Credit points: 15
This subject focuses on applying risk-based thinking methodologies to ensure effective quality management. Students achieve a comprehensive understanding of risk identification and assessment, by applying a range of tools and procedures in a business environment, in accordance with the quality policy and strategic direction of the organization. The content of this subject includes: introduction of risks and relevant ISO standards; risk management frameworks, the associated tools and procedures; mitigation of risks from an engineering approach; and PDCA cycles to increase the effectiveness of the quality management system. Case studies are integral to the subject,offering students opportunities to practice their skills and apply their knowledge in an industrial context. Upon the completion of this subject, students will have a coherent approach to the description of activities relating to risk management and the ability to establish an integrated risk management framework.
SchoolSchool Engineering&Mathematical Sciences
Subject Co-ordinatorMitchell Sesso
Available to Study Abroad StudentsNo
Subject year levelYear Level 5 - Masters
Prerequisites Students must be admitted in SMENC, SMENCB, SMENE, SMENEB, SMENM or SMENMB
|Resource Type||Title||Resource Requirement||Author and Year||Publisher|
|Readings||Fundamentals of Risk Management-Understanding, Evaluating and Implementing Effective Risk Management, 3rd edition||Prescribed||Paul Hopkin, 2014||Kogan Page Ltd|
|Readings||Managing Risk-A rapid builder team briefing booklet||Prescribed||Jon C. Warner, 2006||Worldwide center for organizational development|
Graduate capabilities & intended learning outcomes
01. Demonstrate a comprehensive understanding of risk-based thinking approach including the terminology associated with risk analysis, risk assessment, quality control systems and relevant ISO standards.
- In the first two weeks, the fundamentals of risk management frameworks and associated engineering approach will be introduced, the students will gain a comprehensive understanding of the content and requirements of relevant ISO standards, and gradually apply the principles and methodologies to address risk management issues under different contexts.
02. Apply analytical tools to identify nonconformities and inadequate protocols which obstruct the organization to meet customer requirements and accomplish strategic objectives.
- Case studies selected from different industrial sectors will be practiced since week 3. The case studies are aimed to show the students how the risk management frameworks may be used in practice and give insight in the general principles of quality control systems. The whole process from risk identification, risk analysis, risk assessment, to risk treatment and evaluation of the performance will be discussed in class. The cases include risk situations from different fields: outer space (NASA), mining, supply chain and lean manufacturing etc. A comparative analysis of the cases is conducted, where causal relationships between different properties are identified. Using the insight learnt from the cases, general guidelines and structural outlines concerning risk management are illustrated.
03. Establish a set of risk management frameworks from a range of tools to ensure given quality management systems are effective, adequate and updated.
- From week 3, students are expected to commence an individual project case study within 5 weeks. Qualitative and quantitative tools in value tree analysis, multiple criteria decision analysis should be applied to establish a set of risk management framework. The procedures in alignment with relevant ISO standards will be practiced which will further enhance their understandings of the policies. Within the case study, students will create a hierarchical model of the objectives, specify consequences and set attribute ranges, summarise preferences appropriate to the context, analysis of the alternatives, perform sensitive and economic analysis. The goal of risk management is to ensure the business sustainability which are underpinned by the satisfaction of customers and other stakeholders.
04. Demonstrate leadership and commitment with respect to developing, communicating implementing, maintaining and the continual improvement of PDCA cycles to address both risks and opportunities in the context of a particular organization.
- From week 4, the students will be organised into groups to undertake a group project applying PDCA cycle to address a trend change in a business environment. Globalisation and digitalisation causing enormous changes in almost every industry sector, both risks and opportunities arising from these trends challenge today's business. Each member of the group could focus on one or more components of the process and an overall report is required to address this issue within an individual organisation or an industry sector. The students will have six weeks to understand the context, review literatures, source materials and develop methodologies to establish the framework. These practices will enable the students to have a sound understanding of each component of the risk management and quality
05. Work together as a team and present ideas in a professional manner.
- The group project work and its progress will be supported and monitored by the teaching staff. Scientific knowledge and cooperative personal attributes will be required to achieve an excellent final report and successful presentation. During the presentation, the students will be questioned not only by the teaching staff but their classmates as well. It is also a good opportunity for them to learn from each other.
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Melbourne, 2019, Semester 2, Blended
Maximum enrolment sizeN/A
Subject Instance Co-ordinatorMitchell Sesso
One 2.0 hours lecture per week on weekdays during the day from week 31 to week 43 and delivered via blended.
One 2.0 hours workshop per week on weekdays during the day from week 31 to week 43 and delivered via face-to-face.
Collaborative Based Learning
One 3.0 hours collaborative based learning per week on weekdays during the day from week 33 to week 43 and delivered via online.
|2 hour end of semester examination||60||01, 02|
|One written case study report (1500 words)||20||01, 02, 03, 04|
|One written group project report (1500 words per student)||15||04, 05|
|One 10 minute group project presentation||5||04, 05|