Reference no: EM133570437

Manage program risk

Knowledge Assessment

Question 1: Describe what the following risk management tools are used for when managing program risks.

Risk management tool
i. Risk register
ii. Risk matrix

Question 2. Describe what the following risk frameworks are used for when managing program risks.

Risk management framework
i. Risk management policy
Risk management framework
ii. Risk management procedures

Question 3. Describe what the following risk management systems are used for when managing program risks.

Systems
i. Risk management software
ii. Risks management templates

Question 4. Describe what the following risk management methodologies are used for when managing program risks.

Methodologies
i. Risk identification process
ii. Risk analysis process
iii. Risk treatment process
iv. Risk tracking process
v. Risk review process

Question 5. Describe what the following risk management standards are used for when managing program risks.

Standards
i. PMBOK Risk Management Guide and Standards
ii. AS/NZS ISO 31000:2009Risk Management Principles and guidelines

Question 6. Answer the following questions about a dynamic risk register.

i. Identify three characteristics of a dynamic risk register.a. b. c.

ii. Explain how a dynamic risk register would be used across a program.

Question 7. List four components of a dynamic risk register and describe what each component is used for.

Project 1
Duplication of 18 kilometers of track between Deer Park West and Melton
The track duplication between Deer Park West and Melton, spanning a length of 18 kilometers (11 miles), and at Bacchus Marsh is a significant infrastructure project aimed at improving the efficiency and capacity of the railway network in those areas. The purpose of this track duplication is to address congestion issues, enhance operational flexibility, and improve service reliability for both passenger and freight trains.
Key Objectives:
1. Increase Capacity: By duplicating the track, the project aims to increase the capacity of the rail line, allowing for more frequent train services and reducing congestion.
2. Improved Reliability: Duplicating the track will help minimize delays caused by conflicts between trains traveling in opposite directions and provide better timetable adherence.
3. Enhanced Safety: The project aims to improve safety by reducing the risk of accidents and incidents due to overcrowding and congestion on the single-track sections.
4. Support Future Growth: The track duplication will cater to the anticipated increase in population and demand for rail services in the region, ensuring the infrastructure is prepared for future growth.
5. Efficiency and Operational Flexibility: By providing a dual-track system, the project aims to enhance operational flexibility, allowing for smoother and more efficient train movements and reducing potential bottlenecks.
Progress and Challenges:
1. Construction Milestones: Provide an overview of the major milestones achieved during the project, such as completion of feasibility studies, design phase, land acquisition, commencement of construction, and completion of specific sections.
2. Stakeholder Engagement: Highlight the efforts made to engage with local communities, residents, businesses, and other stakeholders to address concerns, gather feedback, and ensure their interests are considered throughout the project.
3. Technical Challenges: Outline any technical challenges or complexities encountered during the track duplication, such as geological conditions, environmental considerations, or coordination with existing infrastructure.
4. Budget and Schedule: Assess the project's progress in terms of budget adherence and schedule timeline, identifying any deviations or challenges encountered and the corresponding mitigation measures implemented.
5. Risk Management: Evaluate the effectiveness of risk management strategies and actions taken to mitigate risks associated with the project, including risks related to safety, environmental impact, stakeholder management, and technical issues.

1. Identify Success Factors: Identify and highlight successful practices, strategies, or methodologies that contributed to the project's progress and successful outcomes.
2. Analyze Challenges and Mitigation Measures: Assess the challenges faced during the project and the effectiveness of the measures taken to address them. Identify areas for improvement in risk mitigation and management.
3. Communication and Stakeholder Engagement: Evaluate the effectiveness of communication and engagement efforts with stakeholders, identifying areas for improvement in maintaining transparent and productive relationships.
4. Project Management: Reflect on project management practices, including planning, resource allocation, coordination, and monitoring, to identify areas of improvement for future projects.
5. Technical and Engineering Considerations: Analyze the technical aspects of the project, such as design, construction methods, and quality control, to identify areas for improvement or innovation in similar future projects.
Conclusion: Summarize the overall progress of the track duplication project, including achievements, challenges, and lessons learned. Emphasize the impact of the project on improving rail services, addressing congestion, and supporting future growth. Provide recommendations for future projects based on the insights gained from this experience.

