Sunteți pe pagina 1din 10

School of Property, Construction and Project

Management

BUSM 1276
Evaluating and Managing Project Risk
Semester 1 2018

ASSESSMENT 1

Assessment 1 Group Assessment 40% Due 23/5/2018

Assessment 2 Three In-Class Tests 3 x 20% On 28/3, 2/5 and 16/5

TOTAL 100%

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 1 of 10
Section A – General Information & Requirements

Introduction date Week 2 7/3/2018


Due date Week 12 23/5/2018
Assessment weighting 40% of the total course grade

Aim
The aim of this “GROUP” assessment is to give you a chance to apply the course knowledge onto a real-life
project of your selection. Each group will consist of 4 – 5 students. You will collaborate with your group to
understand the risk dimension of the selected project and ultimately develop a risk management plan for it. A
long-term goal would be to further your professional/industry skills by mastering the tools and techniques of
the entire risk management process.

Objectives
Upon successful completion of this assessment, you will:
1. Better understand the risk context of projects in your industry.
2. Apply some of the tools and techniques learned during the semester in an actual setting.
3. Be able to prepare a professional report that details a project’s risk management plan.

Brief
Following the term project introduction by the lecturer on 7/3/2018, you are required to form a group of four
or five students and investigate projects that you are currently involved in, have recently completed, or have
access to through your industry acquaintances. Purpose is to identify a candidate project for performing the
required tasks in this assessment. Details of the required assessment tasks, marking guidelines, and the
mark allocation per task is described in “Section C – Assessment Description and Tasks”, “Section D –
Marking Guidelines”, and “Section E – Report Marking Sheet”, respectively. Mark for this assessment will be
based on the submitted report as well as self & peer assessment as described in “Section F – Self & Peer
Assessment”.

Submission Requirements
A hard copy should be handed to the lecturer on 23/5/2018 during class time. The hard copy must have
RMIT cover page signed by ALL members of the group.
An electronic copy must also be uploaded onto Canvas by ONE of the group members no later than
11.59pm on 23/5/2018. The whole term project should be electronically submitted as ONE word or pdf file.
Since the submission of electronic copies is required by RMIT, failure to fulfil this requirement would result in
deducting 10% of the final grade for this assessment.

For the electronic copy to be identifiable on Canvas, the file should be named according to the following
format:

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 2 of 10
<NameStudent1_NameStudent2_NameStudent3_NameStudent4_CourseName_Assessment1.docx
>
For example,
JohnSmith_AnnJackson_OliviaHunt_ScottDaniels_BUSM1276_Assessment1.docx

Report will be assessed based on the quality of content rather than a mere number of words. However, it is
expected that the report will have a minimum of 10,000 words (excluding the reference list and charts). This
minimum word count is given for guidance purposes.

Next are the submission requirements. Failure to fulfil these requirements will result in point deduction up to
10% of the final grade for this assessment.
1. The report should have an executive summary and a table of contents.
2. A hierarchy of headings and sub-headings for the different sections of the report should be used.
3. All figures and tables must be numbered, titled and integrated into the body of the report.
4. Harvard referencing style should be adopted, both inside the text and in the reference list.
5. Text should be justified. A blank line should be inserted between any two subsequent sections.
6. Footer should have the group member names as well as the page numbers in the format (page
number / total pages).

Furthermore, a self and peer assessment form should be individually completed by EACH member of the
group and uploaded onto Canvas no later than 11.59pm on the submission day i.e. 23/5/2018. The self and
peer assessment process is confidential and your assessment/scores will not be shared with others in the
group.

Late submissions:
If you submit your term project on time, it will be graded out of 100 points (which is equivalent to 40% of course
grade). Late submissions will only be accepted when an application for “Special Consideration” is approved.

Assessment Feedback
Feedback on this assessment item will typically be provided to you within three weeks of submission. Results
will be displayed in Blackboard.

Plagiarism
Plagiarism is theft of intellectual property. Evidence of plagiarism or collusion in any submitted work will
result in a fail (NN) assessment for the student, without prejudice to any other action that the School may
contemplate. It is also a disciplinary offence for students to allow their work to be plagiarised by another
student. Students should be aware of their rights and responsibilities regarding the use of copyright material.

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 3 of 10
Section B – Assessment Matrix

The assessment tasks will address the intended learning outcomes and capabilities as per the table below.

