BSBPMG517 Project Risk Assessment for Diploma in Project Management

This assessment is a research-based task on managing risk for the identified project. It includes tasks on identifying, analyzing, and controlling project risk. The assessment also requires completing a risk register for the project and two action plans for the top two priority risks.

Project Assessment (Event 2 of 2)
Criteria
Unit code, name and release number
BSBPMG517 Manage project risk (1)
Qualification/Course code, name and release number
BSB51415 Diploma in Project Management (4)
Student details
Student number
Student name
Assessment Declaration
 This assessment is my original work and no part of it has been copied from any other
source except where due acknowledgement is made.
 No part of this assessment has been written for me by any other person except
where such collaboration has been authorised by the assessor concerned.
 I understand that plagiarism is the presentation of the work, idea or creation of
another person as though it is your own. Plagiarism occurs when the origin of the
material used is not appropriately cited. No part of this assessment is plagiarised.
Student signature and Date
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December 2018. For current information please refer to our website or your teacher as appropriate.
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Assessment instructions
Assessment details Instructions
Assessment overview The objective of this assessment is to assess your research on managing risk
for your identified project.
Assessment Event
number
1
Instructions for this
assessment
This is a research-based assessment and will be assessing you on your
performance of the unit.
This assessment is in two parts and includes an Assessment Feedback form:
1. Project: research-based tasks, Tasks 1-5
2. Assessment Feedback
Submission instructions On completion of this assessment, you are required to upload it or hand it to
your assessor for marking.
Ensure you have written your name at the bottom of each page of this
assessment.
It is important that you keep a copy of all electronic and hardcopy
assessments submitted to TAFE and complete the assessment declaration
when submitting the assessment.
What do I need to do to
achieve a satisfactory
result?
To achieve a satisfactory result for this assessment all questions must be
answered correctly.
What do I need to
provide?
Pens and computer with appropriate software and internet access (if
working off campus)
What the assessor will
provide?
Computer with appropriate software and internet access (if working on
campus)
Due date and time
allowed
Refer to Unit Assessment Guide.
Assessment feedback,
review or appeals
Appeals are addressed in accordance with Every Students Guide to
Assessment.
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Delivery and Assessment Guide
Specific task instructions
The instructions and the criteria in the tasks and activities will be used by the assessor to determine if you
have satisfactorily completed this assessment event. Use these instructions as a guide to ensure you
demonstrate the required performance for this unit.
Before you start this assessment
In order to complete the (5) tasks successfully you must first complete the relevant topics in the workbook.
You will need to select a context for your assessment. This context may be an identified project for your
current organisation or a previous organisation. Alternately, you may select a project identified from the
Plan2Go scenario.
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Project – Research-based task
To complete this part of the assessment, you will be required to complete all tasks below.
Once completed you will need to submit this assessment to your assessor for marking.
Task 1, 2& 3: Research-based task on identifying , analysing and controlling project risk
This task is a written task to demonstrate your ability in identifying project risk. Based on your selected
project, respond to the following questions.
1. Review Activity 1.2 for how you determine risk objectives and standards, with input from stakeholders,
relevant to your identified project. As a guide, your response should be approximately 100-150 words.
The stakeholders play a significant role in ensuring them overall success as well as achievement of
the desired outcomes to a great extent. This is because they can provide useful insights about a
project can be completed by eliminating or avoiding various uncertainties as well as risks. The
different meetings that are held can be helpful in identifying the different risks that can have an
impact on the overall outcomes of the project. In context of the respective Museum Project, the
key stakeholders will help in giving useful insights about the various project risk objectives as well
as the standards that should be adhered to.
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2. Describe the risk context in which the project is operating. The risk context may include
legislation and regulation controls, nature of the project, organisational risk policies and
procedures, project environment and/or stakeholder expectations (including risk appetite and
tolerances)
There are certain risk contexts in which the respective project is operating. For instance, these include
the different legislation as well as regulation controls. Apart from this, there can also be other factors such
as the nature of the project, the environment in which the project operates etc. It is important to identify
as well as address the potential risks that can have a significant impact on the project outcomes. Also,
different stakeholders have different expectations and not being able to meet the same can also be said to
be the risk context for the respective museum project.
