Reference no: EM133135028

Manage project risk

Case Study A - The objectives and standards

Project information
An organisation has taken on a new work contract; the project is to create a new workspace for the team of workers tasked to do this.

The work contract is for the next three-year period. There is space in an existing part of the premises, it just needs to be cleaned and decorated, and the equipment set up. A team-based room layout is required; it should be open plan, so the workers can see and communicate with each other. One end must be partitioned off for file storage; this must be a secure area.

Activity 1A

Objective: Identify risk objectives and standards, with input from stakeholders.

Working with a partner or as will be further instructed by your trainer, complete the following tasks:

Discuss possible risk objectives and agree on one or more that could apply

Discuss and agree on three appropriate standards that you would want to include for managing the risks.

Write down your conclusions in your workbook

Activity 1B
Identify project risk context to inform risk management processes.

Refer to Case Study A - The objectives and standards
Looking at categories of risk, identify two that will apply in the case study. Write these down and for each, provide one or more risks that will be relevant.

Activity 1C
Identify project risks using valid and reliable risk identification methods.

Identify and briefly describe two risk identification methods that you can use to determine project risks.

What is a risk urgency assessment?

How can modelling and simulations help with identifying project risks?

Why does an organisation need to have its own classification of risk severity?

Activity 2A
Identify risk analysis classification criteria and apply to agreed risk ranking system.

In relation to your or selected/preferred business industry, develop five criteria statements or questions that would help you to determine how risks should be ranked.

In regard to your or selected/preferred business industry, explain how would you rank risks for their likelihood and consequence/impact?

Activity 2B
Use risk analysis processes, within delegated authority, to analyse and qualify any risks, threats and opportunities.

What would you need to determine for a SWOT analysis of risks, threats, and opportunities?

For each aspect of a SWOT analysis (i.e., the strengths, weaknesses, opportunities, and threats), identify three questions that you could use to analyse project risks.

Activity 2C
Identify risk priorities in agreement with project client and other stakeholders.

Explain how you would identify risk priorities with stakeholders (in no more than 70 words).

Why should you obtain agreement with stakeholders on the risk priorities?

What listening technique can you use in meetings, and how would you use this?

Case Study B - Documenting risks
Following Case Study A, a risk analysis has been carried out. This focuses on manual handling tasks for work health and safety risks during the establishment of the new workspace.

The following risks have been identified:
Musculoskeletal strains and injury from lifting and moving equipment and varying load weights
Poor posture and potential musculoskeletal strains from working below waist level to install power connectors into the floor
Cramped conditions when furnishing the storage area.
Lifting and moving equipment
As different items need to be lifted and moved by the facilities team, the risk likelihood has been agreed upon as being medium. Risks can be controlled, but the human factor must be taken into consideration. The impact of this would be high and, if it did happen, severe to workers. A combination of controls has been identified.
These are:
Provide refresher training on safe manual handling techniques
Reduce loads to limit weight
Use trolleys to move computers and small items of equipment
Conduct team handling to move larger items
Keep the workspace clear to avoid trip hazards.
Working below waist level
There are two electricians who have been tasked with fixing eight connection points into the floor. They are both experienced workers who are fully trained. The risk likelihood has been agreed as low; the work is straightforward and should not take more than one hour. However, if an incident was to happen, the impact could be high and also be severe to the electricians.
The following controls have been identified:
Limit the amount of time working at a low level (breaks must be taken frequently to change position and posture)
Use knee pads to cushion knees
Keep the space free of clutter and barricaded to warn others of the work.
Limited space to work
The storage area is small; it does not have good lighting and only one small window for ventilation. It is large enough to accommodate three people at any time. For the development of the workspace, filing cabinets must be moved into here by the facilities team.
The risk likelihood is identified as being medium, although the impact would be high and could also be severe to workers. Controls have been decided.
These are:
Only allow a maximum of two people in the area at any time
Use a trolley to move filing cabinets into the storage space
Appoint one person to direct and monitor manual handling tasks
Provide temporary lighting.

Activity 2D
Identify how to document risk analysis outcomes for inclusion in risk register and risk management plan.

Write a brief summary of the risk analysis outcome (in no more than 100 words). You should identify what the risks are and what kind of threat they pose.

Using the risk register provided below, enter the correct details for each risk.

Case Study C - Organisational risk controls

An organisation must develop controls for a project with a business partner. Management needs to assess the risks of working with another organisation. Previous risk documentation reveals some existing risk controls that will apply to the new partnership.
Existing risk controls
The existing controls used previously included having a contract in place to agree to the terms for working together and the liabilities. There was a system and a process in place for joint decision-making, and there was a clear establishment of roles, responsibilities, and boundaries. The project that was carried out proved to be successful with this cautious approach.

Activity 3A

Objective Identify and document existing risk controls
Refer to Case Study C - Organisational risk controls
What strategy was taken with the previous, existing risk controls?

Write down the risk controls that will apply.

What information do you need to include when documenting risk controls?

Activity 3B

Identify how to analyse risk treatment options using agreed consultative methods; and record and implement agreed risk treatments.

You have been asked to discuss the merits of risk transfer and risk acceptance in a consultation. Prepare a short script (no more than 100 words) that identifies these in relation to the Case Study.

When recording risk treatments, what should you do?

Identify three things that are included in the risk treatment template in the appendices of this unit.

List three things that may need to be carried out when implementing risk treatments.

Activity 3C

Identify how to update risk plans and allocate risk responsibilities to project team members.

When should you update risk plans?

What guideline can you use to determine if risk plans need updating?

What should you do when allocating risk responsibilities to project team members, and why?

Activity 4A

Identify how to establish risk review processes.

For a hypothetical project that is typical for your business industry, identify three activities that you would want to include in risk review processes.

What would you want a risk review process to do? (Identify four reasons).

Activity 4B

Identify how to monitor risk environment and identify changed circumstances impacting project risks.

What things should you be looking out for when monitoring the risk environment?

What changes might occur to the internal and external environments within a risk context? (Provide four changes for each type).

Activity 4C
Identify how to evaluate risk responses to changed environment.

For the following two scenarios, assess whether the risk responses should change. If so, what would you change these to?

Scenario one
Your project team is struggling to get to grips with a technology they are unfamiliar with. Although they have been trained to use this, they simply don't have the expertise to use this competently. The project is beginning to lag.

Scenario two
The project has suffered a setback; the team members have all been off work ill over the last month, and the schedule is now behind. The extra time added into the schedule to manage difficulties has been used, and the project still needs to get back on track.

Activity 4D
Identify how to implement agreed risk responses and modify plans.

For one of the scenarios in Activity 4C, write a brief outline (no more than 50 words) of how you would implement the changes you found.

When would you modify your plans to include the risk response changes?

Activity 5A
Identify how to review project outcomes for effectiveness of risk-management processes and procedures.

For your business industry and type of work role, develop a simple review process you can use to review the effectiveness of risk management in projects.

Activity 5B
Identify how to develop recommended improvements for application in future projects.

What type of decision-making process should you use when developing improvements for project risk management, and why?

What should your improvements address?

What else should you consider when deciding on these improvements?

Activity 5C
Identify and document risk management issues and recommended improvements for application to future projects.

How will you identify your improvements to risk management?

What type of document should you generate to document risk management issues and improvements?

Identify three things this should include.

How should you document this information?

Attachment:- Manage project risk.rar