MGMT707 Risk Management Assessment Answer Solution PDF | AUT

MGMT707 Summary

This sample explains risk management concepts and applications for the MGMT707 – Risk Management course. Risk management helps organizations identify, assess, and manage uncertainties to enable informed decision-making and the achievement of strategic goals. The report evaluates sources of risk, national and international standards, frameworks, and processes, and applies structured risk assessment techniques. Its purpose is to demonstrate advanced knowledge and practical skills to postgraduate students, while maintaining an academic and professional tone....View More

Table Of Contents

1.Introduction....................................................................................................................................................................... 3
2. Learning Outcome 1: Explore Business-as-Usual, Strategy/Project, and External Sources of Risk ........................ 3
2.1 Business-as-Usual (Operational) Risks ............................................................................................................ 3
2.2 Strategy and Project Risks................................................................................................................................ 3
2.3 External Sources of Risk ................................................................................................................................... 4
2.4 Importance of Identifying and Categorising Risk Sources............................................................................ 4
3. Learning Outcome 2: Analyse National and International Risk Management Standards........................................ 4
3.1 Purpose and Importance of Risk Management Standards............................................................................ 4
3.2 AS/NZS ISO 31000:2018 – National and International Standard................................................................. 5
3.3 Comparison with International Risk Management Frameworks.................................................................. 5
3.4 Evaluation of the Effectiveness of Risk Management Standards.................................................................. 5
3.5 Relevance to MGMT707 and Professional Practice ....................................................................................... 5
4. Learning Outcome 3: Critique Risk Management Principles, Frameworks, and Processes..................................... 6
4.1 Critique of Risk Management Principles......................................................................................................... 6
4.2 Critique of the Risk Management Framework ............................................................................................... 6
4.3 Critique of the Risk Management Process....................................................................................................... 6
4.4 Integration of Principles, Frameworks, and Processes................................................................................... 7
4.5 Overall Evaluation............................................................................................................................................. 7
5. Learning Outcome 4: Conduct a Risk Assessment Using the Risk Management Process and Selected Techniques......................7
5.1 Risk Identification.............................................................................................................................................. 7
5.2 Risk Analysis...................................................................................................................................................... 8
5.3 Risk Evaluation.................................................................................................................................................. 8
5.4 Risk Treatment................................................................................................................................................... 8
5.5 Monitoring and Review ..................................................................................................................................... 8
5.6 Communication and Consultation.................................................................................................................... 8
5.7 Evaluation of Risk Assessment Techniques..................................................................................................... 9
6. Learning Outcome 5: Analyse the Synergies Between Risk, Emergency, and Management Practices.................... 9
7. Conclusion ....................................................................................................................................................................... 10
References............................................................................................................................................................................ 10

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