MGT589 Managing Risk (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: MGT589
Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.
Assumed Knowledge:
Enrolment restrictions:
Only available to students enrolled in the Master of Project Management or the Master of Management (Information technology) courses. Not available to students who have completed MGT580 Forecasting and Risk Assessment.
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
The information contained in the 2013 CSU Handbook was accurate at the date of publication: 24 April 2013. The University reserves the right to vary the information at any time without notice.