Manage Project Risk - BSBPMG517 - Desklib

This task builds on Task 2. It has been designed to evaluate your ability to update risk plans, establish regular risk review processes to maintain the currency of risk plans, regularly monitor risk environment to identify changed circumstances impacting project risks, determine risk responses to the changing environment, implement agreed on risk responses and modify plans to maintain the currency of risk treatments and controls, review project outcomes to determine the effectiveness of risk-management processes and procedures, identify and document risk management issues and recommended improvements for application to future projects.

Assessment
Task 3
Manage project risk
BSBPMG517
Student Declaration
To be filled out and submitted with assessment responses
◻ I declare that this task and any attached document related to the task is all my own work
and I have not cheated or plagiarised the work or colluded with any other student(s)
◻ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken
against me according to the process explained to me
◻ I have correctly referenced all resources and reference texts throughout these assessment
tasks.
◻ I have read and understood the assessment requirements for this unit
◻ I understand the rights to re-assessment
◻ I understand the right to appeal the decisions made in the assessment

Unit Title
Unit Code
Student
name
Student ID
number
Student
signature
Date
Task Number
------OFFICE USE ONLY-----
For Trainer and Assessor to complete:
◻ Student requested reasonable adjustment for the assessment
Completed successfully
Did the student satisfactorily:
Comments Y N D
N
S
The student has satisfactory completed
and submitted the following:
 Outline of three (3) risk review
processes to maintain the currency of
the project risk plan
 One (1) sample of the implementation
of the risk review processes
 Lis of monitoring activities used to
monitor changes in circumstances
 Risk Register with updates
 Outline of the response to the highest
☐ ☐ ☐

Completed successfully
Did the student satisfactorily:
Comments Y N D
N
S
priority risks
 Outline of changes in the risk plan
 Risk Management Evaluation Report
Demonstrated ability to:
 Establish regular risk review
processes to maintain the currency of
risk plans
This is evidenced by:
 Outline of three (3) risk review
processes to maintain the currency of
the project risk plan in Task 3.1A
 Sample of implementation of the
processes in Task 3.1A
☐ ☐ ☐
Demonstrated ability to:
 Regularly monitor risk environment to
identify changed circumstances
impacting project risks
This is evidenced by:
Indication of monitoring activities used at
different points in time in the project in
Task 3.1B
☐ ☐ ☐
Demonstrated ability to:
 Determine risk responses to the
changing environment
 Implement agreed on risk responses
and modify plans to maintain the
currency of risk treatments and
controls
This is evidenced by:
 Updated risk register with risk
responses in Task 3.1C
 Risk response in Task 3.1D
 Changes to risk plan outlined in Task
3.1E
☐ ☐ ☐
Demonstrated ability to:
 Review project outcomes to
determine the effectiveness of risk-
management processes and
procedures
 Identify and document risk
management issues and
recommended improvements for
application to future projects
This is evidenced by:
Risk Management Evaluation Report in
Task 3.2
☐ ☐ ☐
Feedback from the project sponsor
(trainer and assessor) on how risks were
managed in the project. (Based on Task
3)
☐ ☐ ☐

Completed successfully
Did the student satisfactorily:
Comments Y N D
N
S
When collaborating with the group, the
student has actively participated in group
work with a substantial contribution that
can be assessed individually for all the
requirements of this task.
☐ ☐ ☐
Task
Outcome:
Satisfactor
y ☐ Not
Yet
Satisfactor
y ☐
Student
Name:
Assessor
Name:
Assessor
Signature:
Date:
Table of Content
Student Declaration ................................................................................................................................................1
1.Task 3 – Implement and evaluate project risk management.....................6

Task 3.1 Monitor and control project risks.............................................................................................................9
Task 3.2 Assess risk management outcomes.........................................................................................................12

1.Task 3 – Implement and evaluate project risk
management
Task summary and instructions
What is this
assessment task
about?
This task builds on Task 2.
Refer to and read the documents saved in a separate
folder:
o MMI Company profile and project task
o Policies and Procedures
This task comprises of product-based assessment
methods in a simulated work environment
You are required to:
 Monitor and control risks
 Assess risk management outcomes
It has been designed to evaluate your ability to:
 Update risk plans
 Establish regular risk review processes to maintain
the currency of risk plans
 Regularly monitor risk environment to identify
changed circumstances impacting project risks
 Determine risk responses to the changing
environment
 Implement agreed on risk responses and modify
plans to maintain the currency of risk treatments
and controls
Review project outcomes to determine the
effectiveness of risk-management processes and
procedures
 Identify and document risk management issues and
recommended improvements for application to
future projects
You are required to address the following:
 Task 3.1 Risk review processes:
o Establish regular risk review processes to maintain
the currency of the project risk plan
o Provide one sample of the implementation of the
processes
o Monitor changes in the risk environment
o Determine risk responses in the changed