PROJECT 2

Building a new Cobblebank Station, between Rockbank and Melton, separately funded by the Victorian Government's Growth Area Infrastructure Contribution
Building a new Cobble bank Station, between Rockbank and Melton, with separate funding from the Victorian Government's Growth Area Infrastructure Contribution, is a significant infrastructure project aimed at improving transportation services and supporting the growth of the surrounding areas. The construction of this new station will provide increased accessibility to public transportation, enhance connectivity, and accommodate the growing population in the region.
Key Objectives:
1. Enhanced Connectivity: The construction of Cobblebank Station aims to improve connectivity by providing a new public transportation option for residents in the area. It will create convenient access to train services, reducing reliance on private vehicles and promoting sustainable transportation.
2. Catering to Population Growth: The project is designed to address the anticipated population growth in the region. By providing a new station, it ensures that the transportation infrastructure can accommodate the increased demand for public transportation services.
3. Improved Travel Efficiency: Cobblebank Station will reduce travel times for commuters by providing a closer and more convenient boarding point, thereby improving overall travel efficiency and reducing congestion on roads.
4. Supporting Development and Economic Growth: The new station will serve as a catalyst for economic development by providing improved connectivity to employment centers, educational institutions, and commercial areas. It will attract investment and support the growth of the local economy.

Progress and Challenges:
1. Funding and Budget Management: Provide an overview of the funding allocation and management for the construction of Cobblebank Station. Highlight any challenges or changes in the budget and how they were addressed.
2. Planning and Approvals: Discuss the planning process, including feasibility studies, environmental assessments, and obtaining necessary permits and approvals. Address any challenges or delays encountered during this phase and how they were mitigated.
3. Construction Milestones: Outline the major milestones achieved during the construction process, such as land acquisition, site preparation, station infrastructure construction, and installation of necessary amenities.
4. Stakeholder Engagement: Describe the efforts made to engage with local communities, residents, businesses, and other stakeholders to gather feedback, address concerns, and ensure their interests are considered. Highlight any successful engagement practices or challenges faced.
5. Integration with Existing Infrastructure: Address any technical or logistical challenges encountered during the construction of Cobblebank Station, particularly related to integrating the new station with existing railway infrastructure and ensuring seamless operations.
6. Timelines and Project Delivery: Evaluate the progress of the project in terms of adhering to the established timelines and key project milestones. Identify any delays or issues that may have impacted the project's delivery and the steps taken to mitigate them.
Lessons Learned:
1. Project Planning and Execution: Reflect on the effectiveness of the project planning and execution strategies, including the identification of risks and contingencies, resource allocation, and coordination among stakeholders. Identify lessons learned to improve future project planning and execution.
2. Stakeholder Management: Evaluate the stakeholder management approach used during the project, including communication channels, engagement methods, and responsiveness to stakeholder needs and concerns. Identify areas for improvement in fostering positive relationships with stakeholders.
3. Collaboration and Coordination: Assess the effectiveness of collaboration and coordination among project teams, contractors, and relevant authorities involved in the construction of Cobblebank Station. Identify lessons learned to enhance coordination and cooperation in future projects.
4. Project Integration: Analyze the challenges and successes related to integrating the new station with existing infrastructure, ensuring smooth operations, and minimizing disruptions. Identify areas for improvement to optimize future integration efforts.
5. Public Engagement and Community Impact: Reflect on the engagement with the local community and the effectiveness of communication strategies in managing community expectations and addressing concerns. Identify ways to enhance community involvement and minimize negative impacts during construction.
Conclusion: Summarize the progress and achievements of the Cobblebank Station construction project. Highlight the successful outcomes, challenges faced, and the lessons learned throughout the process. Emphasize the impact

