MGT580 Forecasting and Risk Assessment (8)

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.


Session 1 (30)
Bathurst Campus
Session 2 (60)
Bathurst Campus
Session 3 (90)
Bathurst Campus

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.

Subject Information

Grading System



One session


School of Management and Marketing

Enrolment Restrictions

Postgraduate students only. Not available to students who have completed MGT589 or MGT581.

Subject Relationships

MGT589 There is some overlap in content
MGT581 There is some overlap in content

Incompatible Subjects

MGT581, MGT589

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.


This subject will cover the following topics:
  • An Introduction to Risk
  • Types of Risk
  • Psychology of Risk
  • Role of the Individual
  • Modelling Risk
  • Qualitative Analysis
  • Quantitative Analysis
  • Ranking and Treating Risk
  • Transferring Risk
  • Personal Risk

Indicative Assessment

The following table summarises the assessment tasks for the online offering of MGT580 in Session 1 2019. Please note this is a guide only. Assessment tasks are regularly updated and can also differ to suit the mode of study (online or on campus).

Item Number
Value %
Overview of risk
Modelling risk
Managing risk

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