Importance of Involving Stakeholders in Determining Risk Objectives and Standards

This article discusses the importance of involving stakeholders in the early stages of a project to determine risk objectives and standards. It highlights how stakeholder participation can bring in new ideas and perspectives, and help identify and manage risks effectively. The article also emphasizes the benefits of stakeholder involvement in controlling risks and maintaining project activities.

Assessment Task 1 – Knowledge Test
Question1: Using your own words, explain the importance of involving stakeholders when
determining risk objectives and standards. Explain in 50-75words
The importance of stakeholder in the early stage of project that allows to become an effective way to participate into different
phases. The effective participation of stakeholder may help bring more idea and innovation. It is helping to include different
prospective from different stakeholders (EnshassiWalbridgeand Haas, 2019). The involvement of stakeholder that always
for providing the benefits, advantage of project manager.
Multiple perspective to identify the related risks, threats and maintain the proper standards.
 The involvement of stakeholder to control the risk and applying affective strategies to maintain or monitor the
activities of new CMS project of college.

When stakeholder identifying the risk when it can be performed the project execution, at that time, it can be identified the
risk related performance, efficiency.Informed and lasting accurate solution to eliminate potential risk related performance,
efficiency and speed. In order to maintain activities of CMS system in proper manner.
Question 2:
Using your own words, explain the meaning of project risk context and project
risk category. Based on the Albright case study, provide two examples of each
(context and category) and explain their associated risk categories. Explaining
60-90 words
Project risk can be defined the uncertain event and condition that directly affecting the overall processes. Sometimes, it has
effect on CMS project of Albright College where it can easily record large amount of information or data about student or
staff members (Gressand Zalom, 2019). According to case study of Albright, it can be identified the different risks
associated with the different categories.
For example- external risk categories such as government related, environmental, market related.
Technical way: any change in modern technology
Internal risk : cost related, quality, customer satisfaction. Service related
Estimation time and risk
Change of requirements
Unclear specification
Unavoidable risks, technical risks
Question 3: Using your own words, explain any two (2) valid and reliable risk identification
methods. Explain in 35-55 words.

Risk
identification techniques are considered as method of analyzing project information and discovering threats, opportunities. It
always supportsupports for identifying the potential risk that occurred within project. Generally, it can be used different risk
identification tool or techniques (Kenny, 2020).
Brainstorming: it can be done by group of individual people, who are mainly focuses don identification of risk within project
(Kenny, 2020).
.
Interviewing: it is basically used for conducted with different participants, experts and stakeholders.
Delphi technique: A team of experts is consulted anonymously and listing the requirement information and sent
to experts. In order to identify potential risk within project.
Question 4: Using your own words where possible, list and explain what the risk analysis
classification criteria and the risk ranking system are. Explain in 60-90 words
Through this table, it can be categorized risk analysis classification on the basis of their cost, time and probability within
project. Sometimes, it will be identifying the rank on the basis of their potential impact where how they can directly
affectingbe affecting on the entire project.
The risk analysis system is the best suitable approach that help for roughly 1000 ranking points and 50-100 go up in class.
Question5: Explain the risk analysis process using your own words. Explain in 50-75words
Risk analysis is based on the process that help for identifying and managing potential problem. It could be
undermineundermining key aspects of project and initiative towards examining how generate project result or outcome. Once
risks are determined that they have analysedanalyzed to consider both qualitative as well as quantitative impact on the risk of
current project. The risk analysis process will help for performing necessary action towards mitigation.

