Managing risk is an essential skill to be a successful project manager. This course will provide students with an understanding of what is risk and the key principles of risk management as described in AS/NZS ISO 31000: 2009. The course will show how these principles can be applied to project management both through the project development phase and the project delivery phase. This will include skills on how to measure and value risk and assess the potential impacts it may have on a project outcomes using qualitative and quantitative risk assessment techniques. Using case studies students will learn ways to treat risk to minimise the potential impact. The course will also cover techniques for establishing levels of risk appetite and risk tolerance. It will overview risk reporting tools and templates and conclude with a session on human behaviour and how this impacts on risk acceptance and risk aversion in a project context. On successful completion of this course students will have a good understanding of the basic principles of risk and risk management, be able to apply risk assessment and treatment techniques, be able to quantify potential risk impacts and to establish a prioritised project risk register.
Lectures, Tutorials, Laboratories
Through semester assessment (60%) and Final Exam (40%)