module specification

The aim of this module is to provide the student with knowledge and understanding of risk and uncertainty theories and an appreciation of the differences between risks found on different project types.

Responding to today’s highly complex project landscapes, the module looks at risk management in a contemporary way, including complex projects which involve an unusual degree of uncertainty and unpredictability.

The module will introduce students to risk analysis techniques and how they can help the project team in making decisions under a highly dynamic project landscape. It will provide students with the tools to identify and assess risk and make informed decisions including how to manage risks within the context of a changing project environment. The module looks at “managing change” from the perspective of the risks involved.

By the end of the module students should be able to critically evaluate the following:

• The level of individual element and overall project risk
• Project complexity and risk
• Tools available to manage qualitative and quantitative project risks
• Appropriate means to manage risk
• The links between project change and risks

n/a

The syllabus is informed by contemporary research and practice in the management of risk and change. Topics will include:

• Risk and uncertainty (LO1)
• Risk management frameworks (LO1)
• Quantitative and qualitative risk management techniques (LO2,3)
• Risk identification and analysis (LO4)
• Change control and risk management LO5)
• The differing approaches of project management methodologies to the management of risk and uncertainty (LO1, 4)

Student’s teaching and learning will consist of weekly classes comprising a combination of lectures, seminars, discursive sessions, and workshops totalling 36 hours of contact time. Students will be given the opportunity to engage in seminar activities in which the use of case studies from around the world stimulates discussion and helps them to develop a deep understanding of project risk management in context and within the framework of the existing project management bodies of knowledge and codes of practice.

Workshops will facilitate group study of authentic case studies, presenting project scenarios and challenging the students to consider the risks.  The case studies will be diverse in project type and seminars and workshops will include taking the projects on a journey around the globe to use material that explores and develops the student’s critical awareness of how different factors, such as social and economic influence, approaches to risk management in practice. Computer workshops will be used to introduce the students to the risk analysis software and provide them with instruction to allow them to develop the necessary skills and have the opportunity to progress their module assessments in supervised scheduled sessions.

A blended/ technology enhanced learning approach will be employed in the delivery of this module. Formal lectures will introduce and develop themes that relate to the core subject. The delivery of the module will be broken down into key elements that have discrete tasks. Tasks will be performed through group and independent study, to develop critical thinking skills of analysis, evaluation, and synthesis. Throughout the module student output’s will be reviewed, and formative feedback will be given to ensure clarity and comprehension.

Study will be supported via online lectures, tutorials and seminars that will be captured and made available to allow asynchronous access.

The learning and teaching in classes will be supported by the University’s VLE and a blended learning approach, sharing class materials, recommended reading, and case studies. Group tutorials will also be offered to support students in the preparation of their assessments, with opportunities for students to receive forward feedback.

On completion of the module the learner, operating independently and applying their knowledge and skills, should be able to:

1. Compare and evaluate risk and uncertainty theories in the context of supporting the construction project manager's decision making.
2. Critically appraise and carry out appropriate qualitative risk identification and analysis methods.
3. Critically appraise and carry out appropriate quantitative risk identification and analysis methods.
4. Identify, classify, and evaluate project risks and propose methods of managing these risks.
5. Explain the links between risk and change within the context of a construction project.

The 2 module assessments will be problem based, requiring students to work to solve challenges which assesses the module learning outcomes.  Students will be required to apply the theory and skills learnt through the module to a typical industry scenario. Both assessments will be inclusive and accessible to enable students with different backgrounds and experiences to participate on level terms through allowing students a degree of personalisation of their submissions which could be achieved, for example, through choosing the geographical location of your project which will allow students to take into account particular circumstances this location could bring to the project risks. For both assessments seminars will be used to provide formative feedback to students as they progress their assessments. Further detail will be provided in the coursework briefing documents.

Coursework 1: Individual Project (1500 words plus outputs including qualitative project risk analysis)

Coursework 1 is a Qualitative Scenario-based Project which will require the student to design, to a specified standard, justify the design solution and demonstrate a project-based risk management system. This will enable students to explore differing ways of managing qualitative risk in a structured way within an organisation.  The submission will be a combination of problem-solving outputs supported by a narrative. 

Coursework 2: Individual Project (1500 words plus outputs including quantitative project risk analysis)

Project 2 consists of a Quantitative Simulation, using industry standard software, to define a problem with uncertain outcomes. Students will construct a quantitative model of the problem, use the software to generate solutions to a problem and then interpret the outputs quantifying the risks.  This assessment will enable the student to demonstrate they can model, assess, and present quantitative risk analysis.

There is no single text currently in publication that provides a comprehensive coverage of all aspects of this module. There are several books which cover various parts of the module in some detail, and these are listed in the core text list.

There is excellent coverage of the subject available via the Construction Information Service (CIS). 

CIS is accessed via Construction Information Service  and provides a huge range of information relevant to this module. Useful books and articles for this course are listed below:

Link to library reading list