Question 6:
Explain the need to prioritise risks and how this prioritisation is determined in
agreement with the key project stakeholders. Use your own words and explain in
50-75 words
It is important to priorities risk as this help in determination of what kind of and which risk should be given more
attention. This also helps in identifying and determining impact of the risk on the project. Prioritisation can be
done on the basis of its impact on the project which can be defined as important, moderate and
insignificant. Prioritisation of risk can be used to make effective by stakeholders of the project.
Question 7: Using your own words, explain the five (5) steps involved in identifying and
controlling risks? Answer in 75-100 words
Identification of risk
This involves identifying the risk that is there in project and this step also involves determination of type of
risk.
Analysing risk
This involves analysing the scope and impact of the risk. This also involves understanding and analysing
link between risk and other factors of the project.
Evaluation of risk
This step includes ranking and prioritising risk on the basis of the impact of the risk and its severity
(Ramesh and et.al., 2017).
Treating the risk
This step includes identifying and understanding possible solution for the problem and then implementing
solution for eliminating risk.
Monitoring the risk
This step includes monitoring solution implemented and identifying progress of the solution implemented.
Question 8: Using your own words, explain the four (4) risk treatment responses that can be
used during risk management. Explain in 75-100 words.
Avoid- This means planning and developing changes so that risk can be avoided.
Accepting- This involves accepting the risk be determining to take the risk.

Transfer- This means transferring the risk to third party. This means that when some element in the project includes
risk then transferring risk to third party. Purchasing insurance for goods and products is one example of this.
Mitigating- This is a response in which action is taken to reduce the risk in the project. This means adopting the
method for work that comparatively have less risk than other method of work.
Question 9:
Usingyourownwords,explainanythree(3)oftheriskreviewprocessesthatcan be
used to monitor the risk environment and maintain the currency of the risk plan.
Explain in 80-100words.
Monitoring and Controlling risk- This involves monitoring risk on continuous basis.
This will help in monitoring risk environment and also maintain currency of the risk
plan. This means monitoring process of risk management and timely control of the
risk management.
Reporting and communicating risk- This is another risk review process and as per
this process risk is reported on timely basis and communicated to all stakeholders and
mainly to those affecting by the risk involved in the project (Bahamid and Doh, 2017).
Risk Review Process and Checklist- This involves preparing document for review of
the risk. Checklist includes review of different elements of risk for the purpose of risk.
Question 10:
Using your own words, explain the difference between qualitative and quantitative
analysis and give two (2) examples of each. Answer in 60-90 words.
Quantitative Analysis
Quantitative analysis refers to analysis that is undertaken in form of numerical
analysis. This involves measuring and analysing quantitative data. Analysing
weight, length, temperature, speed are some of the examples of quantitative analysis.
Qualitative Analysis
This analysis is concerned with the data that cannot be quantified. This is
concerned with analysing data about project in which insights about
properties and attributes of objects (Violante and Vezzetti, 2017). Analysing
insights gained from different stakeholders is qualitative analysis. Other

than this, gathering data from customers and analysing how product has
affected them is also quantitative analysis.

Assessmen
t Task 2 –
Role Play
Instructions to
complete this
assessment
task:
Thi
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role
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can
be
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,
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o v e
d
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your t ea cher/ t ra i ner. E a ch student will manage at least 1 risk per person to
confirm compliance and understanding. If conducted with other students all
participants will need to be fully aware of each risk identified and the
relevant context and treatment.
CASE STUDY
Read the scenario in the provided case study covering the Albright College
Management System Case study. Alternatively, you are able to use your
own project provided prior app r o v a l ha s bee n g iv e n b y yo ur
tr a in er / ass e sso r at A lb ri g ht I nst it ut e.
Task: Role Play – meeting session
You are the project manager for your chosen project. You are to conduct a
structured risk identification meeting (risk workshop) with your Project sponsor
(playedbyyour tr a in er / asse sso r )a nd up to 4 o th er p r o j ec tst ak e ho l de r s(p la y edb y u
ello w stu de nt s). I nt he meeting:
Task2.1 Identify risks and risk objectives, standards and risk context for
the project with input from your project stakeholders using the
template provided separately.
Identify a range of project risks and classify them into the correct
risk categories. Analyse each risk to check if it is risk, threat or
opportunity. Complete the Risk register with identified risks.
Determine risk classification criteria and apply rank and prioritise
to the identified risks. Use the template provided.
Discuss strategies for risk mitigation with your stakeholders and
identify risk mitigation activities, due date and the owner of each
risk and update risk plan.
Covered in Risk register template
F o ll o wi ng o nfr o m y o urri sk wo r k sh o p/
r o le pl ayy o un eed to d o cu me nt allri sk sco rr ec tl y in to t he risk register and
circulate the risk register to your project sponsor and other team members.
Task2.2 You will write an email to your project sponsor and your other
team members (stakeholders) on your project. In this email you
must explain the following:
a) How you arrived at the risk classification and treatments
detailed on the risk register during your project risk workshop.
In order to arrive at the risk classification and treatments that has been detailed in the risk
register was done with help of some of the experts having prior knowledge in the project
management. Further for this purpose research was also undertaken for previous projects,
this helped in identifying potential risks and how they can be treated well having lowest
possible impact on the project success.
b) What your plans are to establish regular risk workshops which will serve as
the opportunity to review your processes, monitor the risk environment and
maintain currency of the risk plan.
In order to establish regular risk workshops plans are-
Organizing workshops when there is possibility of occurring risk and affecting project success.
This is because conducting regular workshops require time and resources.
Another plan for regular workshop for risk is organizing workshop with different stakeholders.
This means different category of stakeholders. This will help in understanding risk from their
different points of views and everyone will be able to express themselves clearly.

