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Unit of study_

PMGT5891: Project Risk Management

This unit is delivered in multiple modes (online and weekly). Please ensure that the correct mode is selected before checking the detailed content. The aims of this course are to develop students' understanding and ability in applying project risk management skills in project environments. The course enables the students to apply best practice techniques and methods commonly used by industry in project risk management. The competencies developed through this unit cover and go beyond the competencies in Risk areas as outlined in the competency standards by the Australian Institute of Project Management and Project Management Institute in the USA, respectively. The unit aims to develop students ability to understand and conceptualise risk management issues, and analyse and apply risk management techniques using concepts and frameworks from the underpinning literature. - Ability to establish risk management plans, policies and integrate them with other project plans, organisation and align them to the business case - Ability to understand the sources of potential risks (including but not limited to political, organisational, psychological and technical risks) and to use risk management tools and techniques to identify, assess, evaluate, and prioritise risks - Ability to simulate the potential effects of risks on schedule, cost and other performance dimensions using sensitivity analysis, decision tree analysis and simulation techniques. - Ability to track, monitor and control risks and actions to achieve project objectives and the business case - Ability to close risks for an optimal outcome

Code PMGT5891
Academic unit Project Management
Credit points 6
Prerequisites:
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None
Corequisites:
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None
Prohibitions:
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PMGT6891

At the completion of this unit, you should be able to:

  • LO1. Establish risk management plans, policies and integrate them with other project plans, organisation and align them to the business case.
  • LO2. Understand the sources of potential risks (including but not limited to political, organisational, psychological and technical risks) and to use risk management tools and techniques to identify, assess, evaluate, and prioritise risks
  • LO3. Simulate the potential effects of risks on schedule, cost and other performance dimensions using sensitivity analysis, decision tree analysis and simulation techniques
  • LO4. Track, monitor and control risks and actions to achieve project objectives and the business case
  • LO5. Close risks for an optimal outcome.