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Unit of competency details

BSBPMG536 - Manage project risk (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBPMG517 - Manage project risk 18/Oct/2020

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 19/Oct/2020


Training packages that include this unit

CodeSort Table listing Training packages that include this unit by the Code columnTitleSort Table listing Training packages that include this unit by the Title columnRelease
ICT - Information and Communications TechnologyInformation and Communications Technology 7.0-7.2 
CPC - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 5.0-6.4 
DEF - Defence Training PackageDefence Training Package 4.0-4.1 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 5.0-5.1 
CPP - Property Services Training PackageProperty Services Training Package 12.0-15.0 
RII - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 6.0-7.1 
BSB - Business Services Training PackageBusiness Services Training Package 7.0-7.2 

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationSort Table listing Qualifications that include this unit by the Usage Recommendation columnRelease
BSB50820 - Diploma of Project ManagementDiploma of Project ManagementCurrent
CPC50320 - Diploma of Building and Construction (Management)Diploma of Building and Construction (Management)Current1-3 
CPP60121 - Advanced Diploma of SurveyingAdvanced Diploma of SurveyingCurrent
CUA50420 - Diploma of Live Production and Technical ServicesDiploma of Live Production and Technical ServicesCurrent
CUA51020 - Diploma of Screen and MediaDiploma of Screen and MediaCurrent1-2 
CUA60220 - Advanced Diploma of Live Production and Management ServicesAdvanced Diploma of Live Production and Management ServicesCurrent1-2 
ICT50220 - Diploma of Information TechnologyDiploma of Information TechnologyCurrent
ICT60220 - Advanced Diploma of Information TechnologyAdvanced Diploma of Information TechnologyCurrent1-2 
RII50420 - Diploma of Civil Construction ManagementDiploma of Civil Construction ManagementCurrent1-2 
RII50520 - Diploma of Civil Construction DesignDiploma of Civil Construction DesignCurrent1-2 
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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  19/Oct/2020 
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Unit Of competency

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

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.

The unit 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

Business Competence – 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 Identify risk objectives and standards, with input from stakeholders

1.2 Identify project risk context to inform risk management processes

1.3 Identify project risks using valid and reliable risk identification methods

2. Analyse project risks

2.1 Identify risk analysis classification criteria and apply to agreed risk ranking system

2.2 Use risk analysis processes, within delegated authority, to analyse and qualify any risks, threats and opportunities

2.3 Identify 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 Analyse 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 risk review processes

4.2 Monitor risk environment and identify changed circumstances impacting project risks

4.3 Evaluate risk responses to changed environment

4.4 Implement agreed risk responses and modify plans

5. Assess risk management outcomes

5.1 Review project outcomes for effectiveness of risk-management processes and procedures

5.2 Develop recommended improvements for application in future projects

5.3 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 

DESCRIPTION 

Reading

  • Interprets and critically analyses complex texts from a range of sources and determines how content may be applied according to organisational requirements

Writing

  • Documents risk analysis and risk controls using required formats and structure
  • Modifies and updates workplace documentation according to requirements

Oral Communication

  • Participates in verbal exchanges using clear language to provide and seek information
  • Uses active listening and questioning techniques to confirm understanding

Numeracy

  • Analyses numerical data to identify project risk levels and rank risks according to agreed system of classification

Self-management

  • Identifies and adheres to organisational policies and standards
  • Considers own role in terms of its contribution to broader goals of work environment

Teamwork

  • Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information
  • Identifies requirements of important communication exchanges, selecting appropriate channels, format and content to suit purpose and audience

Planning and organising

  • Identifies and develops approaches to risk management and implements complex tasks to achieve outcomes
  • Analyses information to make decisions, involving others when appropriate
  • Uses formal and informal processes to monitor implementation of decisions and reflect on outcomes

Unit Mapping Information

Supersedes and is equivalent to BSBPMG517 Manage project risk.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • manage project risk on at least two occasions.

In the course of the above, the candidate must:

  • conduct effective risk management processes for a project of sufficient complexity
  • apply risk management techniques, strategies and tools.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • project risks in a range of risk categories
  • key components of a risk management plan
  • relevant project risk controls
  • industry sector risk classifications and different risk contexts
  • organisational and industry standard risk frameworks
  • project risk-management processes and procedures
  • characteristics, techniques and applications of quantitative and qualitative risk management techniques and approaches.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • workplace documentation and resources
  • feedback from project stakeholders about how risks were managed.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10