Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to manage risks that may impact achievement of project objectives. It involves identifying, analysing, treating and monitoring project risks, and assessing risk management outcomes.
It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Unit Sector
Management and Leadership – Project Management
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify project risks |
1.1 Determine risk objectives and standards, with input from stakeholders 1.2 Establish project risk context to inform risk management processes 1.3 Identify project risks using valid and reliable risk identification methods 1.4. Classify project risks within agreed risk categories |
2. Analyse project risks |
2.1 Determine risk analysis classification criteria and apply to agreed risk ranking system 2.2 Use risk analysis processes, within delegated authority, to analyse and qualify risks, threats and opportunities 2.3 Determine risk priorities in agreement with project client and other stakeholders 2.4 Document risk analysis outcomes for inclusion in risk register and risk management plan |
3. Establish risk treatments and controls |
3.1 Identify and document existing risk controls 3.2 Consider and determine risk treatment options using agreed consultative methods 3.3 Record and implement agreed risk treatments 3.4 Update risk plans and allocate risk responsibilities to project team members |
4. Monitor and control project risks |
4.1 Establish regular risk review processes to maintain currency of risk plans 4.2 Regularly monitor risk environment to identify changed circumstances impacting project risks 4.3 Determine risk responses to changed environment 4.4 Implement agreed risk responses and modify plans to maintain currency of risk treatments and controls |
5. Assess risk management outcomes |
5.1 Review project outcomes to determine effectiveness of risk-management processes and procedures 5.2 Identify and document risk management issues and recommended improvements for application to future projects |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1-1.4, 2.1, 2.2, 3.1, 3.2, 4.2, 5.1, 5.2 |
|
Writing |
1.3, 1.4, 2.1, 2.4, 3.1, 3.3, 3.4, 4.1, 4.3, 4.4, 5.2 |
|
Oral Communication |
1.1, 2.3, 3.4 |
|
Numeracy |
1.3, 2.1, 2.3 |
|
Navigate the world of work |
1.1, 2.2 |
|
Interact with others |
1.1, 2.3, 3.4 |
|
Get the work done |
1.1-1.4, 2.1, 3.2, 4.1, 4.4, 5.1 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBPMG517 Manage project risk |
BSBPMG517A Manage project risk |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10