In this course, participants will develop the requisite knowledge and skills to identify and classify complex aspects of risk management within a project. Project teams will learn how to plan, control and review risks associated with a project and develop appropriate risk mitigation strategies. The project risk planning process and its position within the overall management function is considered. The unit addresses the conduct of control activities in accordance with the ISO 31000: 2009 Standard and other relevant industry-based Risk Management Standards. 

Unit details

Study level:
Credit points:
Unit code:

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Conceptualise what risk management is and make risk identification an integral component of decision-making in projects;  
  2. Discern threats and opportunities and conceptually map their relative importance in the project;  
  3. Critically apply tools and techniques to assess, quantify, qualify, prioritise and document risks;  
  4. Analyse risks as a part of risk assessment activities and construct a risk management plan; and  
  5. Critically examine and evaluate the responsibilities of personnel assigned to manage, monitor and control project risks.  


Assessment type Description Grade
Assignment Individual Assignment (2000 words) 20%
Assignment Group Project (3000 words per student plus 5 minutes presentation by each student) 30%
Examination Examination (3 hours) 50%

Required reading

A Guide to the Project Management Body of Knowledge 6th ed.
(PMBOK© GUIDE) (2017)
Project Management Institute

Recommended text: Crouhy, M. Galai, D. & R. Mark., (2006) Essentials of risk management 1st ed. McgGraw-Hill Publishing Company Hopkin, P., (2010) Risk Management 1st ed. Dewey Publications Loosemore, M. Raftery, J. Reilly, C. & Higgon, D., (2012) Risk Management in Projects 2nd ed. Routledge.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

Study a single unit

This unit may be available as a single unit of study.

Find out more about how to apply for single units of study at VU.

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.