Periodic workshop with those who are responsible for risk monitoring and measurement. This
is important to understand risk and will also help in developing strategies for its treatment.

A
s
s
e
s
s
m
e
n
t
T
a
s
k
3
–
P
r
o
j
e
c
t
A
c
t
i
v
i
t
y
:
You are the Project Manager on the Albright College
Management System project. You are in the execution
phase and during a weekly project team meeting the
following risks and issues are raised by some of your
team members:
1. One of the testers who has been assigned to
complete the testing of the new CMS has had an
accident and he won’t be able to attend work for next
3 months. This will leave you one tester short and will
delay your project delivery until you’re able to recruit
and then train a newperson.
2. The Marketing team want some screen shots of the
new CMS so they can begin promoting the advantages
of the new streamlined processes to our Agents with
the aim of recruiting additional students. This is going
to take approximately 3 weeks to complete (prior to the
new software being fully developed) and will require
additional resources as well as slowing down the
overallproject.
3. The Vendor of the new software informed you that
they have detected a bug in a part of their software
that manages the student submission process.
They want to delay delivery of the final component
of the software by 3-4 weeks (at least) to allow
forafixoftheirproductandfinaltestingtoensurethe
bughasbeenfixed.

Part A:
As a Project manager,
Task3.1 Come up with the responses for the identified risks with mitigation
activities and update the project risk register with thesedetails.
According to case study, it is mainly focused on the risk identification in
the Albright College Management System project
(EnshassiWalbridgeand Haas, 2019). Project manager can
perform the different executions so that identified the various
type of risks, threats:
Identified risk
 Performance and speed issues
 Lack of user and functional requirements
 Unproven technical aspects
 Failure of tasks
These are considered the different risk identified in the new
CMS project.
Mitigation activities
 Selecting appropriate assets for new system and get a
feel for stored, interlinked and accessed
 Improve the discrete aspects of user experience and
providing better navigation path or direction
 Implementing error detecting application to control the
failure situation.
Update risk register
Afterwards, project manager can be updated the risk register
which mainly consider as tool to identify the potential risk
during exaction tasks. In order to regulatory compliance but
handle the accurate result or outcome.

