Unit of competency details

BSBPMG508A - Manage project risk (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 01/Sep/2008

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by BSBPMG517A - Manage project riskNew unit code. Revised and updated unit descriptor and application of unit section. Rewritten elements and performance criteria in line with Australian and international risk management standards. Clarified required skills and knowledge. Expanded and updated range statement. Updated and clarified evidence guide. Removed assessment requirement for ‘multiple complex projects’. 17/Mar/2013

Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
RII09 - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 2.0-3.2 
PSP04 - Public Sector Training PackagePublic Sector Training Package 4.1-4.2 
ICA11 - Information and Communications Technology Training PackageInformation and Communications Technology Training Package 1.0 
ICA05 - Information and Communications Technology Training PackageInformation and Communications Technology Training Package 3.1 
FNS10 - Financial Services Training PackageFinancial Services Training Package 1.0-5.1 
CUF07 - Screen and Media Training PackageScreen and Media Training Package 1.2 
CPC08 - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 6.0-9.4 
CHC08 - Community Services Training PackageCommunity Services Training Package 3.0-4.2 
BSB07 - Business Services Training PackageBusiness Services Training Package 5.0-7.0 
AUM12 - Automotive ManufacturingAutomotive Manufacturing 1.0 
AUM08 - Automotive ManufacturingAutomotive Manufacturing 1.1 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
RII50509 - Diploma of Civil Construction DesignDiploma of Civil Construction Design 1-3 
RII50409 - Diploma of Civil Construction ManagementDiploma of Civil Construction Management 1-3 
PSP51304 - Diploma of Government (Project Management)Diploma of Government (Project Management) 1-2 
ICA60211 - Advanced Diploma of Network SecurityAdvanced Diploma of Network Security 
ICA60105 - Advanced Diploma of Information TechnologyAdvanced Diploma of Information Technology 
ICA50205 - Diploma of Information Technology (Project Management)Diploma of Information Technology (Project Management) 
ICA50105 - Diploma of Information Technology (General)Diploma of Information Technology (General) 
ICA40605 - Certificate IV in Information Technology (Testing)Certificate IV in Information Technology (Testing) 
FNS60811 - Advanced Diploma of Integrated Risk ManagementAdvanced Diploma of Integrated Risk Management 1-3 
FNS60810 - Advanced Diploma of Financial Risk ManagementAdvanced Diploma of Financial Risk Management 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080315 Project Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080315 Project Management  25/Jul/2008 
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Modification History

Not applicable.

Unit Descriptor

Unit descriptor 

This unit describes the performance outcomes, skills and knowledge required to manage risk within a project to avoid adverse effects on project outcomes. It covers determining, monitoring and controlling project risks, and assessing risk management outcomes.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

Application of the Unit

Application of the unit 

This unit applies to an individual who is clearly and solely responsible for the management and leadership of a complex project, either as an employee of an organisation or an external consultant.

In the context of this unit a complex project is defined as a project which involves:

  • the need for a comprehensive and multi faceted project plan
  • the need for a formal internal or external communications strategy
  • a dedicated and diverse project budget
  • multiple administrative components
  • multiple operational components
  • a wide range of stakeholders
  • a project operations team.

The functions performed by a program manager to manage risk within multiple projects are addressed in BSBPMG608A Direct risk management of a project program.

Licensing/Regulatory Information

Not applicable.

Pre-Requisites

Prerequisite units 

Employability Skills Information

Employability skills 

This unit contains employability skills.

Elements and Performance Criteria Pre-Content

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

1. Determine project risks

1.1. Identify, document and analyse risks , in consultation with stakeholders and higher project authority, as the basis for risk planning

1.2. Use established risk management techniques and tools , within delegated authority , to analyse risks, assess options and recommend preferred risk approaches

1.3. Develop risk management plans, secure agreement of stakeholders and communicate plans to ensure clarity of understanding and ongoing management of risk factors

1.4. Establish designated risk management processes and procedures  to enable effective management and communication of risk events, responses and results

2. Monitor and control project risks

2.1. Manage project in accordance with established project and risk management plans to ensure a common approach to the achievement of objectives

2.2. Monitor progress against project plans to identify variances and recommend responses  to a higher project authority for remedial action

2.3. Implement agreed risk responses and modify plans to reflect changing project objectives in an environment of uncertainty

3. Assess risk management outcomes

3.1. Review project outcomes to determine effectiveness of risk management processes and procedures

3.2. Identify and document risk issues and recommended improvements, and pass on to higher project authority for application in future projects

Required Skills and Knowledge

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

  • literacy skills to write risk management plans
  • problem-solving skills to control risks
  • lateral thinking skills to identify risks
  • planning and organisational skills to monitor project progress
  • analytical skills to review project outcomes in terms of risk management.

Required knowledge 

  • risk management framework
  • risk management techniques, tools and approaches.

Evidence Guide

EVIDENCE GUIDE 

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the following is essential:

  • demonstrated evidence of effective risk management for multiple complex projects
  • knowledge of risk management techniques, strategies and tools.

Context of and specific resources for assessment 

Assessment must ensure:

  • access to workplace risk management documentation
  • consideration of feedback from project stakeholders as to how risks were managed.

Method of assessment 

A range of assessment methods should be used to assess practical skill and knowledge. The following examples are appropriate for this unit:

  • direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
  • oral or written questioning to assess knowledge of the risk management framework
  • analysis of responses in addressing case studies and scenarios which present project scope management issues and problems
  • review of risk management plans
  • evaluation of monitoring of progress against project plans
  • assessment of identified and documented risk issues and recommended improvements.

Guidance information for assessment 

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

  • other units in the Diploma of Project Management.

Range Statement

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Risks  may be:

  • actual
  • likely/probable
  • perceived
  • potential

Risk management techniques and tools  may include:

  • calling upon personal experience and/or subject matter experts
  • conducting or supervising qualitative and/or quantitative risk analysis, such as schedule simulation, decision analysis, contingency planning and alternative strategy development
  • using specialist risk analysis tools to assist in the decision making process

Delegated authority  refers to planning and activities that may:

  • be conducted routinely or as changing circumstances dictate
  • be done independently within broad guidance or by taking the lead of a team
  • involve consultation with other project members, teams and internal stakeholders
  • involve the selection, use and supervision of appropriate risk management methods, tools and techniques

Risk management processes and procedures  may include:

  • communication with stakeholders, dispute resolution and modification procedures
  • implementation of risk control trigger mechanisms
  • measurement of actual progress against planned milestones
  • recording and reporting of major variance
  • setting key milestones at significant points during the project and at completion

Recommended responses  to variations may be made:

  • in consultation with project team members, section heads, project manager and stakeholders
  • independently or with higher project authority endorsement if necessary
  • regularly throughout the project life cycle
  • taking into account internal organisational change and external environmental change

Unit Sector(s)

Unit sector 

Competency field

Competency field 

Management and Leadership - Project Management

Co-requisite units

Co-requisite units 

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