TECHCOMM 5004NA - Managing Risk

Ngee Ann Academy - Trimester 1 - 2014

This course addresses decision and risk analysis, methods for structuring and modelling decision problems, and application of methods to a variety of problems that involve risk and uncertainty related to the commercialisation of development of projects and commercialisation of new technologies. Monte Carlo simulation, design by risk, the concept of tolerance and phase-gate process are addressed. Students apply risk analysis tools to a commercialisation assessment problem or a project development. The context of the course is engineering, technology and information technology design and production, operations and processes, which include consulting, production, procurement, maintenance and logistics supply for technology based operations, including defence, construction, and manufacture, and IT provision for ongoing businesses, assessment of efficiency, risk and quality management, and related aspects.

  • General Course Information
    Course Details
    Course Code TECHCOMM 5004NA
    Course Managing Risk
    Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre
    Term Trimester 1
    Level Postgraduate Coursework
    Location/s Ngee Ann Academy
    Units 3
    Course Staff

    Course Coordinator: Emeritus Professor Vernon Ireland

    Program Director Contact Details:
    Project Management
    Name: Professor Vernon Ireland
    Phone: +61 411 153 861

    Teaching Staff:
    Name:
    Professor Vernon Ireland
    BE, BA, MEngSc, PhD, FIEAust, CPEng, EngExec

    Short Bio:
    From 1991-1996 Vernon was Corporate Development Director of Fletcher Challenge Construction, responsible for people and business systems improvement in the USA, NZ, Australia, the Pacific and Asian businesses. He then became CEO of the Australian Graduate School of Engineering Innovation, an advanced engineering centre.

    Prior to this he was Dean of the Faculty of Design, Architecture and Building at the University of Technology, Sydney. He was also Chair of the Building Services Corporation of NSW from 1987 to 1990 reporting to both Labor and Coalition Ministers. While an academic he completed his PhD in project management. After graduation he practised as a structural engineer for seven years.

    He was President of the Sydney Division of Engineers Australia in 2004.

    Vernon Ireland is currently Director of Project Management and Industry Programs for the Entrepreneurship, Commercialisation and Innovation Centre of The University of Adelaide. He is based in Sydney.

    Vernon has received three medals:

    • The Silver Magnolia Medal awarded by the Shanghai Government for contributions to Chinese overseas relations;
    • The Rotary International Gold Medal for contribution to vocational Education;
    • Engineers Australia’s Medal for contribution to engineering.

    Vernon has conducted four sets of international benchmarking studies, comparing Australia’s project management performance with that of the USA, the UK, Canada, Germany, Sweden and New Zealand for two Royal Commissions.

    He has edited a volume of the Australian Journal of Civil Engineering on the business, leadership and management of civil engineering.

    He is one of the joint chairs of the IEEE System of Systems Engineering conference to be held in Adelaide in June 2014.

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    Opening intensive:
    Friday 24 January 2014 7pm-10pm
    Saturday 25 January 2014 1pm-8pm
    Sunday 26 January 2014 9am-4pm
    Closing intensive:
    Friday 7 February 2014 7pm-10pm
    Saturday 8 February 2014 1pm-8pm
    Sunday 9 February 2014 9am-4pm
  • Learning Outcomes
    Course Learning Outcomes
    1 Knowledge and understanding of advanced risk management techniques
    2 Be competent to systematically identify the sources of risk in a new venture, a new product or a project & to analyse, quantify and prioritise risks impacting on a project
    3 Understand the use of risk as a design tool
    4 Ability to locate, analyse, evaluate and synthesise information from stakeholders
    5 Ability to recognise risks and to develop project solutions both individually and in teams
    6 Provide leadership in project teams
    7 Understanding of contemporary technologies in managing risk including real options
    8 Recognition of the need to continue professional development and intellectual curiosity in managing risk
    9 Develop willingness to contribute skills in managing risk to community projects
    10 Understanding of the need to maintain ethical, social and cultural standards on projects
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-3
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 4
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 5
    Skills of a high order in interpersonal understanding, teamwork and communication. 6
    A proficiency in the appropriate use of contemporary technologies. 7
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 8
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 9
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 10
  • Learning Resources
    Required Resources

    Text book:
    Adrian Bowden, Malcolm Lane and Julia Martin, (2001), Triple Bottom Line Risk Management, Wiley.

