Prerequisites for Module
None Required
Corequisite Modules
None Required
Precluded Modules
None.
Aims of Module
This module reviews the theories, principles, practices, and challenges of risk management in the energy sector in order to identify best practice business solutions to huge losses across the sector.
Learning Outcomes for Module
On completion of this module, students are expected to be able to:
| 1. |
Demonstrate critical awareness of what is meant by risk management in the energy sector clarifying common processes, approaches and models employed to manage risk in this sector.
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| 2. |
To critically investigate the increasing challenges of risk management in the energy sector by reviewing case studies of past losses.
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| 3. |
Critical appraisal of recent improved risk management strategies (and techniques) and the extent to which such strategies have reduced catastrophic losses and costs.
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| 4. |
To examine the relationship between risk management and business continuity including reviewing their relative positioning.
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| 5. |
To apply improved strategies (techniques) and business continuity plans to case study activities.
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Indicative Module Content
The module will require students to consider the complexity of managing risks in the energy industry and hence factors such as government regulations, public policy, reliability, financial concerns, and energy resource scarcity. It will also examine risk management processes, models and strategies for risk reduction/mitigation.
Students will be introduced to risk management techniques like RBD, ETA, FTA, FMECA, RCM, RCA, and RBI and be asked consider the influence of such techniques on risk reduction and costs.
The module will examine the relationship between risk management and business continuity including undertaking a comparison of their frameworks and reviewing the relative positioning of business continuity functions to risk management.
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Indicative Student Workload
Contact Hours
| Full Time | Part Time | Distance Learning | Lectures, tutorials
| 40 | 40 | 0 |
Directed Study
| | | | Directed reading
| 25 | 25 | 50 | Coursework preparation
| 40 | 40 | 40 |
Private Study
| | | | On-line discussion
| 0 | 0 | 10 | Self directed study of web based learning materials
| 0 | 0 | 50 | Private Study
| 45 | 45 | 0 |
Mode of Delivery
Taught Mode
The unit is presented by lectures and interactive group work with elements of reading around the topic.
Distance Learning
The module is delivered by self directed learning from web learning and printed materials including books with on line support.
Assessment Plan
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Learning Outcomes Assessed
| | Coursework | 1,2,3,4,5
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Component 1 is assessed by written coursework
Indicative Bibliography
| 1. | CHAPMAN, C and WARD S., 2003. Project risk management: processes, techniques and insights. 2nd ed. Hoboken: John Wiley. ebook
| | 2. | GLOBAL ASSOCIATION OF RISK PROFESSIONALS (GARP)., 2009. Foundations of energy risk management: an overview of the energy sector and its physical and financial markets. Hoboken: John Wiley. ebook
| | 3. | KLOPPENBORG, T. J., 2009. Project management: a contemporary approach. Mason, OH: South-Western Cengage Learning.
| | 4. | BAHR, N.J. 1997. System Safety Engineering and Risk Assessment: A Practical Approach. CRC Press. Taylor and Francis. Florida.
| | 5. | CLEDEN, D. 2009. Managing Project Uncertainty. Gower Publishing Ltd. Surrey, UK.
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