Reference no: EM133986560

Manage project risk

Assessment Task 1: Knowledge questions

Questions
Provide answers to all of the questions below:
Identify at least two project risks for each of the following risk categories: 
Scope risk 
Scheduling risk 
Resource risk 
Technology risk 
Outline three examples of tools or techniques that could be used to identify risks as part of a risk assessment process. 
Outline three sources of information that can be used to gather information on potential risks within the workplace.  
Explain each of the key components of a risk management plan. 
Summarise the purpose of Australia/New Zealand Standard for Risk Management (AS/NZS ISO 31000:2009) and identify the key principles underlying this risk management standard.  
Describe the characteristics, techniques and appropriate applications of both quantitative and qualitative risk analysis. 
Outline the key steps involved in a risk management process.  
Explain five options for controlling risk.  
Complete the table below to provide examples of risk classification and risk context for a variety of industries.  The first row has been completed as an example.

Assessment Task 2: Project Portfolio

Information for students
In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.
You will need access to:
a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access
your learning resources and other information for reference
Project Portfolio template
Simulation Pack
Project Schedules.
Ensure that you:
review the advice to students regarding responding to written tasks in the Business Works Student User Guide
comply with the due date for assessment which your assessor will provide
answer all questions completely and correctly
submit work which is original and, where necessary, properly referenced
submit a completed cover sheet with your work
avoid sharing your answers with other students.
Estimated time to complete this task :18 Hrs
Maximum word count: 3500 words

Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:
where this task should be completed
how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide.

Activities
Complete the following activities:
Carefully read the following:

This assessment requires you to manage a project's risks on two separate occasions.
You can do this for two real projects at your workplace, for two projects associated with a start-up business you are working on yourself or you can use the Simulation Pack provided.
Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, basing your project on real relationships with classmates or work colleagues will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way!
If you use your own business or workplace, you need:
information to establish the risk management processes (step 2)
sufficient numerical data to analyse risks (step 4)
at least one changed circumstance that impacts the project risks (step 7)
at least one risk management issue that can be improved on for future projects (step 9).
Speak to your assessor to get approval if you want to base this on your own business.
If you are basing this assessment on the case study business, read through the Simulation Pack in preparation for this assessment. All the information needed to complete this assessment is contained in the Simulation pack.
You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below. Before you begin, complete page 4 of your Project Portfolio. You must:
provide a brief description of your organisation and its main activities/services and/or products.
summarise your organisation's broader work goals (at least two).
provide a brief description of your role and responsibilities within your organisation.
explain of how your role contributes to the organisation's broader work goals (make sure you include project risk management in your answer).
describe the project context for each project.
list the project team members for each project.
Start working on Section 1 Identify and analyse project risks. Steps 2 to 4 form part of Section 1.
If you are basing this assessment on the case study, further information to complete the next steps is available in the Simulation Pack.
If you are basing this assessment on your own business, you will need information to establish the risk management processes as well as sufficient numerical data to analyse risks.
Summarise project risk management processes.

Summarise information relevant to your organisation and its risk management processes. In your summary include:
any applicable standards related to risk.
objectives related to managing risk.
policies and procedures relating to risk (including any templates), including:
project risk classification criteria
the risk ranking system
risk review processes (formal and informal).
conventions and protocols for communicating with internal and external stakeholders.
risk identification methods that may be used to identify project risks (at least two).
Your summary may be in appropriate format (e.g. mind map, bullet points, written paragraph). You will use the information to help you complete this assessment (take a look at the Risk Management Plan Template and the Risk Register Template for more information).
If your organisation does not provide the information required in their policies and procedures (e.g. risk review processes), then establish the requirements as part of your summary using best practice examples. Make sure you reference any sources.
For each project, meet with an appropriate stakeholder to agree on the risk management process.

