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MGT589 Managing Risk (8)

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.

+ Subject Availability Modes and Location

Continuing students should consult the SAL for current offering details prior to contacting their course coordinator: MGT589
Where differences exist between the handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject information

Duration Grading System School:
One sessionHD/FLSchool of Management and Marketing

Enrolment restrictions

Only available to students enrolled in the Master of Management (IT) (Articulated Set); Master of Project Management (Articulated Set); Master of Business Administration (Computing); Master of Management (Chartered Marketer) (Articulated Set).

Not available to students who have completed MGT580 or MGT581.
Prerequisite(s)Incompatible subject(s)Related subject(s)
ITI500MGT580 MGT581 MGT580 Paired Subject
MGT581 There is a significant overlap in content.

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to critically interpret the risk management concept and discriminate and appraise different definitions of risk and risk management;
  • be able to assess and critically 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 interpret risk through modelling techniques;
  • be able to determine the probability, frequency and consequences of a risk event occurring; and
  • design and implement 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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The information contained in the 2016 CSU Handbook was accurate at the date of publication: 06 September 2016. The University reserves the right to vary the information at any time without notice.