The University of Southampton

MANG6143 Project Risk Management

Module Overview

Project risk management has evolved significantly over many years, but there are conflicting views about what constitutes best practice. This course provides an overview of best practice as outlined in the course text with a critical comparison of alternative views found in practice and discussed in the literature, including guidelines and standards.

Aims and Objectives

Module Aims

This module examines formal approaches to managing risk. A basic premise is that risk management should be regarded as a fundamental aspect of the management of any project. This module aims to provide you with an understanding of: • formal risk management procedures for identifying sources of uncertainty and risk and developing appropriate responses; • key issues in the effective implementation of risk management processes; • how to modify processes according to context. In this module you will be provided with an overview of risk management issues that need to be addressed in any formal risk management procedure and consideration of some issues in depth.

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

  • discuss the usefulness of a variety of risk management frameworks;
  • explain the problems associated with estimating risk impacts and probabilities;
  • understand the motives for undertaking formal risk management processes;
  • describe the issues to be addressed in establishing a formal process.
Transferable and Generic Skills

Having successfully completed this module you will be able to:

  • numeracy in terms of uncertainty and risk;
  • group working and communication during the module and subsequently through the Assignment;
  • key skills in information handling, critical analysis and written communication.
Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

  • discuss the application of a formal risk management process in a project context;
  • identify a comprehensive list of risks associated with any project.


• An overview of what best practice is about • A brief review of relevant historical background • A generic risk management process for planning a project at a strategic level on behalf of a client discussed in some detail • The impact of earlier and later life cycle positions and changes in other process drivers • An outline of comparable alternative generic processes • Examples of different kinds of processes in different contexts

Learning and Teaching

Teaching and learning methods

The module will use lectures which emphasize key issues, guided background reading, and the exploration of mini-case studies. Where appropriate the lecturers will draw on your experience and use class discussion to encourage reflection on concepts and processes.

Independent Study126
Total study time150

Resources & Reading list

Chris Chapman and Stephen Ward (2011). How to Manage Project Opportunity and Risk: Why uncertainty management can be a much better approach than risk management. 



Draft essay


MethodPercentage contribution
Assignment  (3000 words) 100%


MethodPercentage contribution
Assignment  (3000 words) 100%


MethodPercentage contribution
Assignment  (3000 words) 100%
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