Task summary and instructions
environment
o Outline risk response
o Update risk plans
 Task 3.2 Assess risk management outcomes:
o Write a Risk Management Evaluation Report
What do I need
to do to
complete this
task
satisfactorily?
 submit the completed assessment tasks, according to
instructions,
 complete the tasks with sufficient detail and present
them in a professional manner,
 use your own words and reference sources
appropriately,
 meet the word count where required,
 use the scenario provided,
 use the templates provided where required
 for your performance to be deemed satisfactory in this
assessment task you must satisfactorily address all of
the assessment criteria,
 if part of this task is not satisfactorily completed you
will be asked to complete further assessment to
demonstrate satisfactory performance.
Specifications You must deliver/participate in:
 NA
You must submit to GOALS
 Outline of three (3) risk review processes to maintain
the currency of the project risk plan
 One (1) sample of the implementation of the risk
review processes
 Lis of monitoring activities used to monitor changes in
circumstances
 Risk Register with updates
 Outline of the response to the highest priority risks
 Outline of changes in the risk plan
 Risk Management Evaluation Report
Resources and
equipment
• Computer with Internet access
• Access to Microsoft Office suites or similar software
• Learning material
• Scenario for assessment document
• Relevant policies and procedures provided in a
separate folder
• Use of the templates included in this assessment
document
What will the Your assessor will be looking for demonstrated evidence

Task summary and instructions
assessor be
looking for?
of your ability to:
o Monitor and control project risks
o Review and evaluate how project risks were managed
o Recommend improvements for future projects
Re-submission
opportunities
You will be provided feedback on your performance by
the Assessor. The feedback will indicate if you have
satisfactorily addressed the requirements of each part of
this task. If any parts of the task are not satisfactorily
completed, the assessor will explain why, and provide
you written feedback along with guidance on what you
must undertake to demonstrate satisfactory
performance. Re-assessment attempt(s) will be arranged
at a later time and date. You have the right to appeal the
outcome of assessment decisions if you feel that you
have been dealt with unfairly or have other appropriate
grounds for an appeal. You are encouraged to consult
with the assessor prior to attempting this task if you do
not understand any part of this task or if you have any
learning issues or needs that may hinder you when
attempting any part of the assessment.
Procedures
1. Review the assessment scenario, the business documentation, including
policies and procedures and the templates provided:
o MMI Company profile and project task
o Policies and Procedures
Provided in a separate folder
o Templates:
 1 – Risk Management Evaluation Report in Task 3.2
2. Establish regular risk review processes to maintain the currency of the
project risk plan.
3. Outline three (3) risk review processes to maintain the currency of the
project risk plan implemented in the project based on the risk monitoring
and control approach described in the risk plan.
4. Provide one (1) sample of the implementation of the processes.
5. Read the scenarios about changes in circumstances and Indicate what
monitoring activities were used to identify the changes in circumstance
based on your risk plan and monitoring processes.

Procedures
6. Update the risk register, adding the newly identified and assessed risk.
7. Save the updated excel risk register as ‘Risk Register with updates’ and
submit it with your assessment.
8. Outline your response to the highest priority risks that occurred.
9. Outline the changes/ adjustments/refinements to the risk plan to maintain
the currency of risk treatment and controls.
10. Identify risk management issues and best practice in the project and write
a Risk Management Evaluation Report (Template 1) for the project
sponsor.
Although the assessment is worked in a project team to simulate the work
environment that you would experience when delivering a project for an
organisation, the assessment submission is individual, and it will be marked as
such.
Complete the following activities:
Task 3.1 Monitor and control project risks
A) Risk review processes
I. Establish regular risk review processes to maintain the currency of the
project risk plan.
Outline three (3) risk review processes to maintain the currency of the
project risk plan implemented in the project based on the risk monitoring
and control approach described in the risk plan.
Use the space below to outline the three processes.
Risk analysis which deals with integrating new risks into the risk register.
Risk evaluation which includes reviewing the risk priorities. Then comes the
risk mitigation and plan development which is done by the risk owners.
II. Provide one (1) sample of the implementation of the processes.
Samples may include:
 An email to a project team member asking for a review of current
risks

