Unit code: A/650/6849: Managing Risk, Uncertainty and Complexity in Projects

RQF level: 7

Aim

The unit’s aim is to enhance learners’ ability to apply risk management techniques to various project settings. Learners analyse the influence of culture on risk management and risk management methods. Techniques such as identifying risks and differentiating threats and opportunities, causes of risk and risk measurement are applied at more advanced level and are analysed using their application in various project settings. Uncertainty in projects and how it can be managed successfully including the theoretical framework to reduce certainty (Contingency theory) are also covered.

The unit also aims to develop professional project managers who are capable of providing knowledge of risk management concepts, techniques, risk management processes, compliance and develop a risk strategy that manages the prevailing risk faced by organisations in highly turbulent in project environments.

Learning Outcomes and Assessment Criteria

Learning Outcomes When awarded credit for this unit, a learner will:	Assessment Criteria Assessment of this learning outcome will require a learner to demonstrate that they can:
1. Be able to evaluate the risk management process.	1.1 Evaluate the characteristics of effective risk management. 1.2 Analyse the way in which risk management is integrated into each stage of a project’s life cycle. 1.3 Analyse the influence of culture on risk management. 1.4 Evaluate the effectiveness of different risk treatments for different kinds of risk.
2. Be able to assess the extent to which it is possible to control a complex project environment.	2.1 Identify characteristics of complex projects. 2.2 Analyse different ways of managing uncertainty in projects. 2.3 Evaluate the application of risk management concepts, techniques and risk management processes to control a complex project environment. 2.4 Develop a risk strategy that manages compliance requirements and risks faced by organisations in highly turbulent in project environments.
3. Be able to control and manage a complex project environment.	3.1 Identify the challenges of controlling and managing a complex project environment. 3.2 Analyse existing models and approaches and their suitability for complex project management.