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 |
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Writing |
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Oral Communication |
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Numeracy |
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Self-management |
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Teamwork |
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Planning and organising |
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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