Risk Management

Overview

This unit aims to develop the students’ understanding of risk management and to develop/ implement contemporary risk management systems and practices relevant to projects or enterprises in engineering industries.

Teaching periods

Location

Start and end dates

Last self-enrolment date

Census date

Last withdraw without fail date

Results released date

Semester 2

Hawthorn

29-July-2024
27-October-2024

11-August-2024

31-August-2024

13-September-2024

03-December-2024

Semester 2

Hawthorn

04-August-2025
02-November-2025

17-August-2025

31-August-2025

19-September-2025

09-December-2025

Learning outcomes

Students who successfully complete this unit will be able to:

Appreciate and apply risk management principles, theories, tools and techniques in engineering projects and organisations
Analyse risk management frameworks and systems in projects and engineering enterprises and advice on developing/ implementing contemporary risk management solutions/ systems
Formulate, use and evaluate risk management techniques, tools/ software and systems
Employ due diligence studies for feasibility analysis and strategic decisions in large projects and infrastructure developments
Develop professionalism, abilities for research and passion for continuing professional development learning/ training of risk management applications in projects and engineering industries

Teaching methods

Hawthorn

Type	Hours per week	Number of weeks	Total (number of hours)
Live Online Lecture	1.00	12 weeks	12
On-campus Workshop	2.00	6 weeks	12
On-campus Class	2.00	6 weeks	12
Online Directed Online Learning and Independent Learning	1.00	12 weeks	12
Unspecified Activities Independent Learning	8.50	12 weeks	102
TOTAL			150

Assessment

Type	Task	Weighting	ULO's
Assignment 1	Individual	20 - 30%	1,3
Assignment 2	Individual	20 - 40%	1,2,3,5
Assignment 3	Individual	20 - 40%	1,2,3,5
Project	Individual/Group	20 - 30%	3,4,5

Content

This unit includes following 3 components:

Component 1: Introduction to Risk management
- Risk contexts, perceptions and paradigms
- Risk identification process, techniques and tools
- Risk analysis methods, techniques and tools
- Risk evaluation and treatment
- Risk communication and documentation
Component 2: Risk Management in Construction Projects and Due Diligence for Infrastructure Developments
- Risk Management in Construction Projects Part 1
  - Risk categories in project-based industries
  - Risk breakdown structure integration with work, resource, and location breakdown structures for project management
  - Identifying and analysing project risks
- Risk Management in Construction Projects Part 2
  - Prevention and mitigation of project risks
  - Recording and reporting project risks
  - Software tools for project risk management
- Due diligence studies for large projects and infrastructure developments
  - Introduction to due diligence
  - Vulnerability assessment
  - Precautionary analysis
  - Due diligence study based feasibility analysis and strategic decisions for large projects and infrastructure developments
Component 3: Risk Management in Business Process and Operations of Engineering Industries
- Fundamentals of dependability and reliability
- Hazard analysis of machineries and engineering operations
- Risk assessment for business process and technical operations in engineering industries
- Software tools and systems for risk management in engineering industries

Study resources

Reading materials

A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.