Reference no: EM13849109

Management of Technological Risk

1. Answer all questions, and ensure that your answers have the coverage, and are in the format, requested.

2. Present your own ideas.

3. Your answers should be properly referenced and reflect that you have undertaken research outside the study material.

4. It is expected that your answers will be produced using electronic word processing. Use Microsoft Word for written answers. Any numerical items should use an electronic spreadsheet, in which all steps in any calculation should be clearly explained.

5. Assignments will be submitted electronically.

6. There must be a turnitin result for your answer. Otherwise it will not be accepted. turnitin is the plagiarism detection service used by USQ to examine student submissions as they are uploaded to the study desk. If the system does not successfully generate a turnitin result, student should try a different file format or contact the course examiner.

7. Please note that if plagiarism or cheating is detected in this assignment it will result in no marks for the assignment. Students should ensure they clearly understand the meaning of plagiarism and cheating. In particular, students should understand that while they may collaborate with other students on the conceptual ideas in their assignments, the final written report submitted by each student must be unique, and must not contain the written material of

(a) any other student in the course, or

(b) by any other person without due acknowledgement.

Question 1

"It is impossible to be a good risk manager without a thorough understanding of probability theory."

Consider this statement, and discuss, in 1000 words or less, why you support it or disagree with it, or whether you take a position between these two opposing points of view.

Include a list of any references you have consulted (including text materials).

Question 2

Question 2 allows students to demonstrate their understanding of risk management principles and their application to real-world situations. This assessment also provides the opportunity to demonstrate written communication skills.

There are two parts to this assessment:

1. Written report

2. Written communication and presentation

Requirement

1. A profile of the Company / Industry selected for this task. The profile should state the company / industry, what they actually do, such as products or services. This section of the report should be titled The Company Profile and be a maximum of 2 pages.

2. A brief business case addressing the following:

The feasibility of a risk study (brief summary of major reasons for the proposal)

Terms of reference for the proposal (what must be carried out by the risk management team. It should discuss the background and specifies the scope of the activities, states the main motives for the proposal and the questions asked. It sums up available knowledge and outlines evaluation methods and the distribution of work, schedule and the responsibilities among the people participating in a process. In brief statements). Keep in mind this is a presentation by you to the company executives

Project team (who should be members of the working risk management team specific for your industry).

3. The risk/s specifically related to your company (or industry) and its products and/or services is anything that is likely to adversely affect the company's objectives (such as specification, requirements, benefits, schedules, budgets, deliverables) just to give you a few examples (Remember your list should be representative of your industry).

4. An assessment of each risk's likelihood and consequence in terms of: Low

Medium High

Very high;

and a risk ranking based on a semi-quantitative approach.

5. Assigned priorities for the risks (risk evaluation). How you present this is how you will convince the executives of the company that your Risk Management Proposal should be approved.

6. A description of your proposed risk management process including the following areas:

The steps you plan on taking in your risk management plan (what you and the team will do)

Any rules and responsibilities required to carry out the proposal such as how to identify, how to do the review of each risk, and how to assign risk actions for risk minimisation.

7. A list of each of the risk management documents that you will develop as part of the process. You must explain the purpose and content of each document.