    Recommended Resources
    Kendrick, Tom 2009 Identifying and Managing Project Risk (2 ed.)
    Vose, David 2008 Risk Analysis – A Quantitative Guide (3 ed.)
    Helbing, Dirk 2013 Globally networked risks and how to respond, Nature 2 May, 2013, p51-59.
    Library Resources
    The University of Adelaide’s Barr Smith Library provides a range of learning resources including texts, journals, periodicals, magazines, and access to online databases and information services. It also offers a virtual library which is accessible via the University’s website. The University Library web page is: http://www.adelaide.edu.au/library/ 
    From this link, you are able to access the Library's electronic resources.

    Other resources
    If you are a member of the PMI (http://www.pmi.org/Membership.aspx) you will “gain exclusive access to PMI publications and our global standards*, networking options with our chapters and online communities of practice, and leadership and volunteer opportunities. You’ll also receive discounts on certification exams and renewals, as well as our professional development offerings.” Student membership is USD$40 to join and USD$30 to renew.

    * Log in to access complimentary read-only PDFs of all of PMI's published standards or take advantage of discounts on paperback editions
    http://www.pmi.org/PMBOK-Guide-and-Standards/Standards-Library-of-PMI-Global-Standards.aspx
    Online Learning
    MyUni is the University of Adelaide's online learning environment. It is used to support traditional face-to-face lectures, tutorials and workshops at the University. MyUni provides access to various features including announcements, course materials, discussion boards and assessments for each online course of study (see: https://myuni.adelaide.edu.au)
  • Learning & Teaching Activities
    Learning & Teaching Modes
    This course is offered in blended learning mode with the face-to-face component offered as intensives.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    As a guide, a 3 unit course comprises a total of 156 hours work (this includes face-to-face contact, any online components, and self directed study).
    Learning Activities Summary
    This is a draft schedule and session dates are a guide only. The timetable may be changed during the course delivery if necessary.
    Intensive Content Readings Activities
    1 & 2 Course Introduction + Ground Rules
    Fundamentals of Risk Management  Bowden et al. Chap. 1-2 Classroom discussion & group exercise
    Overview of Risk Management Bowden et al. Chap. 1-9 (Chap. 3 covered briefly)
    3 Types of Project Risk  Kendrick Chapters 3-5 (see some notes) Classroom discussion and group exercise
    Worked Example of Project Risk Management for a Web Business Group exercise
    Assignment 1 Group exercise
    4 & 5 Risk simulation

    Bowden et al. Chap. 3-4 and Vose Chap. 4

    Group exercise
    Systemic risks Paper by Helbing ‘globally networked risks and how to respond’.
    Case Study 1 Bowden et al. Chap. 17 Classroom discussion
    Case Study 2 Bowden et al. Chap. 13 Classroom discussion
    6 Specific issues in Risk Management
    - Workplace safety and health
    - Unk unks
    - Qualitative vs. quantitative risk analysis
    - Black Swan
    - Tools for risk management
    Assignment 1 - Presentation Group presentation
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    An overview of the course assessment appears in the following Table. Details appear in the following section:

    Assessment No. Assessment Length
    Weighting Due Date Learning Outcomes
    1  Assignments 1a 1,000 words max. 15% See MyUni 2-5
    2  Assignments 1b 1,000 words max. 15% See MyUni 2-5
    3 Group Assignment – Risk Management Plan 5,000 words min plus up to 20 PPTs slides 35% See MyUni 1-4
    4 Individual Assignment – Literature Review 3,000 words min 35% See MyUni 2, 3, 6, 7
    Total 100%
    Assessment Related Requirements
    experiential learning in workshops during the intensive classes that build your knowledge and thus enable you to be
    successful in this course.  

    Course results are subject to moderation by the ECIC Board of Examiners

    Appropriate use of the Internet in assignments

    The purpose of this document is to assist students with appropriate use of the material they have accessed on the Internet in assignments. The Internet is a wonderful source of information and sometimes students are not aware of how to use it properly. For example, a recent case had over 70% of words copied from over 20 other sources. Furthermore, many students think this is the appropriate use of the Internet.

    IT IS NOT.

    2014 has been a bad year for students infringing University’s Academic Dishonesty Requirements with over 10 students infringing within the Master of Applied Project Management.

