BSBPMG508A Manage Project Risk

Manage Project Risk

Unit Guide

Diploma of Project Management 17872Qualification Code BSB51507

Unit Code BSBPMG508A

BSBPMG508A Manage Project Risk

BSBPMG501A Manage Application of Project Integrative Processes

BSBPMG502A Manage Project Scope

BSBPMG503A Manage Project Time

BSBPMG504A Manage Project Costs

BSBPMG505A Manage Project Quality

BSBPMG506A Manage Project Human Resources

BSBPMG507A Manage Project Communication

BSBPMG508A Manage Project Risk

BSBPMG509A Manage Project Procurement

Units of Study – Diploma

Units in the Diploma of Project Management

BSBPMG508A Manage Project Risk

Manage Project Risk

On completion of this unit you will –

– be able to manage risk within a project in order to avoid adverse effects on project outcomes

– be able to assess risk management outcomes, review the effectiveness of risk management processes and procedures and make recommendations for risk management improvements for future projects.

• This unit is Ungraded which means that you will be found Competent or Not Yet Competent based on the completion of the assessment activities and the evidence of competency provided.

BSBPMG508A Manage Project Risk

Elements of Competency

• Each unit of study is composed of elements of competency

• Manage Project Risk comprises 3 elements of competency –

– Determine project risks– Monitor and control project risk– Assess risk management outcomes

• Elements of competency are further broken down into performance criteria, these can be found on the next slides

BSBPMG508A Manage Project Risk

1. Determine project risks

1. Contribute to identifying and prioritising potential risks throughout the project life cycle

2. Provide input, within delegated authority, to develop risk management strategies and risk management plans within established guidelines

3. Establish risk analysis methods, techniques and tools to assist in the analysis of risks

4. Ensure reporting mechanisms for risks are planned for and agreed to

BSBPMG508A Manage Project Risk

2. Monitor and control project risk

1. Undertake control activities in accordance with agreed project and risk management plans to achieve project objectives

2. Measure progress and act on perceived, potential or actual risks within authority or report to others for response

3. Contribute to the implementation of agreed risk approaches and the amendment of plans to reflect the changing environment

4. Identify and report opportunities for action in the same way as risks

BSBPMG508A Manage Project Risk

3. Assess risk management outcomes

1. Contribute to the ongoing review of project outcomes to determine the effectiveness of risk management activities by accessing project records and other available information

2. Report risk management issues and responses to others for lessons learned or application in future projects

BSBPMG508A Manage Project Risk

Associated Readings

• Mandatory –• PMBOK Chapter 11 – 11.1, 11.2, 11.3, 11.4, 11.5, 11.6

• Risk Management Standard – AS/NZS ISO 31000:2009

• Recommended – Diploma Skills Kit – Manage Project Risk

Learning Guide 1 – Define Project, pages 7 to 9

Learning Guide 2 – Develop Project Plans, pages 10 and 11

Learning Guide 3 – Administer & Monitor Project, pages 8 to 12

Learning Guide 5 – Review project, pages 2 to 5

BSBPMG508A Manage Project Risk

Best wishes for your studies

Crows Nest TAFE and the

Business and Commerce Business Line of the

Northern Sydney Institute

wish you success in your studies!