Overview
The goal of this assessment is to assess your practical knowledge and skills in:
• Directing planning of program risk management.
• Managing program risk.
• Assessing program risk management outcomes.
The workplace assessment is divided into tentasks:
• Task 1.1 Identify and Assess Potential and Actual Risks
• Task 1.2 Develop Program Risk Management System
• Task 2.1 Manage the Implementation of Program Risk Management System
• Task 2.2 Maintain Program Risk Management System
• Task 2.2 Monitor the Program Risk Management System
• Task 2.3 Manage Implementation of Program Risk Responses
• Task 2.4 Update Risk Register
• Task 3.1 Communicate Program Residual Risks
• Task 3.2 Review Program Risk Management Outcomes
• Task 3.3 Document Lessons Learned
The workplace assessment tasks must be completed for a workplace program consisting of at least two projects.
Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and submit any required documentation.
Before starting this assessment, your assessor will also discuss these tasks with you, as well as instructions and guidance for satisfactorily completing them. They will also organise the resources required for this assessment (listed below).
You are required to:
• Complete the tasks within the time allowed, as scheduled in-class roll.
• Review the instructions in each task included in this Workplace Assessment.
• Direct planning of program risk management.
• Manage program risk.
• Assess program risk management outcomes.
Resources required for assessment:
To complete this assessment, you will need access to the following:
• Workplace or a similar environment that will provide you access to:
o Complex workplace program
o Program stakeholders (must include project managers within the program)
o Records of similar previous programs and projects (e.g. risk registers from previous programs and projects, lessons learned document, etc.)
o Risk management frameworks and standards, e.g. your organisation's risk management policy and procedures, PMBOK, AS/NZS ISO 31000:2009 (as applicable to the project)
o Organisation's existing program risk management framework/system - policies, procedures, and processes.
o Organisation's program risk management forms and templates:
• Program risk register template
• Program risk management system/plans
• Meeting minutes
• Program review completion
• Lessons Learned
o Opportunities to:
• Direct planning of program risk management
• Manage and monitor program risk
• Assess program risk management outcomes
o Workplace/program resources required to manage and monitor the implementation of the program risk management system, including but not limited to:
• Program risk management tools, applications, forms, and templates
• Program risk management documents
• Regular program risk management meetings

Part I. Direct Planning of Program Risk Management

1.1 Identify and Assess Potential and Actual Risks

While being observed by your assessor, facilitate risk identification and assessment activity with program stakeholders (including project managers) and:
• identify and assess potential and actual program risks with the program stakeholders.
• support and mentor the project managers in analysing and evaluating risks.
Use your organisation's template for documenting potential and actual program risks, or you may use the Generic Risk Register template provided along with this workbook.
At a minimum, your Risk Register must include:
• Potential risks
• Actual risks
• Descriptions of these risks
• Likelihood of risk occurring.
• The severity of consequence or impact if the risk occurs
• Risk rating based on likelihood and severity
• Risk owners
To help you identify these risks, consult relevant program stakeholders and review records of similar previous programs and projects (e.g. risk registers from previous programs and projects, lessons learned document, etc.).
Refer to and follow risk management frameworks and standards, e.g. your organisation's risk management policy and procedures, PMBOK, AS/NZS ISO 31000:2009.
You will be assessed on:
• Practical knowledge of program risks.
• Practical skills in identifying program risks.
• Practical skills in directingidentification, documentation, and analysis of program risks.

Before starting this task, review the following assessment forms provided along with this workbook.
• Workplace Assessment Task 1.1 - Assessor's Checklist
This form lists the criteria your submission must address to complete this task satisfactorily.
• Workplace Assessment Task 1.1 - Observation Form
This form lists all the practical skills you need to demonstrate while completing this task.
Your assessor will also:
• Organise workplace resources required for you to complete this assessment.
• Discuss with you the requirements listed in the Assessor's Checklist and Observation Form prior to the assessment.
• Address your queries and concerns regarding this task.
After completing this task, submit the following to your assessor:
• Risk Register
• Copies of the frameworks and standards you referred to for this task, e.g. your organisation's risk management policy and procedures, PMBOK, AS/NZS ISO 31000:2009.

