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:

• Advanced risk identification and assessment (LO1, LO2)
• Quantitative and qualitative risk analysis (LO2, LO3)
• Risk identification mitigation and response (LO3, LO4)
• Uncertainty management and value management (LO4)
• The differing approaches of project management methodologies to the management of risk and uncertainty (LO1, LO4)

Teaching and learning will consist of weekly classes comprising of 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 global case studies 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 students’ 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 opportunity to progress their module assessments in supervised scheduled sessions.

A blended and 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 will be reviewed and formative feedback 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. 

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:

LO1 Utilise advanced techniques to identify and categorise risks considering their potential impact on project and organisational value. 
LO2 Evaluate and monitor the selected risk response strategies and consider their implications for value delivery and optimisation.
LO3 Apply advanced quantitative risk analysis techniques while recognising their role in value driven decision making.
LO4 Distinguish between risk and uncertainty and understand their implications for value management.

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

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 via the link below:

CO7003 Managing Risk and Uncertainty | London Metropolitan University