What is assessed Assessment 1

Intended Have a sound grasp of the concept of risk in a project context xx


Learning
Outcomes Understand the processes of risk management and be able to xx
apply them in a project environment
Be familiar with some quantitative/analytical tools and techniques xx
for risk assessment in projects

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 4 of 10
Section C – Assessment Description and Tasks

Members of the group are required to investigate the projects they are currently involved in or the ones they
have recently completed with an aim of selecting ONE candidate project for performing the required tasks in
this assessment. It is advisable to focus on projects you have a deep understanding of and ability to inspect
in full detail, whenever necessary (e.g. examining the project documents in order to properly complete a
required assessment task). As a last resort, you can revert to a project you have not participated in but can
get familiar with through your industry acquaintances. However, for the latter case you need to ensure that
you can access project information. The identification of the candidate project is your full responsibility and
due care should be exercised in selecting it.
When the project identification process is finalized, you are required to perform the tasks described in the
table below. Be advised that tasks 8 - 11 are the core elements of this assessment and require your utmost
attention. Your effort should be reflected in the form of a professionally written report, as per the
requirements listed in Sections A and C of this assessment brief. The details in the third column labelled
“Expectations” are provided for your guidance and to give insight into what the instructor expects you to
address in each component of the report. However you can add more details as you find necessary.

Task Expectations
1 Provide an overview of the Introduce the industry sector to any prospective reader of your
industry sector to which the report. Provide a brief overview of the sector’s current standing, if
project belongs information is available. Describe in generic terms the nature of
projects in this particular sector. Use references to reinforce this
element of the report.
2 Provide a background Describe the project in sufficient detail. Familiarize your reader with
description of the project the project primary information, e.g., project scope, location, value,
deliverables, end customers, general requirements and constraints,
etc.
3 Identify the project Identify the various stakeholders associated with the project.
stakeholders and perform a Evaluate the interest and power/influence of each stakeholder.
stakeholders analysis Construct the influence-interest grid/matrix to classify your project’s
stakeholders. Discuss the results, with particular emphasis on the
“Manage Closely” group (also referred to as Key Players).
4 Chart the organization Use appropriate graphics software (Visio, Powerpoint, etc.) to chart
structure of the project the organizational structure of the project, showing the stakeholder
showing the key organizations (at least the ones you are familiar with). Point out, on
stakeholders the chart, the key stakeholders and discuss their influential and
decision making powers.
5 Identify and compare the Identify/list the project objectives and success criteria (it may be
project objectives and useful to examine the Project Charter for the formal set of
success criteria. objectives and success criteria). Select one of the “Key Stakeholder
Organizations,” e.g., the organization you work or worked for in this
project, and then identify the objectives of that stakeholder
organization. Compare the objectives of the project with those of
the key stakeholder organization. Analyze and comment on the
findings, as necessary.

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 5 of 10
Task Expectations
6 Present and discuss the Establish the internal and external context for the key stakeholder
external and internal context organization selected via a concise analysis and discussion of the
of the project (from the Key internal and external parameters (internal parameters may include
Stakeholder’s perspective). aspects such as business policies, resource and knowledge
capabilities, information systems, decision-making procedures, etc.,
whereas the external parameters are those related to issues
classified as social, political, legal, financial, economic,
technological, etc.) Comment on the nature and complexity of the
internal and external context.
7 Identify the key elements for Develop the WBS for the project (only the deliverables and main
risk planning & management work packages are to be identified). Professionally
purposes code/list/illustrate the WBS items into consideration. Point out the
key elements for the subsequent risk identification and assessment
purposes.
8 Comprehensively identify In light of the previous tasks, especially tasks 5, 6 and 7, identify as
and professionally document many of your chosen key stakeholder’s threat risks as you can
the risks of the chosen (make use of the available checklists, such as the one in Ch. 27 of
stakeholder organization Cooper’s book). Document the process of risk identification &
describe the tools and techniques used (try to utilize one or more of
the tools you learned in the course). Appropriately classify and
categorize the risks according to risk type, project stage, and/or key
element (WBS element).
Explore and identify any potential opportunity risks.
Construct a risk register for all identified risks.
9 Perform a qualitative risk Linguistically identify the “likelihood” and “impact/consequences on
analysis & evaluation for the success criteria” for ALL risks identified in task 8. Present the
risks identified in task 8 probability and impact scales used (clearly identify your
sources/references for the scales).
Develop the probability-impact matrix and utilize for categorizing
risks according to severity. Employ appropriate numerical rating
scales for the semi-quantitative analysis of the risks.
Identify and comment on the risks categorized in the highest
severity group(s). Relate your findings to task 6, and comment.
Identify the risk attitude / tolerance level for the chosen key
stakeholder. Discuss the business behavior in response to the
various risk groups, as classified by the probability-impact matrix.
10 Perform a quantitative risk Select TWO of the more severe risks (or risk groups) in the project
analysis & evaluation for two for sophisticated quantitative analysis. For each risk (or risk group),
risks (or risk groups) of identify the data sources and collection techniques used (if any).
those identified in task 8. Explain means to estimate probabilities and impacts in each case.
Two DIFFERENT analysis
Apply the methods of choice in analyzing each of the two risks (or
techniques should be used.
risk groups). Document the application process/steps and tools
used (e.g., software package). Professionally present the results
and findings. Make informative comments and evaluate the results
in view of the chosen stakeholder’s risk attitude / tolerance level.

