LBUSI7244 Project Risk Management Course Descriptor

Course Overview

Project risk management is an essential aspect of the project management lifecycle, focused on identifying, assessing, and mitigating risks that could impact project objectives, as well as the continuous monitoring of implemented mitigation and new risks arising. Risks can arise from various sources, including technological uncertainties, contractual issues, market fluctuations, resource constraints, and other unforeseen events. Effective risk management requires a systematic approach to proactively identify and evaluate risks, prioritise them based on rigorous evaluation enabled by qualitative and quantitative methods, and develop mitigation strategies to minimise their negative effects or maximise their positive impacts.

This course explores the dynamics of risk management within the context of project management, equipping students with the skills and knowledge to manage risks throughout the lifecycle of a project. Through a combination of theoretical understanding and practical application, students will learn to develop risk management plans that enhance project outcomes and organisational resilience and to consider the intersections of constraints on project objectives, timelines, budgets, and quality standards, adhering to all relevant external benchmarks including those related to sustainability. Emphasising real-world scenarios and case studies and with particular attention to sustainability and potential change across a range of organisational activities, this course is designed for aspiring project managers, business analysts, and professionals seeking to deepen their expertise in managing uncertainty and ensuring project success in fast-moving environments.

Learning Outcomes

On successful completion of the course, students will be able to:

Knowledge and Understanding

Subject Specific Skills

Transferable, Employability, or Professional Skills

Teaching and Learning

This course has a dedicated Virtual Learning Environment (VLE) page with a syllabus and a range of additional resources (e.g. readings, question prompts, tasks, assignment briefs, and discussion boards) to orientate and engage students in their studies.

A range of additional resources (e.g. readings, question prompts, tasks, assignment briefs, and discussion boards) to orientate and engage students in their studies.

Teaching and learning strategies for this course will include:

• Lectures: Instructor-led classes.
• Seminars/workshops): Interactive sessions on project management principles, focused on applying theoretical concepts.
• Experiential Learning, which may includesimulations and role-playing for hands-on experience, guest speakers for insight from professionals, and/or real-world case studies.
• Online Resources: Flexible learning with study materials.

Faculty hold regular ‘office hours’, which are opportunities for students to drop in or sign up to explore ideas, raise questions, or seek targeted guidance or feedback, individually or in small groups.

Students are to attend and participate in all the scheduled teaching and learning activities for this course and to manage their directed learning and independent study.

Indicative total learning hours for this course: 150, including 40 scheduled hours.

Assessment

Both formative and summative assessments are used as part of this course, with purely formative opportunities typically embedded within interactive teaching sessions, office hours, and/or the VLE.

Formative

Project management students will undergo an incremental formative assessment, ensuring a progressive evaluation of their skills and knowledge throughout the course.

Summative

The Written Assignment could be, for example,a case study analysis of an organisation planning a project, involving calculations of various sources of risk and analysis thereof. This would require students to synthesise information from a wide range of sources and taking into account a range of external benchmarks including ESG considerations, before providing a well-founded response including relevant risk management and mitigation strategies.

Further information can be found in the Course Syllabus.

Feedback

Students will receive formative and summative feedback in a variety of ways, written (e.g. marked up on assignments, through email or the VLE) or oral (e.g. as part of interactive teaching sessions or during office hours).

Indicative Reading

Note: Comprehensive and current reading lists for courses are produced annually in the Course Syllabus or other documentation provided to students; the indicative reading list provided below is used as part of the approval/modification process only.

• Hillson, D., & Simon, P. (2020). Practical Project Risk Management (3rd Edition). Berrett-Koehler Publishers.
• Raydugin, Y. (2013). Project risk management : essential methods for project teams and decision makers. Wiley.
• Bible, M., & Bivins, S. (2019). Project Interface Management – Reducing Risk on Major Projects. J. Ross Publishing, Inc.
• Engemann, K. & O’Connor, R. (2021). Project Risk Management: Managing Software Development Risk (1st ed.). De Gruyter.
• Kendrick, T. (2015). Identifying and managing project risk : essential tools for failure-proofing your project. American Management Association.
• Project Management Institute. (2019). The Standard for Risk Management in Portfolios, Programs, and Projects. Project Management Institute.
• Edwards, P., Vaz-Serra, P., Edwards, M. (2019). Managing Project Risks. Wiley
• Chapman, C., & Ward, S. (2019). How to Manage Project Opportunity and Risk: Why Uncertainty Management Can Be a Much Better Approach Than Risk Management. Wiley.

Journals

• International Journal of Project Management
• Project Management Journal
• Journal of Modern Project Management
• International Journal of Managing Projects in Business

Indicative Topics

Students will study the following topics:

• Risk Management Process
• Risk Identification Techniques
• Qualitative and Quantitative Risk Analysis
• Risk Response Planning and Implementation
• Tools and Techniques for Risk Monitoring and Control
• Psychological Aspects of Risk Management
• Case Studies: Risk Management in Practice
• Risk Management Standards and Frameworks
• Emerging Trends in Project Risk Management

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