Task3.2 Write and email to your project sponsor to request approval of the updated
risk register and the new treatments so you can maintain the currency of
risk treatments andcontrols.
To project sponsor,
Subject: taking approval of update risk register
Dear sir,
I would like to inform that update risk register within project to eliminate
risks, threat within new system. I draft this letter to seek your approval to
go ahead with approval for implementing new treatment so that it can
easily maintain the risk, threats. In order to control or maintain the entire
system in proper manner.
As project manager, I have duties to take action against threat when
occurred during execution. Among these are putting essential protection
actions and also maintain their overall functionality and operations.
I look forwards to hearing approval regarding risk register update
Regards,
Project manager
Task3.3 Assume that the project sponsor has approved your plan on
mitigating the
identifiedrisks.Oneofthesuggestionstohandlethelossoftheinjuredte
sterwas
tohireanexternalconsultant/testerfornext3months.Writeanemailtot
he Human Resources Manager to ask her to urgently start work on hiring a
replacementtester.
As per identified that project sponsor has approved the plan on the
mitigation of identified risk. It has been suggested to hire tester or
consultant to maintain the project for next 3 months.
To Human resource management
Subject: recruiting the tester
Dear sir,
I would like to inform the Human resource management, where Project
sponsor have given the approval from risk register update for purpose of
maintain or control. I am glad to part of this process in project
development.
I would like to request for conducting recruitment process and hire
efficient tester to check the functionality of system. The project will not
start before perform testing process. I draft this letter to seek your

approval to start the process of testing as soon as possible.
I have duties to take action against threat when occurred during
execution.
Regards,
Project manager
Part B:
Assumethattheprojecthascompleted.Youasaprojectmanagerhavemonitored
the project closely at regular intervals and need to report to you project
sponsor on your activities.
Task3.4 Prepare a report outlining the project outcomes along with
recommendations
andlessonslearnedfromtheproject.Writeonefinalemailtoyour
stakeholders asking them for their feedback on the
attachedreport.
Dear stakeholders,
I am glad to participate in the project development process. After successfully
completing the project, I have tried to closely interact with project sponsors,
identifying the different activities. I just read the entire documentation about the
project.
Afterwards, I have already established the good coordination with human
resource management and project sponsors. I would like to request for each and
every stakeholder to use new software. On regular basis, it is checking the
performance and efficiency. it is important for maintaining on regular basis. I
just want to ask the functionality regarding system to other students, users and
staff members. Afterwards, it would be collected reviews, feedback so that it
help for purpose of maintenance and upgrade accordingly.
Project manager

References
Book and Journals
Enshassi, M.S., Walbridge, S. and Haas, C.T., 2019. Integrated risk management
framework for tolerance-based mitigation strategy decision support in modular
construction projects. Journal of Management in Engineering. 35(4).p.05019004.
Gress, B.E. and Zalom, F.G., 2019. Identification and risk assessment of spinosad
resistance in a California population of Drosophila suzukii. Pest management
science. 75(5). pp.1270-1276.
Kenny, C.J., 2020. Risk and cost optimised condition monitoring system design for marine
renewable energy (Doctoral dissertation, University of Edinburgh).
Ramesh, R and et.al., 2017. Hazard identification and risk assessment in automotive
industry. International journal of ChemTech research. 10(4). pp.352-358.
Bahamid, R.A. and Doh, S.I., 2017, November. A review of risk management process in
construction projects of developing countries. In IOP Conference Series: Materials
Science and Engineering (Vol. 271, No. 1).
Violante, M.G. and Vezzetti, E., 2017. Kano qualitative vs quantitative approaches: An
assessment framework for products attributes analysis. Computers in Industry. 86.
pp.15-25.

What needs to be submitted?
1. A n e w /
r e v ise dp r o j e ct ri sk r e gi s te r sh o w i ng th e3 n ew ri sk sd et ail e dab o v ei n th e
scenario. (Therefore two copies of the risk register will be submitted,
one for Task 2 and a revised version for Task3)
2. An email of approximately 25-35 words to your project sponsor
requesting their
approvalfortheupdatedregisterandrisktreatmentsasdetailedinTask3.2
above.
3. An email to the human resources manager requesting they
commence recruiting a newworkerasdetailedinTask3.3above.
4. Aworddocumentofapproximately100-
150wordsdescribingyourprojectrisk
managementactivitiesontheproject.Thisalsoneedstoexplainyourl
essons
learnedandhighlightingyourrecommendationsforfutureprojectsfo
rTask3.4 above
5. Anemailofapproximately25-
35wordsthatasksyourprojectstakeholdersfortheir feedback on your
report for Task 3.4above.