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 6 of 10
Task Expectations
11 Identify suitable risk Based on tasks 9 and 10, identify the response strategies /
treatment strategies and treatments for ten risks of your choice (e.g., transfer, mitigate, etc.)
action plans for TEN of the Try to select risks that associate with different types of response
identified risks in task 8 and strategies. State and discuss the “detailed” actions / action plans
as per the results of tasks 9 corresponding to each of the response strategies (e.g., contingency
and 10 plans, insurance arrangements, etc.) You can use a tabular form to
organize this element of the report.
Examine the results of risk analysis in task 10. Perform a
quantitative benefit-cost (B/C) analysis for the response adopted for
one of the two risks analyzed in task 10.
Populate the risk register as per the outcomes of tasks above.
12 (OPTIONAL, a substitute task Review and allocate the contractual clauses addressing FIVE of the
– in place of ONE of the two risks identified in task 8. For each risk, identify and
analyses and subsequent comprehensively discuss the contractual responsibilities for each
evaluation required in task 10) contract party, as per the relevant clauses. Compare with standard
Identify risk handling contract forms, as necessary.
strategies in the contractual
agreement for FIVE risks of
those identified in task 8

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 7 of 10
Section D – Marking Guidelines

Term project report will be graded out of 100% in light of the guidelines presented hereinafter.

Fail (NN: <50/100). The assignment work is likely to comprise a poorly-communicated regurgitation of
course material which does not adequately communicate the student’s understanding. The application to a
specific project environment may be weak or inconsistent and some assignment requirements may have
been ignored.

Pass (PA: >50/100). A superficial understanding of the theory and practice of risk management will have
been demonstrated, but there will be little evidence of a critical approach or sufficient analysis.
Communication standards will be adequate.

Credit (CR: >60/100). The various task outcomes will each demonstrate a reasonably comprehensive
understanding of risk and risk management in a specific context. Some evidence of a critically reflective
approach will be found. A few minor errors in communication may be detectable.

Distinction (DI: >70/100). A logical and critically reflective approach will be evident. There will be no
weaknesses in the submission in terms of content and communication.

High Distinction (HD: >80/100). The work will contain all the elements necessary for a Distinction (DI)
grade, and in addition will reveal insights into risk management that could make a contribution to knowledge
in the field. The content and communication will be close to publication standard.

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 8 of 10
Section E – Report Marking Sheet

Students Names:

# Topic / Task Mark Mark Comment


Available Awarded
1, 2 Industry sector and 5
project description

3, 4 Stakeholder 8
identification

5 Objectives and 5
success criteria

6, 7 Project context and 10


key elements

8 Risk identification 20

9 Risk qualitative 20
analysis and
evaluation
10 Risk quantitative 20
analysis and (10)
evaluation
11 Risk treatment 12

12 Risk handling in 0
contracts (10)

A Deduction due to -10


missing copy on
Blackboard
B Deduction due to Up to
deficient report -10
preparation

TOTAL 100

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 9 of 10
Section F – Self & Peer Assessment

A self and peer assessment process is in place to factor in the contribution of the various group members to
this assessment piece. Each member is requested to assess the contribution of his/her peers to the group
work as well as own contribution. A self and peer assessment form is available on Canvas. Every group
member is requested to complete the self and peer assessment form, sign, and upload onto Canvas no later
than 11:59pm on Wed 23/5/2018. Please upload as a submission to assessment 1.

Failing to upload (or being late in uploading) the self & peer assessment form will result in
mark deduction up to 5 points of the 40 points allocated to this assessment piece.

In the form, you need to list the names of ALL group members (including yourself) and award each a
score out of 10 for the quality of contribution to this assessment and preparation of the report. A score of 10
means the team member contributed positively to the assessment task, was adept to attend team meetings
and responded to emails in a timely manner, and delivered assigned tasks appropriately and on time. A
score of 0 means the team member did not contribute at all to the assessment task, never attended team
meetings or responded to emails, and did not deliver any of the assigned tasks.

The self and peer assessment process is CONFIDENTIAL; your scores will remain with the
instructor and will NOT be shared.

An average score for each team member will be calculated based on the feedback received. This average
score will then be used as a multiplying factor for the assessment mark. For instance if a team member
receives an average of 10/10 while the report was awarded 30 points out of the available 40, then the team
member will get 30/40. If another team member gets an average of 8/10, then his/her grade will be 24/40.

Document: BUSM 1276 - Assessment 1 Brief - Sem1 2018.doc


Dr. Maged Georgy
RMIT University Page 10 of 10