MANAGEMENT AND RISK MANAGEMENT l ASSIGNMENT

Running Head: MANAGEMENT
MANAGEMENT
Name of the Student
Name of the University
Author Note:

MANAGEMENT1
Activity 1A
Estimated
Time
15 Minutes
Objective  Provide repeatable procedure for balancing the cost,
performance, and schedule.
 Promote collaboration to overcome the hazardous
situation for the estimation of lifetime.
 To provide efficient support with resources and
communication about the risk among all the sections
of the organisation.
Activity 1. For your industry, what are the relevant standards and
legislation regarding risk management?
 The standards for risk management are – ISO 31000:
2009 – it refers to the principle guidelines over the
implementation of risk management strategies [1].
 The WHS regulations and acts are the legislation for
the risk management.
Activity 1B
Estimated
Time
30 Minutes
Objective To provide you with an opportunity to establish project risk context to
inform risk management processes.
Activity 1.The context of risk management should include the
impact on individuals as well as the groups and
organisation. Along with this, it includes different
stakeholders, all host organisation, and other external
environment.
1. External – An example of external risk is the economic
risk as sudden economic downturn. Company can cut
the cost and chose diversification strategy to resolve
the risk [2].
2. Internal – Human factor risk for example – union
strikes. The company should enhance the recruiting
or hiring procedure to resolve this situation.

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Activity 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. Risks are the concept of loss and injury and project
risk refers to the unwanted situation that affects the
management of a particular project.
2. There are various steps of identifying the project
risks that include –
 Interviewing the members of the project.
 Brainstorming the project members.
 Analysis of the results [3].
 And maintain an affinity diagram.
3. Two methods of qualitative analysis for likelihood are
–
 Brainstorming – It is a process of providing a
random topic to the team members and sharing
their views with the manager.
 RAM – it is the risk assessment matrix that
provide the high, very high, moderate, low and
very low marking to the risk factors.
4. Two methods of quantitative analysis for likelihood –
 Pen test matrix – it is the process that provides
a measurable information to the risk managers
[3].
 Interview – It is the most reliable method to
analyse risk that provides dependable
information to the managers.
Activity 1D:
Estimated
Time
40 Minutes
Objective To provide you with an opportunity to classify project risks within agreed
risk categories.
Activity 1. The classifications of risks are –
 Financial risk
 Operational risks
 Strategic risks

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 Compliance risks
 Reputational risks
2. Financial risks – threats upon the economic condition
of the organisation.
Strategic risk - Internal mismanagement that brings
conflicts for the organisation.
Reputational risks – Damaged corporate image of the
organisation.
3. What actions should you take for the following risk
classifications:
 Unacceptable – Cutting the expanses for risk
assessment.
 Undesirable – Outsourcing the business or
maintaining insurance.
 Tolerable – Discretionary remedial activities [4]
 Broadly acceptable – Communicating the risks to
the employees and preparing for brining change in
the organisational management.
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?
Risk classification can help to understand the nature of
the risk. According to the nature the project manager
can identify the impact or consequences of the risk.
2. How do you come up with a risk ranking system in
your organisation?
The risk ranking system is depended on the
consequence and likelihood of the risk ranges. Along
with this it also depended on the tolerability of the risk
for the organisation.
Activity 2B