MGMT 430: Project Risk Management

Textbook Information

Hulett, David T. (2011), Integrated cost-schedule risk analysis. 

PMI (2017), A guide to the project management body of knowledge (PMBOK® Guide). Sixth ed., Newtown Square, PA: Project Management Institute, Inc.

Hullet, D. (2009), Practical Schedule Risk Analysis.

Note that these textbooks are available from the Penn State Libraries through E-Books at Penn State.  

Published Remarks

Hardware Requirements

Software Requirements

This course uses Canvas, Word, Excel, and @Risk modeling software.  Access to @Risk will be provided by Penn State.

Proctored Exams

None

Course Description

Project Risk Management (PRM) is an advanced course in project management, focusing on essential knowledge, methodologies, and applications of project risk management. The core objective of PRM is to take calculated risks in a strategic way that enhances the project success rates and reduces the potential for failure. Throughout the course, students will engage in creating risk management plans, identifying and prioritizing project risks using qualitative methods, conducting numerical analysis of critical project risks (including project selection, cost, and schedule), and formulating risk response strategies for effective risk mitigation. 

Course Prerequisite(s): SCM 301 Supply Chain Management; MGMT 410 Project Management.

Learning Objectives

By completing this course, students will learn the comprehensive risk management framework, including tools and techniques for planning, identifying, assessing, developing response plans for, and monitoring and controlling risks in project management. By the end of this course, you should be able to:

  • LO.1 Explain the nature and implications of uncertainty and risk in decision-making;
  • LO.2 Identify and prioritize project risks using appropriate processes and techniques;
  • LO.3 Develop comprehensive risk response plans (e.g., risk register, risk breakdown structure, risk response plans);
  • LO.4 Conduct quantitative risk analyses for primary project risks (e.g., project selection, cost, and schedule); and,
  • LO.5 Generate actionable risk reports aligned with the project lifecycle and its objectives.

Note: LO stands for ‘Learning Objectives.’

Course Requirements and Grading

How to Succeed in This Course

The most important ingredients for success in this course are:

  • Thorough preparation and analysis of the weekly assigned problems and case studies, coupled with success in the weekly knowledge and skills checks.
  • Timely submission of all assignments.
  • A thorough reading of the textbook and module materials.
  • Professionalism in all aspects, including the writing and submission of assignments, and communication with the instructor and other students.

Course Grading

The requirement weightings and the final grade determination is based on your results on assignments, online quizzes, midterm exam, final exam, and your participation and discussions.

The following table summarizes assignments and their associated values.

Course Grade Distribution
Assignment Percentage
Homework Assignments 40%
Quizzes 10%
Midterm Exam 20%
Final Exam 30%
Total 100%

Letter grades will be based on the following scale:

Grading Scale
Letter Grade Range
A 93 – 100%
 A- 90 – 92.9%
 B+ 87 – 89.9%
B 83 – 86.9%
B- 80 – 82.9%
C+ 77 – 79.9%
C 70 – 76.9%
D 60 – 69.9%
F Below 60%

Course Assignments

This course contains the following graded assignments:

Midterm Exam: 20% 

The midterm exam will cover Lessons 1 through 7. The midterm assignment is a hybrid of an online quiz (20 points), online discussion (10 points), and a case study report (70 points). The online quiz consists of short essay questions, analysis problems, and multiple-choice questions. For the case study report, please compile your answers in a Word document and limit your answer to a total of about four pages (11 font-size, single-spaced).

Final Exam: 30%

The final exam will be comprehensive, but will primarily focus on Lessons 8 through 12. The final exam is a hybrid of an online quiz (70 points) and a case study report (30 points). The online quiz consists of short essay questions, analysis problems, and multiple-choice questions. The students will have two hours and thirty minutes to complete the online quiz. The instructor will grade the final exam.

Homework Assignments 40%

Homework assignments are listed below for each unit. Most of the homework assignments are based on certain concepts or case studies in the course modules and references, please compile your answer in Word document and limit your answer to a total of about one page per problem (11 font-size, single-spaced).

Quizzes: 10%

A quiz will be given for each lesson. Each lesson concludes with an online quiz. The quizzes consist of short essay questions, analysis problems, and multiple-choice questions mostly about the topics discussed in the class modules during the corresponding week. Each quiz will open on Monday and will be due on Sunday. You will be given three attempts per quiz. You will be able to access the course materials during the quiz.

Assignment Submission Requirements

All weekly assignments are due by 11:59 PM on Sunday evenings unless otherwise announced. All assignments are to be typed single-spaced using an 11-point font with one-inch margins. When you submit an assignment, I expect it to be your polished final draft. If there are assignment submission issues with Canvas on a given day, then other submission arrangements may be made, but only after consulting with the instructor BEFORE 11:59 PM on Sunday.

Deferred Grades

If, for reasons beyond the student’s control, a student is prevented from completing a course within the prescribed time, the grade in that course may be deferred with the concurrence of the instructor. The symbol DF appears on the student’s transcript until the course has been completed. Non-emergency permission for filing a deferred grade must be requested by the student before the beginning of the final examination period. In an emergency situation, an instructor can approve a deferred grade after the final exam period has started. Under emergency conditions during which the instructor is unavailable, authorization is required from one of the following: the dean of the college in which the candidate is enrolled; the executive director of the Division of Undergraduate Studies if the student is enrolled in that division or is a provisional student; or the campus chancellor of the student’s associated Penn State campus. For additional information please refer to the Deferring a Grade page.