1.2 Develop Program Risk Management System

Following the risks identified in Task 1.1:
• select an appropriate risk methodology that will be implemented in your program,
• develop a risk management system for your program.
Use your organisation's template for documenting program risk management systems, or you may use the Generic Program Risk Management System/Plantemplate provided along with this workbook.
At a minimum, this system must cover/address:
• Risk methodology you selected and modifications to be made to this methodology to suit your program and risk context.
• Management of risk controls, treatments, and outcomes
• Communication of risk controls, treatments, and outcomes to stakeholders across the program.
• Measures to ensure transparency in this system.
• Measures to ensure that risks are assigned and treated in a timely manner.
Your Program Risk Management System/Plan submission may also include supplementary documents as attachments, such as risk management forms and templates, policies and procedures documents, project risk frameworks, etc.
To help you develop and document this system, consult relevant program stakeholders and review records of similar previous programs and projects (e.g. risk registers from previous programs and projects, risk management systems and plans from previous programs and risks, lessons learned document, etc.).
Refer to and follow risk management frameworks and standards, e.g. your organisation's risk management policy and procedures, PMBOK, AS/NZS ISO 31000:2009.
You will be assessed on:
• Practical knowledge of program risk management methodologies, methods, and program risk-management systems.
• Practical skills relevant to developing a program risk-management system.

Before starting this task, review theWorkplace Assessment Task 1.2 - Assessor's Checklistprovided along with this workbook.This form lists the criteria your submission must address to complete this task satisfactorily.
Your assessor will also:
• Organise workplace resources required for you to complete this assessment.
• Discuss with you the requirements listed in the Assessor's Checklistprior to the assessment.
• Address your queries and concerns regarding this task.
After completing this task, submit the following to your assessor:
• A copy of yourProgram Risk Management System/Plan, including relevant documents such as risk management forms and templates, policies and procedures documents, project risk frameworks, etc.
• Copies of the frameworks and standards you referred to for this task, e.g. your organisation's risk management policy and procedures, PMBOK, AS/NZS ISO 31000:2009.

Part II. Manage Program Risk

2.1 Manage the Implementation of Program Risk Management System While being observed by your assessor, on two separate instances, manage and monitor the implementation of the program risk management system. In each of these instances, you must also:
• Review how the program is tracking in achieving its objectives.
• Analyse variance between actual program progress and established program objectives.
• Evaluate how effective the program risk management system is in ensuring the program achieves its objectives.
• Confirm whether risks identified in Task 1.1 are being assigned to designated program stakeholders (as established in the program risk management system/plan).
• Confirm whether risks identified in Task 1.1 are being monitored and assessed at agreed intervals (as established in the program risk management system/plan).
• Identify issues in the implementation and assess their impact on the program achieving its progress.
• Identifying remedial access to address these issues.
Summarise your findings from each instance into a report. Use your organisation's templates for monitoring program implementation (e.g. monitoring, reportingtemplates, etc.).
How you will complete this will depend on the methods outlined in your program risk management system.
You will be assessed on:
• Practical knowledge of program risk management systems and plans.
• Practical skills relevant to managing and monitoring the implementation of program risk management systems and plans.

In addition to your reports, secure other documents from each of these instances demonstrating that you have managed the implementation of the program risk management system.
These documents may include but are not limited to meeting minutes, email correspondences with relevant program stakeholders, other similar program risk management documents, etc.
Refer to and follow established risk management systems, plans and processes in your program when completing this task.
After completing this task, submit the following to your assessor:
• Instance 1:
o Program monitoring report (or similar document)
o Documentation showing you have managed the implementation of the program risk management system
o Copy or excerpt of the program risk management system/plan that you referred to and followed to complete this task.

