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 International Organization for Standardization (ISO) 31000: 2018 Standard and other relevant industry-based Risk Management Standards.

Unit details

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Credit points:
Unit code:

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Interrogate and implement project risk management processes as an integral component of wider project management;  
  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
Presentation Class Presentation (multiple items including 3% in week 2) 20%
Project Group Project 40%
Case Study Written submission (2000 words approx) 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: 2018 Risk Management Principles and Guidelines ISO Guide 73:2009, Risk management - Vocabulary ISO/IEC 31010:2020, Risk management - Risk assessment techniques And other standards as advised in VU Collaborate Recommended text: Hopkin, P 2018, Fundamentals of risk management - understanding, evaluating and implementing effective risk management, 5th Edn, Kogan Page Ltd, Great Britain Hillson, D. (2009). Managing Risk in Projects (Fundamentals of Project Management). Ashgate Publishing Group.

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.

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.