ENGG958 Life Cycle and Risk Management
Assignment 4: A workplace-based report
Study Guide
This assessment task involves collaborative team arrangement efforts and designed to explore the key issues of risk management and how these issues are handled by established risk management standards. You will have the opportunity to look at the notes and the standards and compare your own views with your team mates in the group discussion space in preparing for this assignment. This discussion along with your various industrial experiences will give you a good basis to define the risk management issues associated with engineering asset management.
This assignment focuses on defining the key issues to be addressed for asset management asset in designing risk management process with consideration of the context. As a team, and focussing on the asset that you studied in assignment 2 and 3: you need to identify the key issues of risk management that are associated with engineering asset management, the application of the fundamental principles of risk management and the use of established risk management standards.
Key questions
Over the course of the assignment you should be developing an increasingly sophisticated response to related key questions that an asset manager/ engineer should be able to answer.
1. What are the risks or risk categories that engineering asset management have to deal with?
2. Is risk management part of engineering asset management?
3. What key issues of risk management are associated with engineering asset management?
Purpose:
• Explore the application of the fundamental principles of risk management.
• Explore the key issues of risk management and how these issues are handled by established risk management standards.
Associated subject learning outcomes
Following the completion of the work set out in this guide you should be able to:
3. Select and apply appropriate models and standards to specific asset management situations.
Working arrangement:
Team task, as per Assignment 2: the same teams of 3 or 2 will continue to work together. Any issues that arise with the operation of the team should be notified to the lecturers immediately to ensure a suitable learning environment is maintained for all participants. Team members are to declare their contributions on the inside cover. Marks may be distributed on that basis but will normally be distributed equally among the team. One report is required as a team submission. File names for submissions must contain the 3-names and be in the form Asst1_Family Names.doc,: e.g. Asst2_JonesFiatZhang.doc.
Participants will be notified of their fellow team members on elearning.
Assignment 4 Sequential Task Breakdown
As a team, and focusing on the asset that you studied previously:
(i) What are the key issues to be addressed for this asset in designing and operating the risk management process: refer to Clause 5 of ISO31000 with consideration of the context includes the incorporation of risk management within the asset management system. In other words what are the significant features of the ‘context’ for the risk management process as defined in ISO 31000. The risks to be managed are not restricted to, but must include, operating performance risk (system effectiveness: operating reliability and product or service quality) and also public and employee safety risk. Key issues may typically include, for example, the identification of credible risks or the evaluation of risks.
(ii) Map the existing risk management process associated with the asset against the activities outlined in the ISO 31000 standard.
(iii) Recommend changes to the current process. This should be done with reference to the significant issues identified in response to Question (i): and to the recommendations on how to accommodate such issues that are contained in the standard and in the literature.
Maximum 5000 words report composing the 3-parts
Topics
In addition to the topic covered by assignment 1, following the completion of the work set out in this guide you should have a working knowledge of the following topics:
10. Risk Management: Basic concepts
• Risk definition, risk standards, risk criteria, framework for risk management
11. Asset Management and Risk Management
• Context for asset management; risk management and life cycle activities; interrelationship between asset management and risk management; use of standards for risk management
12. Risk analysis techniques and risk treatment
• Risk management processes and procedures; risk treatment; risk management and organizational culture; use of standards for risk management
Key references
1. Subject topic notes for topics 10 – 12 : available on elearning.
2. Section or chapters of text book as indicated by the study guide in subject outlines
3. eReadings in topic groups (see document in general section of ENGG958 e-learning site
Procedure
Stage1. Explore and investigate
Learning activity Learning resources
• Read the assessment rubric for assignment 4 and consider requirements.
• Read the relevant topics notes
• Answer the key questions for each of these topics. Check textbook section or ereading for more details on specific issues.
• Relate your gained understanding to your industrial experience or discuss the matter with industry mentors or working colleagues.
• Each team member should identify the key issues to be addressed for this asset in designing and operating the risk management process and the significant features of the context for the risk management process.
