Distance MSc in Operational Research - Project Risk

Credit Value: 3
Tutors: Jill MacIntyre

Class description/introduction

Having introduced the basic ideas of project management in the Operations Management unit, this class aims to introduce students to the idea of risk in major projects, to help students appreciate typical project uncertainties, to analyse the combined effect of such uncertainties, and look at how risk can be reduced and managed. The course will define major projects and review project management; uncertainties will be characterised; overall cost risk and particularly time risk (using PERT) will be analysed; methods of data-collection, contractual mechanisms and risk management structures will be summarised; feedback in projects will be discussed (using the ideas of mapping in the Problem Structuring class).

Class aims

To give the class a general understanding of major projects, the risks involved and their behaviour, and to provide specific skills in analysing risks.

Learning outcomes

Subject specific knowledge and skills

• to define project risk and give examples of project failures and their reasons;
• to understand the modelling of overall timescale-risk and cost-risk; and to calculate particular network criticality factors;
• to appreciate the importance of risk-holding in contractual arrangements;
• to understand some of the methods of project management and risk management.
• to understand the idea of interrelationships between risks and be able to map risks
• to understand the idea of feedback in projects and its impact on project behaviour.

Content/Structure of class

Major projects; project management and the PMBOK; history of project success; the nature of risks; cost risk analysis; time risk analysis; contractual and management aspects; feedback in projects.

Reading List

None necessary but detailed list of further reading provided.

Assessment

One assignment on whole course.

Learning Outcomes

• Understand project risk
• Analysis of overall timescale-risk and cost-risk
• Understand contractual and management aspects.
• Be able to map risks and find and appreciate feedback

management science DEPARTMENT OF MANAGEMENT SCIENCE
UNIVERSITY OF STRATHCLYDE Graham Hills BUILDING 40 GEORGE STREET G1 1QE
t:0141 548 3613/3141 f:0141 552 6686
contact-mansci@strath.ac.uk