MGT580 Forecasting and Risk Assessment (8)

CSU Discipline Area: Management (MANAG)

Duration: One session

Abstract:

This subject examines the identification, measurement, and management of risk using multi-disciplinary techniques. The role of the decision maker and the role of decision making heuristics and bias are studied together with key qualitative and quantitative techniques used to model, measure and treat risk. The subsequent treatment of risk through risk retention, self insurance or the transfer and avoidance of risk is also examined. The subject allows students to identify these concepts from the perspective of a risk manager, e.g., establish risks in relation to individuals, property and legal liability. Whenever possible, study examples will be based on the real-world problems encountered in the work environment of students. Assumed knowledge for this subject is equivalent to that covered in introductory subjects in management, economics and finance.

+ Subject Availability Modes and Locations

Session 1
Distance	Bathurst

Continuing students should consult the SAL for current offering details: MGT580

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

Enrolment restrictions:

Postgraduate students only. Not available to students who have completed MGT589 Managing Risk.

Objectives:

Upon successful completion of this subject, students should:

be able to interpret the risk management concept and discriminate and appraise different definitions of risk and risk management;
be able to assess the legal environment of risk management;
be able to describe and evaluate the role of the decision maker in risk and the influences of decision making heuristics, bias and risk preference in the risk management process;
be able to measure, interpret, and model risk through the application of qualitative and quantitative techniques;
be able to appraise appropriate forecasting techniques to fit the various categories of uncertainty;
be able to assess the probability, frequency and consequences of a risk event occurring, and the likely cost to manage the risk; and
be able to determine potential risk and devise strategies to diminish risk through the potential to self insure, or to transfer risk using different product solutions.

Syllabus:

The subject will cover the following topics:

Definitions of risk
The risk management process
The role of the individual in the risk management process
Risk measurement and modelling
Qualitative techniques
Quantitative techniques
Personal risk management
Trauma insurance, health, personal liability and investment risk
Insurance and estate planning
Business risk management
Statement of Advice and planning using insurance

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