MGT360 Risk Management (8)

This subject develops a framework to assess, measure and reduce risk using qualitative and quantitative approaches. The influence of the decision maker through individual bias and decision-making heuristics is also examined. The subject is closely linked with the key industry risk management standards AS/NZS 4360 and ISO31000. Through the application of real world problems, students will become familiar with the role of the risk manager. Students will also explore the use of risk management tools and how to incorporate these into their management design and strategies.

Availability

Session 1 (30)
On Campus
Port Macquarie Campus
Online
Bathurst Campus

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.

Subject Information

Grading System

HD/FL

Duration

One session

School

School of Management and Marketing

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to define risk, differentiate between risk and uncertainty, and analyse and explain the link between risk and change;
  • be able to assess and evaluate the role of the decision maker in risk situations;
  • be able to identify, analyse and explain the influences of decision making heuristics, bias and risk preference in the risk;
  • be able to appraise an environment and determine the probability, frequency and consequences of a risk event occurring; and
  • be able to design, implement and evaluate a range of strategies to diminish and manage risk.

Syllabus

This 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

The information contained in the CSU Handbook was accurate at the date of publication: January 2020. The University reserves the right to vary the information at any time without notice.

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