ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title Risk and Uncertainty in Project Planning
Code MGTK761
Coordinator Dr F Misopoulos
Operations and Supply Chain Management
F.Misopoulos@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 7 FHEQ Whole Session 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours           12

8

6

26
Timetable (if known)              
Private Study 124
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Individual report Reassessment Opportunity: new assignment with the same brief. Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment: Yes  -500 words    10       
Portfolio of evidence Reassessment Opportunity: 1000-word individual reflective report on their personal learning from the module. Penalty for Late Submission: Standard UoL penalty applies Anonymo  -1000 words    30       
Individual project Reassessment Opportunity: new assignment with the same brief. Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment: Yes  -2500 words    60       

Aims

The module aims to:

Foster the ability to plan projects according to the guidelines of the leading project management accrediting bodies;

Enable students to understand and apply appropriate risk management techniques to plan, monitor and control work packages and projects;

Provide students with the knowledge on approaches to risk identification and assessment;

Enable students toward the development of a comprehensive risk management plan encompassing cost, schedule and time considerations for project performance improvement.


Learning Outcomes

(LE1) Commercially aware.
Students will be exposed to real case studies and how risks have been dealt with in those organisations and will use this understanding to underpin project planning and strategic decision-making.

(LE2) Internationally aware.
Students will be exposed to international challenges in project management from the module content and the experiences of their international peers.

(LE3) A lifelong learner.
Students will take part in action learning and will have the opportunity to develop and practice this method as a form of life-long learning.

(LE4) A team player.
Working within action learning groups, students will experience the value of peer support and critique.

(LO1) Students will be able to apply a range of techniques to determine, document, and refine project goals, performance requirements, deliverables, constraints as well as project schedule in the lifecycle of a project.

(LO2) Students will be able to define uncertainty and risk, its properties, advantages and disadvantages.

(LO3) Students will be able to examine and apply strategies for identification/analysis/assessment of both qualitative and quantitative risks in projects to inform improved performance.

(LO4) Students will be able to critically analyse uncertainty in complex environments and the value of utilising risk management approaches, including risk mitigation in managing stakeholder expectations and supporting ethical and diversity requirements regarding project outcomes.

(LO5) Students will be able to demonstrate understanding of the importance of effective risk communication to ensure shareholder/stakeholder understanding as it relates to capital budgeting, regulatory and compliance and socio-economic sustainability.

(LRE1) A problem solver.
Students will be encouraged to think critically about theory and practice and to challenge and analyse assumptions about planning and risk.

(LRE2) IT literate.
The nature of the module in terms of online delivery will enable students to develop skills in using a virtual learning/communications environment. Students will also use simulation approaches.

(LRE3) An excellent verbal and written communicator.
Students will have opportunities to develop their communication skills through group discussions and coursework where they communicate ideas and arguments based on their reading and inquiry.

(LRE4) Numerate.
Students will develop an understanding of how to identify, handle, analyse and interpret appropriate forms of risk data.

(LRE5) Organised and able to work under pressure.
This will be evident in the students’ independent management of their assignments and ability to meet deadlines.

(LRE6) Flexible and adaptable.
Students have to develop their flexibility as they are dealing with risk management and seeking solutions to unexpected and sudden projects problems due to those risks.


Teaching and Learning Strategies

The module will be delivered over an 8-week period, primarily through a series of weekly e-lectures, covering key concepts, theories and case examples. These will be supported by individual online tasks, case studies, blogs, collaborative tasks and discussion boards, which will be used to develop and apply learning. These activities will be moderated by the module instructor. Students will also be directed to key academic and practitioner readings to further develop their learning.

Unscheduled Directed Student Hours: 12 hours

Description: The e-lectures will equate to 1.5 hours/week over 8 weeks undertaken asynchronously.
Attendance Recorded: Yes – tracked via the learning platform.

Students will also participate in eight weekly e-seminars where they will engage in peer discussion of key concepts and application to their own work contexts. Seminars will be conducted via a discussion board with input from the module instructor.

Unscheduled student hours: 8 hours
Description: The e-seminars will equate to 1 hour/week over 8 weeks undertaken asynchronously.
Attendance Recorded: Yes – tracked via the learning platform.

Additionally, students will participate in virtual action learning sets, where they will form small action learning groups and collaboratively choose and then work together to solve risk related exercises. This will be facilitated by the module instructor.

Unscheduled student hours: 6 hours
Description: The action learning sets will take place over three sessions, equating to 2 hours per session, undertaken asynchronously.
Attendance Recorded: Yes, tracked via the learning platform.

Self-directed learning hours: 124 hours
Description: This will involve directed and independent reading, and independent research into project risk management.


Syllabus

 

Project Planning – Business case, project management plan, planning tools.

Structuring the project - scheduling and estimating.

The role of risk management in project planning - Introduction to risk, uncertainty and complexity, behavioural risk management.

Risk management process – risk management plan, risk identification, risk breakdown structure.

Qualitative Risk Analysis - Strategies for qualifying risk in projects.

Quantitative Risk Analysis - Quantitative methods in risk planning, Monte Carlo simulation, Decision trees, Sensitivity analysis.

Data collection, Quantitative analysis on Risk Register, Uncertainty and Ambiguity.

Risk response planning, Risk Monitoring and Control, Risk Communication.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.