Reference no: EM133021117

BSBPMG536 Manage Project Risk

Learning outcomes: 1.1 Identify risk objectives and standards, with input from stakeholders
1.2 Identify project risk context to inform risk management processes
1.3 Identify project risks using valid and reliable risk identification methods
2.1 Identify risk analysis classification criteria and apply to agreed risk ranking system
2.2 Use risk analysis processes, within delegated authority, to analyse and qualify any risks, threats and opportunities
2.3 Identify risk priorities in agreement with project client and other stakeholders
2.4 Document risk analysis outcomes for inclusion in risk register and risk management plan
3.1 Identify and document existing risk controls
3.2 Analyse risk treatment options using agreed consultative methods
3.3 Record and implement agreed risk treatments
3.4 Update risk plans and allocate risk responsibilities to project team members
4.1 Establish risk review processes
4.2 Monitor risk environment and identify changed circumstances impacting project risks
4.3 Evaluate risk responses to changed environment
4.4 Implement agreed risk responses and modify plans
5.1 Review project outcomes for effectiveness of risk-management processes and procedures
5.2 Develop recommended improvements for application in future projects
5.3 Identify and document risk management issues and recommended improvements for application to future projects

Task 1 - Written responses

This activity has been designed to assess your knowledge and understanding of managing project risks within projects.

This task consists of questionnaires which reflect the knowledge of project management (PMBOK). The responses should include the following:
• Must be relevant to your project as stated in BSBPMG530 Manage Project Scope, unless otherwise stated. Responses should link to the theoretical aspects of project risk management followed by relevant experience / exposure of your nominated project you recently or are currently working on to progress both your studies and your projects simultaneously. Your response to the questionnaires must relate to the same project topic chosen for BSBPMG530 Manage Project Scope subject unit.
• However, if you have started with this subject topic as an initial attempt of this course, you must negotiate and discuss with your Assessor to consider a project that you recently or are currently working on or a project that you have worked in the past.
• If workplace project exposure does not apply to you, you must negotiate with your assessor to use a scenario/case study examples that you will find on e-learning. However, case study examples are a suitable substitute where workplace examples cannot be provided. Case studies are available on e-learning. Theory answers without reference to your experience will not be assessed as satisfactory
• Demonstrate that you can or have applied what you have learnt to your project, regardless of whether you have undertaken all the performance requirements in your workplace

Task 2 - Portfolio of Evidence

The portfolio of evidence comprises the assessment of the application of your project risks knowledge. You will need to demonstrate your human resources management skills applied to a project which is based on the project you have chosen for BSBPMG530 Manage Project Scope subject unit. It should state relevant experience / exposure of your nominated project you recently or are currently working on to progress both your studies and your projects simultaneously.

If you have started with this subject topic as an initial attempt of completing this course, you must negotiate and discuss with your Assessor to consider a project that you recently or are currently working on or a project that you have worked in the past.

If workplace project exposure does not apply to you, you must negotiate with your assessor to use a scenario/case study examples that you will find on e-learning. However, case study examples are a suitable substitute where workplace examples cannot be provided. Case studies are available on e-learning.

To such a degree you must negotiate with your assessor to use a scenario/case study examples that you will find on e-learning.

Your nominated project must be agreed between you and your Assessor so that its methodology, tools and techniques accommodate to the performance requirements of each Unit of Competency prior to start of work on the unit.
Your project must comprise:

• a comprehensive, detailed and integrated project management plan
• a formal communications plan
• a devoted and project-based budget
• formal and planned involvement with a wide range of stakeholders
• a documented risk, issues and change-management methodology
• a quality plan with assurance and control processes
• a project team-based environment.

Evidence of the following is important:

• demonstration of risk management for several complex projects
• knowledge of risk management plans, tools, issues and likely challenges

To achieve competency, you are required to demonstrate knowledge, skills and experience to:

Performance Evidence
Evidence of the ability to:
• conduct effective risk management for a project of sufficient complexity to demonstrate the full range of performance requirements
• apply risk management techniques, strategies and tools.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
• identify project risks in a range of risk categories
• explain key components of a risk management plan
• outline industry sector risk classifications and relate these to different risk contexts
• summarise organisational and industry standard risk frameworks
• identify and describe characteristics, techniques and appropriate applications of quantitative and qualitative risk management techniques and approaches.

Task 1
Question 1: Describe how you would educate stakeholders on effective risk management. Consider how you would inform and discuss with them the strategies to recognise and manage your nominated project risks and how you would ensure they understand its significance.