    There is a hierarchy of penalties, the lowest of which is the loss of some assignment marks and the student’s name being placed on the Faculty’s Academic Dishonesty Register for six months. This only occurs if I believe this occurred through error. The second level penalty is more significant which is
    loss of all marks for the assignment and being placed on the University’s Academic Dishonesty Register for the remainder of their time at the University. Even higher penalties can involve the University deciding the student should not graduate. This has occurred in the Master of Project Management.

    Appropriate use of the Internet is to include all directly copying of sections of other reports in ‘inverted comas’, as a quotation, and note the source of the quote. To include a group of words without use of inverted colours and without noting where the words came from is an example of academic dishonesty.

    Students may not be aware that the University has use of an international database called Turnitin in which all direct use of other material can be traced.

    On a more positive note students need to understand the points made in any paper they access on the Internet and integrate these thoughts into their argument rather than just copying large passages. Of course this takes more work but this is what tertiary education requires and, in the end, make students into better thinkers and more able to express their ideas in their assignments.

    Professor Vernon Ireland
    Director of Project Management
    Assessment Detail
    Assessment 1a:
    Weighting: 15%
    Due Dates: See MyUni
    Submission Details: Online through MyUni
    · Failing to submit through MyUni will result in receiving no marks for your assignment.
    · The filenames must be the SID of the group member submitting the file followed by the Assignment Title. For example:
    o A1164033 - Assignment 1a.docx
    · The names and student Ids must be clearly marked on the first page of the Report.
    · Failing to meet these rules may result in a penalty of up to 5% being imposed on the individual’s assignment.

    Task: Comment on the role of risk management as a tool in project management. Why are the concepts of likelihood and consequence used. Comment on the applicability of qualitative versus quantitative techniques.

    1. Appropriate recognition of the role of risk management in project management;
    2. Understanding of the risk management model of ISO 31,000
    3. Recognition of the differences between qualitative and quantitative assessment methods;

    33.33% each.


    Assessment 1b:
    Weighting: 15%
    Due Dates: See MyUni
    Submission Details: Online through MyUni
    · Failing to submit through MyUni will result in receiving no marks for your assignment.
    · The filenames must be the SID of the group member submitting the file followed by the Assignment Title. For example:
    o A1164033 - Assignment 1b.docx
    · The names and student Ids must be clearly marked on the first page of the Report.
    · Failing to meet these rules may result in a penalty of up to 5% being imposed on the individual’s assignment.

    Task: Comment on the use of critical success factors within an Excel file to bring risks under control. What are the normal methods used to do this?

    1. Understanding of the concept of critical success factors;
    2. Appropriate management of critical success factors if they include scope;
    3. understanding of the use of spreadsheets for this exercise.

    33.33% each.

    Assessment 2: Group Assignment – Risk Management Plan
    Weighting: 35%
    Due Dates: See MyUni
    Submission Details: Online through MyUni
    · Failing to submit through MyUni will result in receiving no marks for your assignment.
    · The filenames must be the SID of the group member submitting the file followed by the Assignment Title. For example:
    o A1164033 - Assignment 2.docx
    · The names and student Ids must be clearly marked on the first page of the Report.
    · Failing to meet these rules may result in a penalty of up to 5% being imposed on the individual’s assignment.

    Task:
    Form groups of up to 4 people and complete a risk analysis and management plan for a project of one of the members of the group. You may use the approach of AS/NZS/ISO 31000:2009, with the addition of Critical Success Factors, Targets and Tolerances, or Bowden, Lane and Martin’s approach.

    Deliverables: A presentation of about 10 minutes in PowerPoint focusing on the key risks and risk control plan and a report outlining the whole study, including the completed risk assessment and treatment template.

    Tips for completing the Group Assignment include:
    · Present the document in a clear, professional and concise format
    · Treat it as if you are addressing a client audience
    o Think of what information is important to the client
    o Use the correct language
    · Don’t make graphs too complex!
    · It is recommended that you follow the methods used in the lectures

    Scope:
    This assignment will assess your understanding of the topics covered in days 1 - 3.

    Length and Presentation:
    5,000 words minimum

    Criteria by which your assignment will be marked:
    The standards by which the assignment will be assessed are included in the marking criteria below:

     

    Criteria

    Weighting

    (A)

    Presentation:

    Whether key risks   and treatment were conveyed clearly.

