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BSBPMG517 Manage Project Risk

BSBPMG517 Manage Project Risk

ActivitiesblankActivity 1A

Estimated Time 15 Minutes
Objective To provide you with an opportunity to determine risk objectives and standards, with input from stakeholders.
Activity 1.       Give three examples of risk objectives.

1.  For your industry, what are the relevant standards and legislation regarding risk management? 

1 Risk objectives are those things that increase the likelihood and impact of positive occurrences in the workplace; likewise, they decrease the likelihood and impact of negative occurrences.

Improve risk response mechanisms for low probability/catastrophic/critical risks.  Improve cost-efficiency of risk management..

Improve management of resources to lower costs.

 

blankActivity 1B

Estimated Time 30 Minutes
Objective To provide you with an opportunity to establish project risk context to inform risk management processes.   
Activity
  1. What areas might project risk context include?
  2. Choose and outline one external/strategic and one internal/organisation context for a past project you have been involved in and explain how they affected the project in no more than 200 words each.

blankActivity 1C

Estimated Time 60 Minutes
Objective To provide you with an opportunity to identify project risks using valid and reliable risk identification methods.
Activity 1.       Define what project risks are.
2.       How might you go about identifying project risks?
3.       Outline two methods of qualitative analysis for likelihood.
4.       Outline two methods of quantitative analysis for likelihood.
5.       Using the risk identification template outlined in 1.3 of the unit, complete risk identification for a project of your choosing in the workplace.

 

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Estimated Time 40 Minutes
Objective To provide you with an opportunity to classify project risks within agreed risk categories.
Activity 1.       What are the risk classifications for your industry sector?
2.       Outline the three most common types of risk in a project in no more than 100 words each.
3.       What actions should you take for the following risk classifications:
Ø  UnacceptableØ  UndesirableØ  TolerableØ  Broadly acceptable.

  Activity 2A

Estimated Time 30 Minutes
Objective To provide you with an opportunity to determine risk analysis classification criteria and apply to agreed risk ranking system.
Activity 1.       What is the relationship between risk classification and the impact of risks?
2.       How do you come up with a risk ranking system in your organisation?

blankActivity 2B

Estimated Time 30 Minutes
Objective To provide you with an opportunity to use risk analysis processes, within delegated authority, to analyse and qualify risks, threats and opportunities.
Activity

Activity 2C

Estimated Time 30 Minutes
Objective To provide you with an opportunity to determine risk priorities in agreement with project client and other stakeholders.
Activity 1.       What is your organisation’s process of identifying risk priorities?                                             

Activity 2D

Estimated Time 25 Minutes
Objective To provide you with an opportunity to document risk analysis outcomes for inclusion in risk register and risk management plan.
Activity 1.       What is the purpose of a risk register?
2.       For a project you have been a part of in the past, complete a risk register and risk management plan.                                           

 

Activity 3A

Estimated Time 20 Minutes
Objective To provide you with an opportunity to identify and document existing risk controls.
Activity 1.       What risk controls exist industry-wide for your organisation?
2.       Give four examples of risk control strategies.                                         

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Activity 3B

Estimated Time 20 Minutes
Objective To provide you with an opportunity to consider and determine risk treatment options using agreed consultative methods.
Activity Outline the following risk treatment options in no more than 60 words each:
Ø  Accept riskØ  Mitigate riskØ  Transfer or share riskØ  Avoid risk.                                     

Activity 3C

Estimated Time 30 Minutes
Objective To provide you with an opportunity to record and implement agreed risk treatments.
Activity Using the template below, fill out the treatment an identified risk in a past project.                  

Risk ID:
Risk description:      Predicted impact:
Response recommendation:    
Proposed actions:    
Resources required:   Person(s) responsible:
Response schedule:  
Reporting/monitoring requirements:   
Project managerName …………………………… Date: ……………………….. Signature ……………..
AuthorisationName …………………………… Date: ……………………….. Signature ……………..

  

Activity 3D

Estimated Time 30 Minutes
Objective To provide you with an opportunity to update risk plans and allocate risk responsibilities to project team members.
Activity 1.       Why might you need to update risk plans?
2.       What review techniques do you use in your organisation to update risk plans?                                                  

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Activity 4A

Estimated Time 25 Minutes
Objective To provide you with an opportunity to establish regular risk review processes to maintain currency of risk plans.
Activity Your assessor will assign you at least one of the following possible risk review components:
Ø  Ad hoc due to emergency eventsØ  Gateway or stage transition reviewsØ  Ongoing through team member assigned responsibilityØ  Regular risk discussions at project meetingsØ  Scheduled formal reviewsØ  Risk control auditsØ  Risk insurance reviewØ  Contract reviews (internal and external)Ø  Review of internal processesØ  Incident debriefsØ  Test/trial events.
Outline the benefits of the component to a risk review process in no more than 300 words.                                    

Activity 4B

Estimated Time 20 Minutes
Objective To provide you with an opportunity to regularly monitor risk environment to identify changed circumstances impacting on project risks.
Activity 1.       What things should you be looking out for when monitoring the risk environment?
2.       What changes might occur to the internal and external environments within a risk context?                                                

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Activity 4C

Estimated Time 25 Minutes
Objective To provide you with an opportunity to determine risk responses to changed environment.
Activity 1.       Explain the following concepts in no more than 50 words each:
Ø  Emergency responseØ  Recovery responseØ  Continuity response
2.       How might you deal with changes to the risk environment? 

Activity 4D

Estimated Time 30 Minutes
Objective To provide you with an opportunity toimplement agreed risk responses and modify plans to maintain currency of risk treatments and controls.
Activity 1.       Outline the following concepts in no more than 60 words each:
Ø  Accept riskØ  Mitigate riskØ  Transfer or share riskØ  Avoid risk.
2.       Give four examples of risk control options. Briefly outline them. 

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Activity 5A

Estimated Time 20 Minutes
Objective To provide you with an opportunity to review project outcomes to determine effectiveness of risk management processes and procedures.
Activity Create a checklist for determining the effectiveness of risk management processes and procedures. 

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Activity 5B

Estimated Time 20 Minutes
Objective To provide you with an opportunity toidentify and document risk management issues and recommended improvements for application to future projects.
Activity 1.       What types of risk management issues might you need to document?
2.       What things do you need to keep in mind when creating documentation (in general)?
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