Question 2: Explain how risk management should relate to the scope, schedule and budget. Include within your responses how you related the risk management strategies to those three areas of your nominated project.

Question 3: Describe the tools and techniques you have used to analyse and/or manage project risk for projects within your workplace.

Task 2 - Portfolio of Evidence

You must use the same project for all units in this course and must be relevant to your project as stated in BSBPMG530 Manage Project Scope, unless your nominated project changes during the course or cannot adapt to the performance requirements of any of the units of competency. If either or both events occur during your course, you must contact your assessor to find out what you need to do to continue to satisfy the course performance requirements and achieve competency.

The project must be in an organisation, business or you are operating as a consultant.

Your nominated project must have:

• a comprehensive, detailed and integrated project management plan
• a formal communications plan
• a dedicated and project-based budget
• formal and planned engagement with a wide range of stakeholders
• a documented risk, issues and change-management methodology

You will need to complete the relevant templates from each knowledge area which are provided, you may use templates from this assessment or from your workplace that provide evidence of your competency.

A. Identify Project Risks
You will need to complete the relevant templates from each knowledge area which are provided which are provided or create relevant template as required by the tasks. You may use templates from the text or from your workplace that provide evidence of your competency.

A1. Describe the risk context in which the project is operating.

A2. Define your approach to identifying the risks on the project. Provide at least 3 (three) approaches.

A3. Explain the involvement of your project team members in establishing the risk management context and risk management planning.

B. Analyse the Project
You will need to complete the relevant templates from each knowledge area which are provided which are provided or create relevant template as required by the tasks. You may use templates from the text or from your workplace that provide evidence of your competency.

B1. Risks as opportunities
Consider at least two (2) risks that presented an opportunity to augment your project objectives or negative risks that could measure in a positive manner. Describe the positive risks in the space provided below:

B2. Consequence and Likelihood 8 Marks
List the project risks and allocate a rating to each risk for both of its consequence (impact) and likelihood (probability) of occurring using the rating scale provided in APPENDIX 1: Table 1 and Table 2. You may use the rating scale established at your workplace for your project as well.
You are then to provide a narrative of the risk's potential consequence and likelihood, at least 4 (four data for each, of occurring. Ensure to include some positive risks as well as which may account opportunities to heighten project objectives.

B3. Quantitative risk analysis
What quantitative risks analysis techniques are you familiar with that are used at your workplace? List at least two (2) of them below and provide a brief description of why these tools are referred by your workplace

B4. Refection Prioritisation of risks
Devise mutually the consequence/likelihood ratings in the previous activity, consign the risk with the highest priority a score of "1", the next most significant one of "2" and so on. Provide a rationale for why you have prioritised the risks the ways you did. You may generate your own rating based on your workplace project if required. However, you must state the risks you have identified in Task B2, for example, if you have mentioned four (4) risks, you must devise the ratings of all 4 risks highlighted in the template given below

B5. Risk response strategies 10 Marks
For the four (4) risks you have identified, analysed and prioritised in the previous activities, for each identified risk, implement at least one risk treatment strategy elucidating and qualifying your response. You may utilise the table below or create a similar one of your own:

B6. Risk Register and action plan of risks
a) Complete a risk register for your designated project. Include both positive/opportunities and negative risks
b) State two action plans for the top two priority risks
You are to use the data provided in Task 2 (B2 - B6). You are to utilise the templates given below or any other similar template that is related to your project used at your workplace or create one of your own, however they must meet the relevant criteria. Marks will be allocated on the basis of the relevancy to the project and it's identified risk as stated in the previous tasks.

C. Monitor and Control Project Risks
For the questions and answers in Task C (1 & 2), you are to provide on how the information fits in within your project management functionalities of your nominated project.

Answer the following questions:
Question 1: State what activities you have undertaken to monitor the risk atmosphere to identify changed circumstances that would or had impacted on your project

Question 2: Describe what the outcome of this review was and how you had managed the changed risk approaches/responses to maintain the currency of your risk register and action plans and responses?

D. Assess Risk Management Outcomes
For the questions and answers in Task D1, you are to provide on how the information fits in within your project management functionalities of your nominated project.

Review your project performance in terms of risk management. Would your risk management processes and procedures be considered effective?

D2. List at least 5 (five) risk management problems you may have practiced on the project including a recommendation for future projects.

Attachment:- Manage Project Risk.rar