 A survey sent to the project team to evaluate the implementation
of the risk plan
 An invitation sent to a risk management expert to join a focus
group to assess changes in the internal and external business
environment
 A screenshot of a recent article on best practice in risk
management that you have shared with the team to maintain current
knowledge of risk management processes
 Any other sample relevant to the risk monitoring and controlling
processes applied in the project
Copy and paste the sample below:
Project from the initial execution phase is moved to the administer
procurement which makes sure to monitor the performance being satisfied.
This step is required to make corrections and changes in order to maintain
the procurement relations. Controlling quality, related to determining if the
tasks are meeting the quality standards. After this costs are controlled where
financial risks are monitored.
B) Monitor changes in the risk environment
Assume that the following has occurred (changes in circumstances):
You are six months into the delivery of the project.
1. A pandemic (it caused closed borders and drop in international students’
numbers)
2. One of the project team members resigns
You are nine months into the delivery of the project.
3. A new CEO wants to focus more on online delivery
4. One of your highest priority risks occurred (specify what risk)
Indicate what monitoring activities were used to identify the changes in
circumstance based on your risk plan and monitoring processes. (One
monitoring activity/change in circumstance)
Change in
circumstances
Monitoring activity
A pandemic (it caused
closed borders and drop
in international
students’ numbers)
By addressing changes in the working policies by
keeping in mind the post and pre- pandemic
events. Its is important to look after the safety.
One of the project team
members resigns
Look for finding the best candidate with enough
experience to fill in the shoes of the team member
who left.
A new CEO wants to
focus more on online
Monitoring the benefits as well as disadvantages of
online platforms and looking after the efficiency for

Change in
circumstances
Monitoring activity
delivery the same.
One of your highest
priority risks occurred
(specify what risk)
Risk : Crashing the
schedule
Hiring extra team for helping with the left over
tasks and speed up the process of the project.
C) Determine risk responses in the changed environment
I. Create a second sheet tab in your risk register.
II. Copy and paste the risk register you created in Task 2 into the second
sheet tab.
III. Call the second sheet tab ‘Update’
IV. Identify the additional risks by the changed circumstances (Task 3.1B)
V. Assess the additional risks (Task 3.1B)
VI. Determine a risk treatment option for additional risks (Task 3.1B)
VII. Update the risk register (second sheet tab) accordingly (add the newly
identified and assessed risks).
VIII. Assume that the change treatment option has been applied to the newly
identified and assessed risks and determine the residual risk and the
residual RPN.
IX. Update the risk register (second sheet tab) accordingly.
Save the excel risk register as ‘Risk Register with updates’ and submit it
with your assessment.
Risk Risk
treatment
Risk Owner Residual
risk
Residual
RPN
Weather
problems
Accept Nature 5
Environm
ental
concerns
Reduce Supplier 9
Cost risk Avoidance Finance team 6
Service
outages
Transferred Information
technology team
12
Crashing
the
schedule
Sharing Operations team 15
Employee
behaviour
Reducing Each member 8

D) Risk response
Outline your response to the highest priority risks that occurred (see Task
3.1B).
(50-100 words)
 What actions are taken?
 Who is responsible?
 What is the impact on project budget and schedule?
Record your answer in the space below.
Highest priority risk in the crashing from the desired schedule. This risk is
very likely to happen in this project and has some sever impact as well.
actions taken to avoid this risk is by having properly defined tasks within the
project along with the duration of each activity. There is an established path
for the project and lastly by calculating the cost of crashing per unit time.
E) Changes to risk plan
Consider your work in Task 3.1 A, B,C and D.
Outline the changes/ adjustments/refinements to the risk plan to maintain
the currency of risk treatment and controls.
(1-3 changes/adjustments)
Record your answer in the space below.
Changes is risk plan is to add the risk of cyber theft which can lead to loosing
all the data and information related to the project. Heavy technological
security is set in order to avoid having this risk in the first place.
Task 3.2 Assess risk management outcomes
You have now successfully completed the project, and it is time to write project
finalisation reports.
Consider the following:
 How risks were managed in Task 2 and 3.1
 Changes in circumstances
 Response to risks
 Implementation of risk management processes
And assume that the following happened:

 A risk that you did not identify happened. This was due to the lack of
knowledge of the project team on a specific safety matter.
 The departmental managers in the sponsoring organisation often
cancelled risk management meetings with you. They did not understand
the importance of risk management and found those meetings a waste of
their time.
 The project sponsor recognised the importance of a good risk
management framework for the organisation and asked you to design
new risk policies and procedures for the company.
 Sometimes, the project sponsor was late in providing support to
managing risks.
Identify risk management issues and best practice in the project and write a
Risk Management Evaluation Report (Template 1) for the project sponsor.
Use the template below and follow the instructions.
Template 1 - Risk Management Evaluation Report
Date
Author of the Report:
Attention to:
Title of the Report:
Risk Management
Issues
(3-4)
The key risk issues are technological risk
management, third party risk management issues
and attaining the compliance program effectiveness.
Best Practice
What was done well
By identifying all the potential risk and finding out
their probability as well as impact. Then it is
important to come up with the mitigation strategies.
Lessons Learned -
Recommended
improvements for
future projects
(4-7)