Reference no: EM132965596

BSBPMG517 Manage project risk

Question 1 You have been assigned to a project risk team comprising five members. Because this is the first time your organisation has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects.

Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out their proposed outline at the beginning of the meeting.

Your outline should include the following information:
(a) Team objectives, activities and outputs
(b) Identification and analysis of potential risks associated with this project (Try to come up with at least five different risks)
(c) Components of the risk management plan
(d) Indicate why industry sector risk classifications are important
(e) Clarify the parallels between a standard such as ISO31000:2018 and your risk management plan
(f) Outline various risk management techniques, tools, processes and procedures to enable effective management and communication of risk events, responses and results.

(approx.350 words)

Task 2 - Risk Management Plan

Instructions

Before you begin reading the case study, it is recommended that you read and familiarise yourself with all the documents of the simulated IndoAust Jaya scenario and corresponding project brief that can be found on Canvas under additional resources.
Use Appendix B to complete all assessments Parts.

Part A - Stakeholder consultation
Conduct a telephone consultation with a stakeholder to discuss the risks associated with this project.

Evidence requirement:
You (playing the role of the Project Manager) must provide video evidence of calling the stakeholder to discuss the risks associated with a project. You need to do this in a simulated environment following the process below.
The phone conversation you conduct should be approximately 5 minutes long. During your conservation, you must:
• Discuss the risk management objectives
• Discuss the risk context
• Discuss potential risks and their priorities
• Discuss treatment options for the risks identified

When you have finished recording, you will need to upload your file to Canvas. If you need help on how to submit a video file on Canvas, instructions are available in the Student Lounge on Canvas.
You will need to use the Project Brief to develop a clear understanding of the project. Provide the person acting as the stakeholder with a copy of the Project Brief prior to commencement. Information for the person acting as the stakeholder is provided in Appendix A Briefing Notes. Provide these notes to the person acting as the stakeholder so they have a clear understanding of the role play requirements.

Part B - Risk context
Establish the context for risk management. The context of your risk management should set out the parameters of the risk management system. Your context should include:
• Risk objectives within which the project operates
• Risk management standards used
• Relevant business policies and procedures that were reviewed
Look closely at section 7 of the project brief. Look also at IAJ's Risk Management Framework. (This section should be no longer than 200 words long).

Part C - Project risks
Develop five risk categories and then for each identify a minimum of two risks in each category. Look closely at section 7 of the project brief to assist you. (This section should be no more than 100 words long).

Part D - Risk identification
Discuss an appropriate risk identification approach. Indicate in your answer who is responsible for risk identification, and where and how risks are documented. (This section should be no more than 100 words long).

Part E - Risk Analysis
Assess any three of your identified risks and apply a numerical value to each risk. In carrying out the analysis you need to determine the probability (likelihood) and impact (consequence) of the risk occurring and then develop a risk matrix using your scale levels.
Consider the procedure for the Development of a Risk Management Profile in IAJ's Risk Management Framework. (This section should be no more than 100 words long).

Part F - Risk register
Use your risk analysis to prepare a risk register detailing the three identified risks. Your answer should include a classification of whether the risk presents a ‘threat' or an ‘opportunity' to the project.
Look at IAJ's Risk Management Framework to assist you. (The section should be no more than 100 words).

Part G - Risk Treatment
Provide a detailed explanation of the risk treatments you have selected for three of your identified risks. Your explanation should include a discussion of the strengths and weaknesses of existing risk controls.
Look at the Development of a Risk Management Profile in IAJ's Risk Management Framework for assistance. (This section should be no more than 100 words long).

Part H - Action Plan
Create an action plan for implementing on of the risk treatments. Start by detailing all the activities, steps or tasks required to implement the treatment. The action plan should include a detailed description of each of the activities or tasks that need to be completed. For each activity you should also detail the timeframe, required resources and roles and responsibilities.
Your action plan should also include an overview of the performance measures and monitoring arrangements for the risk treatment plan.
Look at the Development of a Risk Management Profile in IAJ's Risk Management Framework for assistance. (Your plan should be no more than 200 words long).

Part I - Risk response
Write an email to one of the key stakeholders to report a project risk that has been realised and the steps you will take to address and monitor the risk. Include a description of who you have assigned responsibility of the risk to. (100-150 words long).
Additional information for the case study
It is now May. By this time, the majority of the software configurations should've been completed. This has been unable to occur as the administrators were not able to complete the Sage administration training and do not know how to configure the software. The Sage administration training was cancelled as the trainer was called away to deal with a family emergency. Sage has promised to reschedule the training, but have not been able to confirm a date with the trainer. (Hint: Look at section 6 in the project brief to identify the appropriate stakeholders to address your email to).

Part J - Monitoring and Evaluation
You are to plan an audit of the project's risk management system. The audit should seek to measure the extent to which the goals and objectives of the risk management process were realised. It should also identify any new concerns so that new goals and objectives can be set.
The audit process is to be conducted in collaboration and consultation of key stakeholders.
Start by your audit questions. These are the questions that you hope your audit will answer. They should be centred on the goals and objectives of your risk management system. The following are some examples of audit questions:
• Are risks being adequately identified?
• Are risks being adequately evaluated?
• Is the frequency of risk identification and evaluation adequate?
• Are implemented risk treatments effective?
• Are risk treatments monitored and reviewed?
You should have at least three questions relating to the specific goals and objectives you set in your Risk Management Plan.
Next, draw a flow chart showing the audit process. This process should explain how you intend to answer your audit questions. Include the types of evidence you will review. Remember to include consultation with the key stakeholders you identified in your Risk Management Plan. (You can use software like SmartDraw or XMind).
Finally, type a draft email to one of the key stakeholders. In your email, explain the audit you are conducting and why and ask the stakeholder to contribute. You will need to develop specific questions for the stakeholder asking them to provide evidence that will help you to answer your audit questions.
(This section should be no more than 300 words long).

Part K - Lessons learned
Complete a "lessons learned" report reviewing the risk management plan for a project. Your report should take into consideration all the assessment activities that you have already completed. Use the template provided to document your review.
(This section should be approximately 100 words).

Attachment:- Manage project risk.rar