2.2 Maintain Program Risk Management System

Based on the outcomes of your monitoring in Task 2.1, update and the Program Risk management System/Plan you created in Task 1.2.
Secure a copy of the plan with the changes and edits you made highlighted/tracked for your assessor's reference.
Changes may also be made to the supplementary documents, e.g. risk management forms and templates, policies and procedures documents, project risk frameworks, etc. Include any updated supplementary documents in your submission for this task.
Endorse the updated Program Risk management System/Plan to relevant program stakeholders, e.g. through email or update the copy in your organisation's record-filing system.
You will be assessed on:Practical knowledge of program risk management methodologies, methods, and program risk-management systems.
• Practical skills relevant to maintaining a program risk-management system.
Before starting this task, review theWorkplace Assessment Task 2.2 - Assessor's Checklistprovided along with this workbook.This form lists the criteria your submission must address to complete this task satisfactorily.
After completing this task, submit the following to your assessor:
• A copy of the Program Risk Management System/Plan with the changes and edits you made highlighted/tracked for your assessor's reference.

2.3 Manage Implementation of Program Risk Responses While being observed by your assessor, on two separate instances, manage the implementation of responses or treatments to actuated program risks (i.e. actual risks).
Prior to the implementation of these risk responses and treatments:
• Review actuated program risk and prepare an analysis report on its impact on the program objectives. Use your organisation's template for preparing this analysis.
• Secure authorisation from relevant program stakeholders to implement these risk responses and treatments.
How you will complete this will depend on the methods outlined in your program risk management system as well as the objectives of your program.
You will be assessed on:
• Practical knowledge of program risk responses and treatments.
Secure documents from each of these instances. These documents may include but are not limited to meeting minutes, email correspondences with relevant program stakeholders, copies of reports, other similar program risk management documents, photo/video documentation, etc.
Refer to and follow established risk management systems, plans and processes in your program when completing this task.
Before starting this task, review the Workplace Assessment Task 2.3 - Observation Form provided along with this workbook. This form lists all the practical skills you need to demonstrate while completing this task.
Your assessor will also:
• Organise workplace resources required for you to complete this assessment.
• Discuss with you the practical skills listed in the Observation Form prior to the assessment.
• Address your queries and concerns regarding this task.

After completing this task, submit the following to your assessor:
• Instance 1:
o Documentation showing you have managed the implementation of program risk responses/treatments.
o Copy of your impact analysis of the actuated program risk.
o Copy of authorisation from program stakeholders authorising you to implement these program risk responses/treatments.
o Copy or excerpt of the program risk management system/plan that you referred to and followed to complete this task.
o Copy of program objectives relevant to the implementation of this risk response/treatment.
• Instance 2:
o Documentation showing you have managed the implementation of program risk responses/treatments.
o Copy of your impact analysis of the actuated program risk.
o Copy of authorisation from program stakeholders authorising you to implement these program risk responses/treatments.
o Copy or excerpt of the program risk management system/plan that you referred to and followed to complete this task.
o Copy of program objectives relevant to the implementation of this risk response/treatment.

2.4 Update Risk Register
Following your implementation of risk responses/treatments in Task 2.3:
• Conduct another assessment of the risks initially identified in Task 1.1.
• Identify residual risks following your implementation of risk responses/treatments.
• Update your Program Risk Register (from Task 1.1) to reflect these outcomes.
At a minimum, your updated Risk Register must include:
• Residual risks
• Descriptions of these risks
• Revised likelihood of the risk occurring.
• Revised severity of consequence or impact if the risk occurs
• Revised risk rating based on revised likelihood and severity
• Updated risk ownership/responsibility
To help you identify these residual risks, consult relevant program stakeholders and review records of similar previous programs and projects (e.g. risk registers from previous programs and projects, lessons learned document, etc.).
Refer to and follow risk management frameworks and standards, e.g. your organisation's risk management policy and procedures, PMBOK, AS/NZS ISO 31000:2009.
Secure a copy of the Program Risk Register with the changes and edits you made highlighted/tracked for your assessor's reference.
You will be assessed on:
• Practical knowledge of program risks.
• Practical skills in identifying program risks.
• Practical skills in directing identification, documentation, and analysis of program risks.
Before starting this task, review theWorkplace Assessment Task 2.4 - Assessor's Checklistprovided along with this workbook.This form lists the criteria your submission must address to complete this task satisfactorily.

