General Information
Making effective decisions in the context of uncertainty is vital to all aspects of a project's life cycle. This subject explores the link between project scope and risk management with particular emphasis on the implementation (executing) phase of delivery. A comprehensive study of the identification, measurement, pricing and management of risks encountered in delivering large and complex projects is fundamental to the level of project performance. Key topics include: mitigation and contingency planning; dealing with uncertainty; disaster planning and recovery; risk identification, management and communication; change management (including scope change and creep); emergent risks; use and development of risk registers; use of risk software; and organisational risk management systems (including human safety). A novel simulation game is employed to test students ability to exercise good judgement in realistic life and death scenarios. The importance of proper scope definition, change and validation to maximise stakeholder satisfaction are reinforced via case studies.
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Details
Academic unit: Faculty of Society & Design Subject code: SDIM71-201 Subject title: Risk Management Subject level: Postgraduate Semester/Year: May 2022 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Seminar: x12 (Total hours: 36) - Weekly seminar
- Personal Study Hours: x12 (Total hours: 84) - Recommended study hours
Attendance and learning activities: As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to “remote” face-to-face contact time, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. -
Resources
Prescribed resources: Books
- Bacarrini, David (2018). Project Uncertainty Management. n/a,
- Safe Work Australia (2011). How to Manage Work Health and Safety Risks. n/a,
iLearn@Bond & Email: iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
| Academic unit: | Faculty of Society & Design |
|---|---|
| Subject code: | SDIM71-201 |
| Subject title: | Risk Management |
| Subject level: | Postgraduate |
| Semester/Year: | May 2022 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to “remote” face-to-face contact time, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Show competency in project scope and risk management;
- Make scope decisions in the face of uncertainty;
- Apply techniques for risk identification, analysis and treatment;
- Demonstrate the treatment of risk in strategic business decision-making;
- Gain insight into the scientific assessment of project execution risks.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Activity A 'Risky Business' simulation 10.00% Week 3 1,2 Written Report§ Assignment 1: Risk Management Assessment 40.00% Week 5 1,3 Written Report§ Assignment 2: Risk Assessment 50.00% Week 11 1,4,5 - § Indicates group/teamwork-based assessment
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Activity | A 'Risky Business' simulation | 10.00% | Week 3 | 1,2 |
| Written Report§ | Assignment 1: Risk Management Assessment | 40.00% | Week 5 | 1,3 |
| Written Report§ | Assignment 2: Risk Assessment | 50.00% | Week 11 | 1,4,5 |
- § Indicates group/teamwork-based assessment
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A student who has not established a basis for an extension in compliance with University and Faculty policy either by 1) not applying before the assessment due date or 2) by having an application rejected due to failure to show a justifiable cause for an extension, will receive a penalty on assessment submitted after its due date. The penalty will be 10% of marks awarded to that assessment for every day late, with the first day counted after the required submission time has passed. No assessment will be accepted for consideration seven calendar days after the due date. Where a student has been granted an extension, the late penalty starts from the new due date and time set out in the extension.
Academic Integrity
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Bond University utilises Originality Reporting software to inform academic integrity.Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
The focus of this subject is on project scope management, project risk management and project execution. It primarily addresses Program Learning Outcome #4: make decisions in the context of uncertainty through the identification, quantitative analysis and acceptance, mitigation or transfer of anticipated project risk.
Subject curriculum
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Subject Preparation
It is recommended that preparation begins in the first week of the semester. Pre-reading on project scope and risk management are available from iLearn. Included are fundamentals of project management and review scope and risk knowledge areas (PMBOK® Guide).
SLOs included
- Show competency in project scope and risk management;
- Apply techniques for risk identification, analysis and treatment;
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Part 1 Introduction to Risk Management
Risk identification, measurement and analysis. Included are risk and uncertainty, probability and prospect theories, risk identification methods, project and organisational risk, risk measurement, managing complexity and ‘Risky Business’ simulation.
SLOs included
- Show competency in project scope and risk management;
- Make scope decisions in the face of uncertainty;
- Apply techniques for risk identification, analysis and treatment;
- Demonstrate the treatment of risk in strategic business decision-making;
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Part 2 Advanced Risk Management
Risk transfer, mitigation and management. Included are risk mitigation methods, risk transfer by contract, risk management methods, insurance and diversification, disaster planning and recovery, and organisational risk management systems (including human safety).
SLOs included
- Show competency in project scope and risk management;
- Make scope decisions in the face of uncertainty;
- Apply techniques for risk identification, analysis and treatment;
- Demonstrate the treatment of risk in strategic business decision-making;
- Gain insight into the scientific assessment of project execution risks.