Assessment

ASSESMENT

Table of Contents
Activity 1A.............................................................................................................................4
Activity 1B.............................................................................................................................4
Activity 1C.............................................................................................................................5
Activity 1D.............................................................................................................................7
ACTIVITY 2....................................................................................................................................8
Activity 2A.............................................................................................................................8
Activity 2B.............................................................................................................................8
Activity 2C.............................................................................................................................9
Activity 2D...........................................................................................................................10
ACTIVITY 3..................................................................................................................................10
Activity 3A...........................................................................................................................10
Activity 3B...........................................................................................................................11
Activity 3C...........................................................................................................................11
Activity 3D...........................................................................................................................13
ACTIVITY 4..................................................................................................................................14
Activity 4A...........................................................................................................................14
Activity 4B...........................................................................................................................14
Activity 4C...........................................................................................................................16
Activity 4D...........................................................................................................................16
ACTIVITY 5..................................................................................................................................17
Activity 5 A..........................................................................................................................17
Activity 5 B..........................................................................................................................17

MAIN BODY
ACTIVITY 1
Activity 1A
Three Examples of Risk Objectives
Risk objectives consider like a factor that increase the level of likelihood and determine
some positive changes in the organisation. It is a fact that if it decline the likelihood and it give
negatives carnages. Three example of risk objectives are given below -
Enhance Cost Efficiency – In this risk objective, cost is the main factor that necessary to
determine in an effective manner. To improve the efficiency of cost in context of project risk
management is consider the main objectives of the risk.
Increase Risk Response Mechanisms – This is also considering as a specific objective of the
risk. This objective help to enhance the risk response of the project and follow those mechanisms
that help to increase the low productivity, resolve the critical risk of the project.
Increase Management – This risk objective help to improve the management process and
determine all the resources to the lower costs of the project.
Relevant Standards & Legislation regarding to Risk Management
Risk Management standards consider as a strategic process that mainly start with the
objective of the organisation and also help to identify the risk and determine the mitigation of the
risks with the use of specific practices. There are some specific standard in risk management
such as industrial enterprises agreements, industry standards, organisational policies,
organisation system and procedures.
To manage the risk properly it is also necessary to use law and legislation so that
employees of the organisation who are considering the part of the project feel protect and secure.
Most of the organisation uses some specific legislation for the risk management of their
members. Some specific laws and legislation are Health and Safety laws, Management and
health & Safety at work regulation, monetary law, operational law and Reputation law etc.
Activity 1B
What areas might project risk context include?

Project risk identify the specific risk identification methods and it also contain that those
risks identified by the project manager and employees are taken on a serious note so that
employees can implement properly and utilise all the allocated resources to control the risk.
Project risk includes some area such as opportunities, thereat, Hazards and prediction of the
future events.
One external/strategic and one internal/organisation context for a past project
External /strategic Context
In external /strategic context, organisation can consider those factors which are applicable
to affect the organisational project performance by the outside factors that project manager
cannot control.
Financial Issues – This is also comes under the external issue for the organisation. To address
this issue, project manager can consider all the cost which are necessary for the project and also
allocate the cost department wise and consider that which are involved in the project. To prepare
the project budget and also determine those factors are financially weak. Stakeholders of the
organisation can give their contribution so that organisation will solve the financial issues.
Financial issues give negative impact on the performance of the organisation.
Internal /Strategic Context
Goal / Objectives of the Organisation – Organisational goals are the main component of the
internal/ strategic context of the organisation. To fulfil the objective of the organisation comes
under the priority list of the organisation. For example- Tesco is a largest organisation and its
main goal to address all the requirements of the customers with their high quality of products and
services. Organisational goals give positive impact on the project.
Activity 1C
Define what project risks?
Project risk mainly occur when project deadline not properly followed by the project
manager or employees then risk factor arise. Lack of financial resources and lack of workforce
are also occurring the risk in the project. There are many types of project risk such as scope risk,
schedule risk, resource risk etc.
Identifying Project Risks