated for this unit. The list below describes how these attributes are developed through practice in the unit. See Learning Outcomes and Assessment tabs for details of how these attributes are assessed.

Attribute Development Method Attribute Developed
Can prepare planning contributions that are credible, complete and for presenting a business case including risks and probabilities. Project Development (Level 3)
Can develop and implement effective control and response mechanisms with due regard for overall project goals, dependencies, risks and business costiong. Includes handling of minor variations. Project Delivery (Level 3)
Can select and use risk modelling tools and methods, as appropriate for assigned project objectives, with thorough understanding of assumptions and limitations involved. Project Methods (Level 3)
Can convey complex material accurately, informatively showing probing critical judgment regarding risk requirements, issues, evidence, assumptions and uncertainties, within given theoretical and practical guidelines. Reliably interprets and makes appropriate use of specialist language. Project Communication (Level 3)

For explanation of attributes and levels see Project Management Learning Progression Table.

Learning outcomes are the key abilities and knowledge that will be assessed in this unit. They are listed according to the course goal supported by each. See Assessment Tab for details how each outcome is assessed.

Project Development (Level 3)
1. Ability to determine project deliverables by reviewing the scope of work
2. Ability to determine project schedule, budgets & resource requirements.
3. Ability to control a project by reviewing quality and risk management
Project Delivery (Level 3)
4. Ability to carry out quality assurance procedures in the form of risk analysis
5. Understanding of the feedback loop and project team learning
Project Methods (Level 3)
6. Ability to measure project performance.
Project Communication (Level 3)
7. Ability to review and control project outcomes to ensure effectiveness and currency.
8. Ability to recognise and respond to risk event triggers
Assessment Methods:
# Name Group Weight Due Week Outcomes
1 Assignment 1 Yes 30.00 Week 7 1, 2, 3, 4, 5, 6, 7, 8,
2 Exam No 30.00 Exam Period 6, 7, 8,
3 Poster Assignment 2 No 20.00 Week 13 1, 2, 3, 4, 6, 7, 8,
4 Presentation Assignment 2 Yes 10.00 Week 13 1, 4, 5, 6, 7, 8,
5 Discussion Forum (5 in Total) Yes 10.00 Multiple Weeks 1, 2, 3, 4, 5, 6, 7, 8,
Assessment Description: Assignments 1 and 2 (30% each) are designed to give you some practical exposure to some of the techniques and tools. Assignment 1 will be performed in a team. Assignment 1 is due at end of Week 7 of the Semester. Assignment 2 will be held in the final week at the end of the Semester. The assignment details and the poster details to be used will be posted separately. Assignment 2 consists of two parts: a Group Presentation (10%, including 2% for CPE) and an individual Poster that will be assessed separately (20%).

Confidential Peer Evaluation – CPE - Assignment 1 and after Assignment 2 Poster & Presentation - every student is to submit within 3 days a CPE evaluating the contribution of the other team members.

Exam) (30%). A Final Exam based on tools and techniques used for understanding / examining risk will be sat in the Semester Exam Week.

Discussion forums (10%). There are also 5 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.

Each student is expected to make two contributions to each week’s discussion. The first one directly addresses the discussion topic, and the second comments on contributions from fellow students. The number of words for each contribution should be limited to 400 words.

This is not just a case of summarising what you have read, but adding your own thoughts on the topic, including drawing on your own experiences or other readings. Also commenting on other students contributions will make this discussion forum more interesting and effective for all.

The contribution needs to be made no later than Monday evening following the second week of the forum.
Grading:
Grade Type Description
Standards Based Assessment Final grades in this unit are awarded at levels of HD for High Distinction, DI (previously D) for Distinction, CR for Credit, PS (previously P) for Pass and FA (previously F) for Fail as defined by University of Sydney Assessment Policy. Details of the Assessment Policy are available on the Policies website at http://sydney.edu.au/policies . Standards for grades in individual assessment tasks and the summative method for obtaining a final mark in the unit will be set out in a marking guide supplied by the unit coordinator.
Policies & Procedures: See the policies page of the faculty website at http://sydney.edu.au/engineering/student-policies/ for information regarding university policies and local provisions and procedures within the Faculty of Engineering and Information Technologies.

Note that the "Weeks" referred to in this Schedule are those of the official university semester calendar https://web.timetable.usyd.edu.au/calendar.jsp

Week Description
Week 1 Introductory tutorial -- background and course outline, critical & systems thinking
Week 2 Introduction to Contingency Reserves
Estimating ranges & approaches. Risk quotes.
Week 3 System Identification
Week 4 Alternative approaches to contingency
Decision Tree.
Week 5 Risk allocation, utility and risk appetite, risk aversion.
Week 6 Psychology of Risk.
Monte Carlo method.
Week 7 Approaches.
Assessment Due: Assignment 1
Week 8 Scoring Models.
Week 9 Reporting.
Week 10 Risk allocation, utility and risk appetite and risk aversion.
Week 11 Supplementary models – scoring models
Week 12 Unknown Unknowns.
Week 13 Assessment Due: Poster Assignment 2
Assessment Due: Presentation Assignment 2
Exam Period Assessment Due: Exam

Course Relations

The following is a list of courses which have added this Unit to their structure.

Course Year(s) Offered
Civil / Project Management 2015, 2016, 2017, 2018
Electrical / Project Management 2015, 2016, 2017, 2018
Software / Project Management 2015, 2016, 2017, 2018

Course Goals

This unit contributes to the achievement of the following course goals:

Attribute Practiced Assessed
Project Development (Level 3) Yes 30.25%
Project Delivery (Level 3) Yes 18%
Project Methods (Level 3) Yes 22.25%
Project Communication (Level 3) Yes 29.5%

These goals are selected from Project Management Learning Progression Table which defines overall goals for courses where this unit is primarily offered. See Project Management Learning Progression Table for details of the attributes and levels to be developed in the course as a whole. Percentage figures alongside each course goal provide a rough indication of their relative weighting in assessment for this unit. Note that not all goals are necessarily part of assessment. Some may be more about practice activity. See Learning outcomes for details of what is assessed in relation to each goal and Assessment for details of how the outcome is assessed. See Attributes for details of practice provided for each goal.