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

Location:
Footscray Park
VU Sydney
Study level:
Postgraduate
Credit points:
12
Unit code:
EPM5740

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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

Assessment type Description Grade
Assignment Individual Assignment (1500 words) 20%
Project Group Project (2000 words per student) 30%
Presentation Class Presentation (approx. 10 minutes per student) 10%
Examination Examination (2 hours) 40%

Required reading

Further reading material will be provided by the instructor in class or through VU Collaborate.

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

Following Standards are available through VU Library: ISO 31000: 2009 Risk Management Principles and Guidelines ISO Guide 73:2009, Risk management - Vocabulary ISO/IEC 31010:2009, Risk management - Risk assessment techniques HB 436-2004 Risk Management Guidelines HB 254-2005 Governance, Risk Management and Control Assurance HB 89- 2012 Risk Management-Guidelines on Risk Assessment Techniques Recommended text: Hopkin, P 2018, Fundamentals of risk management - understanding, evaluating and implementing effective risk management, 5th Edn, Kogan Page Ltd, Great Britain

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