• Each member should post his trial on the group discussion space on elearning, give feedback to team mates on their trials and get feedback from them. After this, team members should agree on combining a final related issues or features.
• Meet up with team mates on discussion group or by other means and identify and define those risk issues and/or context features that are of concern to the asset management of the selected asset in assignment 2 & 3.
• Draft a report on this part of assignment 4
? Assignment 3: Assessment Rubric
? Subject topic notes for topics 10 – 12 : available on elearning.
? Section or chapters of text book as indicated by the study guide in subject outlines
? Standards available on elearning/library website
? Workplace, site Visit of relevant industry or
Industry Mentors
? eReadings in topic groups
? See documents in general section of ENGG958 elearning site
? Wollongong Library website
(www.library.uow.edu.au)
Stage 2. Utilize Standards
Learning activity Learning resources
• Based on the finding of stage 1, each team should Map the existing risk management process associated with the asset against the activities outlined in the ISO 31000 standard.
• Each member should post his trial on the group discussion space on elearning, give feedback to team mates on their trials and get feedback from them. After this, team members should agree on combining final mapping results.
• As a team discuss and define risk management issues associated with engineering asset management and highlight any deficiency.
• Write a draft on this part of assignment 4. ? Assignment 3: Assessment Rubric
? Subject topic notes for topics 5 – 7 :
available on elearning.
? Standards available on elearning/library website
? Section or chapters of text book as indicated by the study guide in subject outlines
? Workplace, site Visit of relevant industry or Industry Mentors
? eReadings in topic groups
? See documents in general section of ENGG958 e-learning site
Stage 3. Addressing Targeted Benefit of Utilizing Standards
Learning activity Learning resources
• Based on the findings of stage 1 and 2, as a team recommend changes to the current process. This should be done with reference to the significant issues identified in stage 1.
• Based on the findings of stage 1 and 2, as a team make recommendations on how to accommodate risk management issues that are contained in the ISO 31000 standard.
• Write a draft of your conclusion and recommendation part of assignment 4report
• Finalize and compile all parts of assignment 3 report in one file and review the whole report and name it as directed in the subject outlines: Asst1_Family Names.doc: e.g. Asst2_JonesFiatZhang.doc.
? Workplace, site Visit of relevant industry or
Industry Mentors
? Assessment rubric
? Previous submission examples
Stage 4. Submission and Reflection on feedback
Learning activity Learning resources
• Submit your assignment 4 report on elearning drop box.
• Your lecturer will provide feedback on your work according to the assessment criteria in the assessment rubric. As a professional development activity it is recommended that you write a reflection on these comments in a personal learning journal. o What have you learned through and from this assignment?
o How would it change your report if you were asked to provide it to your workplace supervisor?
? Assessment rubric
Assessment Rubric
Key aspects of the external and internal context are identified along with their impact on the required system, supported by logical argument. Extensive / Basics covered / Some / None 0-10%
Issues confronting ‘risk managers’ and the risk management process for your system are highlighted and discussed with reference to literature where appropriate. Extensive / Basics covered / Some / None 0-10%
The standards and/or other references are evidently used, and their use referenced, to develop an ideal tailored process against which the current process is then tested. Relevant Use Made/ Critically reviewed / Cited / Not cited 0-10%
Relevant other literature is used in the evaluation and recommendation of changes. E.g. to identify methods of overcoming the issues identified. Relevant Use Made; Critically reviewed; Cited / Not cited 0-10%
Evidence of consideration of the relationship and interaction between the risk management process/system and
the broader or related asset management system Appropriate / in part / No 0-10%
Consideration of the key issues in risk identification and evaluation are evidently used in developing a system and in evaluating the existing system. Considered and relevant response / Considered / Not considered 0-10%
The recommendations, finally, are based on evidence and are supported by indicated benefits of their adoption. Extensively / Mostly / Sometimes / None 0-10%
General Comments
Grade ______ Comments