Use the work done in step 2 to help you prepare for the meeting. Also read through the requirements of the meeting and prepare any note you may need in advance. If you are using the case study, the following links may also help you to prepare:
https://www.stakeholdermap.com/risk/risk-responses.html
https://www.itomic.com.au/top-10-website-project-risk-factors/
https://opentextbc.ca/strategicmanagement/chapter/making-cooperative-moves/
Meet with at least one relevant stakeholder (e.g. senior manager, CEO, business owner etc.). The meeting's objectives are to:
confirm the boundaries of your delegated authority.
seek the stakeholder's input for risk objectives and standards.
agree on classification criteria and a risk ranking system to apply to the project's risks.
brainstorm possible risks for the project.
agree on possible appropriate risk treatments/responses for a variety of circumstances and risks.
agree on the consultative methods to be used when analysing risk treatment options.
Consultative processes may for example include:
an email seeking stakeholder input
a brainstorming session where stakeholders provide input
a notice in the organisation's bulletin to provide opportunity for all staff to provide input
an online group discussion forum
an online document for multiple stakeholders to work on
a survey or questionnaire.
Meet separately with at least one stakeholder for each project. Have printouts of any relevant documentation (e.g. risk management policy and procedure) to use or refer to at the meeting.
Take notes at the meeting, as you are required to summarise your meeting outcomes.
Each meeting should take 20 minutes. This will either be attended in person by your assessor or they will attend online. If you are in the workplace, you may like to video record the session for your assessor to watch later (attach proof to Section 1 of your portfolio). Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.
During the meeting, you will need to demonstrate effective communication skills including:
speaking clearly and concisely to provide and seek information.
asking questions to identify required information.
using active listening techniques to confirm understanding.
For each project, write a draft Risk Management Plan (including a Risk Register).

You have already used brainstorming to identify project risks. Use at least one other method to identify at least four project risks. This method should seek input from an external stakeholder (e.g. customer, other staff members, general public, experienced leaders etc.)
Once you've identified the risks, create a draft Risk Management Plan (including a Risk Register).
As you complete the plan (and register), you are required to analyse four of your identified project risks. You must:
classify each risk
apply the agreed risk ranking system to determine the risk likelihood, severity and risk rating.
identify risk priorities.
identify potential outcomes (threats and opportunities) associated with each risk (at least one per risk).
assign risk treatments for the potential outcomes (at least one per risk).
You may use the Risk Management Plan template provided in the Simulation pack, or any other template relevant to your work place. At this point, you do not need to assign responsibility to team members.
Answer separately for each project and make sure you use numerical data as you analyse the risks.
Make sure you have answered all questions in Section 1.
You are required to attach certain documents as part of your evidence - review the documents you need to attach as outlined in Section 1 of the Project Portfolio.
Submit Section 1 to your assessor.

Start working on Section 2 Finalise project risk management plans of your project portfolio. Steps 5 to 6 form part of Section 2.
For each project, finalise your Risk Management Plan (and Risk Register). Get AI-free online assignment help by the best tutors.

Before you finalise your plan, use an appropriate consultative method (as previously agreed to) to consult with at least two relevant stakeholders (e.g. CEO, senior manager, project team, business owner etc) to:
agree on risk priorities (you have already prioritised risks in your draft project management plan).
analyse the risk treatment options to choose the best way forward.
Consult separately with stakeholders for each project and make sure your chosen consultative method meets the communication requirements of your organisation. If you are using the case study, you will consult with the Operations Manager and CEO.
Once you've consulted with the stakeholders, update your draft Risk Management Plan and Risk Register to incorporate the input provided by the stakeholders during the consultative process. Then, allocate risk responsibilities to the project team members.
Change the version number of your Risk Management Plan and Risk Register.
For each project, implement the one of the agreed risk treatments.

Choose one risk that has a high priority and implement the agreed risk treatment.
Examples of how you may implement a risk treatment include:
apply for an insurance policy
outsource processes (e.g. by writing a tender document)
seek legal advice (e.g. by drafting an email)
develop a questionnaire to establish customer requirements
arrange for staff development (e.g. coaching, mentoring or training)
apply due diligence processes.