    10%

    (B)

    Report

     

    Clarity of   introduction to the project.

    5%

    Clarity of introduction   to Risk Management method

    10%

    Application of Risk   Management Process to the project

    1.   Establish context
    2.   Risk identification
    3.   Risk analysis
    4.   Risk evaluation
    5.   Risk treatment (Treatment Strategy,   Treatment Plan and Contingency Plan)
    6.   Communication and consult
    7.   Monitoring and review

    50%

    Templates used were   used were appropriate and correct

    20%

    Conclusion /   Summary of findings

    5%

     

    Total

    100%


    Learning Objectives (with reference to Section 2.1): 1, 2, 3, 4

     

     

    Assessment 3:  Individual Assignment – Literature Review

    Weighting:       35%

    Due Dates:        See MyUni

    Submission Details:     Online through MyUni

    • Failing to submit through MyUni will result in receiving no marks for your assignment.
    • The filenames must be the SID of the group member submitting the file followed by the Assignment Title. For example:
    • A1164033 - Assignment 2.docs
    • The names and student Ids must be clearly marked on the first page of the Report.
    • Failing to meet these rules may result in a penalty of up to 5% being imposed on the individual’s assignment.

     

     

    Task:

    This assignment requires you to conduct a literature review on the two of the foltowing topics:

    1. Black Swans: Actual cases and approaches to deal with its occurrence
    2. Dirk Helbing’s paper on Systemic risks

     

    You should review at least 2 scientific or professional (credible source) articles/chapters on each of two topics and condense the literature reviewed into a clear and concise summary. You should provide an in-depth discussion of the different views presented in the literature you have reviewed. Use your own judgement to assess and comment on the different opinions. Finally a conclusion should be included to highlight the key findings from your literature review.

     

    Scope:

    This assignment will assess your understanding of all course topics.

     

    Total length for each review:

    1500-1750 words

     

    Criteria by which your assignment will be marked:

    The standards by which the assignment will be assessed are included in the marking criteria below:

     

    Criteria

    Weighting

    Clarity and suitability of introduction to the topic

    10%

    Key findings of articles clearly and concisely summarised

    20%

    Discussion is systematic and structured with useful insights highlighted

    30%

    Clarity and usefulness of conclusions

    15%

    Number of articles reviewed

    10%

    Correct referencing

    5%

    Written expression (grammar, sentence structure etc.)

    10%

     

    Total

    100%


    Learning Objectives (with reference to Section 2.1): 2, 3, 6, 7

    Submission
    All text based assignments must be submitted via MyUni.
    Please refer to step by step instructions: http://www.adelaide.edu.au/myuni/tutorials/files/AssignmentStudentSubmission.pdf

    There are a few points to note about the submission of assignments:
    • Assignment Submission:  Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both). Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.
    • Cover Sheet:  Please submit, separate to your assignment, the completed University of Adelaide Assessment Cover Sheet providing details of yourself and your team members (if applicable), your assignment, the course, date submitted, etc. as well as the declaration signed by you that this is your (your team’s) work.  Note that the declaration on any electronically submitted assignment will be deemed to have the same authority as a signed declaration.
    • Backup Copy of Assignments:  You are advised to keep a copy of your assignments in case the submitted copy goes missing.  Please ensure that all assignment pages are numbered. If your assignment contains confidential information, you should discuss any concerns with the Course Lecturer prior to submission.
    • Extensions of Time:  Any request for an extension of time for the submission of an assignment should be made well before the due date of the assignment to the Course Lecturer.  Normally, extensions will only be granted for a maximum of two weeks from the original assignment submission date.  Extensions will only be granted in cases of genuine extenuating circumstances and proof, such as a doctor’s certificate, may be required.
    • Failure to submit: Failure to submit an assignment on time or by the agreed extension deadline may result in penalties and may incur a fail grade.  Note that a late penalty of 5% of the total available marks for that assessment item will be incurred each day an assignment is handed in late (Unless otherwise stated in section 5.2 or 5.3) Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

    Resubmission & Remarking
    Resubmission of an assignment for remarking after reworking it to obtain a better mark will not normally be accepted.  Approval for resubmission will only be granted on medical or compassionate grounds.
  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.