Module Title:   Risk Management

Module Credit:   10

Module Code:   ENG4072M

Academic Year:   2015/6

Teaching Period:   Semester 2

Module Occurrence:   A

Module Level:   FHEQ Level 7

Module Type:   Standard module

Provider:   Engineering

Related Department/Subject Area:   Engineering: Business and Management (not in use)

Principal Co-ordinator:   Dr C Kara-Zaitri

Additional Tutor(s):   -

Prerequisite(s):   None

Corequisite(s):   None

Aims:
Acquire a deep understanding of the concepts and principles of risk management and its interaction with other management activities, and directly apply them in a range of product and service industries.

Learning Teaching & Assessment Strategy:
Concepts, theories and principles explored in formal lectures, practiced in tutorials and demonstrated in laboratory classes. Practical skills enhanced by two guest speakers. Cognitive and personal skills developed in open-ended problem solving exercises, tackled by working in small groups supported by members of academic staff. Oral feedback is given during labs and seminars. The assessment will examine the wider learning outcomes expressed in the descriptor.

Lectures:   12.00          Directed Study:   74.00           
Seminars/Tutorials:   12.00          Other:   0.00           
Laboratory/Practical:   0.00          Formal Exams:   2.00          Total:   100.00

On successful completion of this module you will be able to...

critically evaluate the principles and practices Risk Management and appraise the conditions for its successful implementation in product and service industries.

On successful completion of this module you will be able to...

display mastery in the application of Risk Management Tools in product and service industries. The tools relate to general risk assessment, as well as project and asset Risk.

On successful completion of this module you will be able to...

strengthen your skills in knowledge management; scientific method; knowledge interpretation; systematic problem solving; creative problem solving; communication; teamwork & leadership; life long learning.

  Examination - closed book 2.00 100%
 
  Examination - closed book

Outline Syllabus:
Overview of Risk Management.Standard risk terminology.Corporate Risk Management.Risk management principles & concepts.Identification, measurement & articulation of risk. Management of risk:Process inputs & outputs, risk appetite, risk portfolios, risk tolerances.Risk treatment, the 4 risk decisions-accept, reduce, transfer, reject.Risk perception & stakeholders.Risk governance:Role of risk management within business governance, limitations of risk management, barriers to risk management, integrity & relevance of risk processes & legitimate expectations of stakeholders.Risk EstimationQualitative, Quantitative, Quasi-probabilistic.Project Risk Management: principles, concepts & techniques.Corporate Risk (Turnbull). Risk & Opportunity Management. Iterative Risk Management Process (Identify, Analyse, Plan, Manage). Project Risk Assessment Criteria (Programme/Cost/Performance).Risk Categorisation: commercial, technical, process, training, equipment, personnel, organisation, infrastructure, logistics, security, quality. Project life cycle risks.Project Portfolio Risk Management.Asset Risk Management:Loss Impacts, Engineering, Operational, Regulatory & Strategic risks.Risk Assessment Tools:Failure Modes, Effects & Criticality Analysis, Hazard & Operability Analysis, Cause Consequence Analysis, Fault Tree Analysis, Event Tree Analysis, Critical Asset Identification, Life Cycle Cost Management, Total Productive Maintenance, Reliability Centred Maintenance.ISO 31000:2009, ethical leadership & corporate responsibility, sustainability balance score cards.

Version No:  2