MGT360 Risk Management (8)

CSU Discipline Area: Management (MANAG)

Duration: One session

Abstract:

The subject develops a framework on how to assess and measure risk, and formulate strategies to reduce it from a qualitative and quantitative perspective. The influence of the decision maker through individual bias and decision making heuristics are also examined. The subject is closely linked with the key industry risk management standards AS/NZS 4360 and ISO31000. A case study will allow participants to become familiar with the role of a risk manager, available risk management tools and how to incorporate these tools into management design and strategies.

+ Subject Availability Modes and Locations

Session 1
Internal	Orange
Distance	Orange

Continuing students should consult the SAL for current offering details: MGT360

Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Enrolment restrictions:

Undergraduate students only. Not available to students who have completed RMMN3653.

Objectives:

Upon successful completion of this subject, students should:

Be able to define risk, differentiate between risk and uncertainty, and understand the link between risk and change;
Be able to explain and detail the key variables influencing risk;
Be able to establish the relationship and linkages between different types of risk;
Be able to distinguish between the different individual biases in the decision making process and how these can impact the decision-maker;
Be able to detail how differences in risk preferences can lead to different risk attitudes;
Be able to explain the role of modeling in risk;
Be able to understand the role of qualitative analysis in risk management;
Be able to examine the role of quantitative analysis in risk management;
Be able to establish risk decision making models in risk management;
Be able to introduce the benefits and limitations of ranking and prioritizing risk; and
Be able to introduce the benefits and imitations of transferring risk.

Syllabus:

The subject will cover the following topics:

Defining risk and differentiating between risk and uncertainty
The role of the individual in the risk management process
The importance of understanding risk as part of a broader decision making process.
Modelling and measuring risk using qualitative and quantitative techniques
Ranking risk and prioritising risk
Treating risk through retention, transfer and avoidance
.

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