Project risk management is the process used by project managers to minimise any potential problems that may negatively impact a project's timetable. This module covers the area of risk management in the strategic, tactical, and operational project contexts. It aims to help learners developing a new project management methodology aligned with Management of Risk (MoR) framework. The module contains essential risk management theory and concepts as applicable to project environments including project risk planning, preparation and response and will combine the professional body of knowledge with the professional and academic case studies applied in the real context. The areas of risk identification, assessment, monitoring and control will also be reviewed. This module is aligned with Management of Risk (MoR) guidance.
Total contact hours: 24
Private study hours: 126
Total study hours: 150
Main assessment methods:
VLE Test 30%
2 hour Case study-based exam (70%)
Reassessment methods:
100% examination
Cooper, Bosnich, Grey and others (2014), Project Risk Management Guidelines: Managing Risk with ISO 31000 and IEC 62198, 2nd edition. John Wiley & Sons; UK
Hopkin (2018), Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management, 5th edition. Kogan Page: UK
Office of Government and Commerce (2010 edition), Management of risk: guidance for practitioners, The Stationery Office Ltd, UK
Project Management Institute (2019), The Standard for Risk Management in Portfolios, Programs, and Projects, PMI Publications, US
See the library reading list for this module (Medway)
The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
- Identify, critically assess and make informed judgements in relation to possible project risks
- Critically evaluate the roles and responsibilities in the risk management process
- Reflect, analyse and evaluate complexity factors in real life project environments
- Demonstrate a systematic understanding of the relationship between risk management and complexity in the project environments
The intended generic learning outcomes.
On successfully completing the module students will be able to:
- Demonstrate creativity and originality in selecting and applying appropriate project risk management techniques for problem formulation and solving;
- Demonstrate communication skills required to manage risk effectively
- Work and study independently and demonstrate learning through argumentative discussions on project risk management issues that are current and timely;
- Demonstrate analytical skills by linking complex theoretical perspectives to practical situations
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