Your assessor will also:
• Organise workplace resources required for you to complete this assessment.
• Discuss with you the requirements listed in the Assessor's Checklistprior to the assessment.
• Address your queries and concerns regarding this task.
After completing this task, submit the following to your assessor:
• Updated Risk Register

Part III. Assess Program Risk Management Outcomes

3.1 Communicate Program Residual Risks
IMPORTANT: This task must be done at program completion.
Communicate the residual risks and their associated liabilities to relevant program stakeholders, e.g. your program sponsor and project managers, while being observed by your assessor.
Use your organisation's template for documenting meeting minutes, or you may use the Generic Meeting Minutestemplate provided along with this workbook.
You will be assessed on:
• Practical knowledge of program risks.
• Practical skills relevant to identifying and documenting program residual risk and communicating to stakeholders any transferred liability at program completion.
Before starting this task, review theWorkplace Assessment Task 3.1 - Observation Formprovided along with this workbook.This form lists all the practical skills you need to demonstrate during your meeting with program and project stakeholders.
Your assessor will also:
• Organise workplace resources required for you to complete this assessment.
• Discuss with you the requirements listed in the Assessor's Checklist prior to the assessment.
• Address your queries and concerns regarding this task.
After completing this task, submit a copy of the meeting minutes to your assessor.

3.2 Review Program Risk Management Outcomes While being observed by your assessor, conduct a meeting with relevant program stakeholders to:
• review and analyse program outcomes in relation to program risk,
• assess the effectiveness of the risk management methodology implemented in your program.
• seek feedback on risk management and identify actions/responses to address this feedback
Use your organisation's template for documenting program review, or you may use the Generic Program Completion Review template provided along with this workbook.
You will be assessed on:
• Practical knowledge of risk management methodologies.
• Practical skills relevant to reviewing program outcomes and effectiveness of risk management methodologies.
• Practical skills relevant seeking feedback from program stakeholders.
Before starting this task, review the following assessment forms provided along with this workbook.
• Workplace Assessment Task 3.2 - Assessor's Checklist
This form lists the criteria your submission must address to complete this task satisfactorily.
• Workplace Assessment Task 3.2 - Observation Form
This form lists all the practical skills you need to demonstrate while completing this task.
Your assessor will also:
• Organise workplace resources required for you to complete this assessment.
• Discuss with you the practical skills listed in the Observation Form prior to the assessment

3.3 Document Lessons Learned
Reflect on program risk management, analyse the feedback received in Task 3.2, and document the lessons learned.
Include in your lessons learned document improvements that must be implemented in risk management tools, frameworks, systems, methodologies, and standards in future programs.
Use your organisation's template for documenting the lessons learned, or you may use the Generic Lessons Learned template provided along with this workbook.
You will be assessed on:
• Practical skills relevant to analysing, documenting and recommending lessons learned for application in other programs.
Before starting this task, review the Workplace Assessment Task 3.3 - Assessor's Checklist provided along with this workbook. This form lists the criteria your submission must address to complete this task satisfactorily.
Your assessor will also:
• Organise workplace resources required for you to complete this assessment.
• Discuss with you the requirements listed in the Assessor's Checklist prior to the assessment.
• Address your queries and concerns regarding this task.
After completing this task, submit the completed Lessons Learned to your assessor.