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3. Describe your approach and methods to identify the risks on the project.
Infrastructure Risk.
Combining present and proposed electrical infrastructural requires commercial planning.
The architecture of the PowerHouse sits on a site some 100 years old. Improper planning and deployment
of cabling infrastructure enhances the risks associated with electrical failure onsite, compromising all site
activity. To ensure appropriate project planning “The Delphi Technique” was utilised, categorising and
detailing deployment risks. External Contractors, Architectural Planners and Site Technical management
were engaged in this process, with review by Heritage Planners.
Legal Risk.
Contractual agreements regarding work throughout the site are based on architectural plans that are
currently at hand. As noted earlier, the site is over 100 years old, and although architectural plans may be
accurate, risks regarding contractor WBS operations may stop deployment. Utilising “Plan Decomposition”
the project manager, Contractor SME’s and Architectural Planners can seek to review each unique work
package, creating operational processes and procedures for each highlighted risk. Additionally, interviews
can be used with deployment SME’s to ensure that risks have been accounted for and detailed.
Environment Risk.
Infrastructure deployment requires un-impeded access to the exhibition space, thus requiring the
relocation of exhibition artefacts to offsite stores. Utilising “Brainstorming” the project management team
and specialist curators categorised risks associated with the transportation and delivery of exhibits,
including internal and external transportation risks, and bad weather incidents. Although this risk cannot be
entirely mitigated, external services, including the Police / RTA can be engaged in exhibit transportation
requirements, thus minimising possible risk impact.
Operational Risk.
Due to the extensive Wireless infrastructure deployment over Levels 1 & 2 of the PowerHouse site, and the
related wireless coverage required on completion, timely procurement of all deployment-related
equipment is essential for project critical path completion. Monitoring of supply channels and engagement
of secondary (backup) supply paths will need to be defined. It should be stressed that the procurement of
equipment via secondary suppliers will increase budgetary risks. Again, the project management team
would utilise “Brainstorming” to ensure contingencies for supply and the associated deployment can be
ensured.
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4. Complete a risk register for the project (including both positive/opportunities and negative
risks) and two action plans for the top two priority risks using the templates below.
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Risk Register:
<The risk register should list all risks on the project – not just work health and safety risks. It should include both positive and negative risks>
Risk
No#
Risk
Category
Risk Description including
existing risk controls
Likeliho
Impact
Rating Mitigation Strategy/Response
Likeliho
Impact
Rating
Initial Residual
1 <See
Legend
below>
<A description of the risk and
outline any existing risk controls
in place>
<Describe the strategy put in place and also whether this
is mitigation, acceptance, exploit etc.>
2 Environme
ntal Risk
Infrastructure deployment requires
un-impeded access to the
exhibition space, thus requiring the
relocation of exhibition artefacts to
offsite stores. Utilising
“Brainstorming” the project
management team and specialist
curators categorised risks
associated with the transportation
and delivery of exhibits, including
internal and external
transportation risks, and bad
As a response for this risk, brainstorming sessions will be
held. This will help in identifying the appropriate strategies
so as to overcome the same.
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Risk
No#
Risk
Category
Risk Description including
existing risk controls
Likeliho
Impact
Rating Mitigation Strategy/Response
Likeliho
Impact
Rating
Initial Residual
weather incidents.
3 Operation
al risk
Due to the extensive Wireless
infrastructure deployment over
Levels 1 & 2 of the PowerHouse
site, and the related wireless
coverage required on completion,
timely procurement of all
deployment-related equipment is
essential for project critical path
completion.
As a response to operational risk, the wireless system that
has been installed, will be checked and assessed. This will
help in identifying any errors or their potential impact on
the operation of the museum.
4 Infrastruct
ure Risk
The architecture of the
PowerHouse sits on a site some
100 years old. Improper planning
and deployment of cabling
infrastructure enhances the risks
associated with electrical failure
onsite, compromising all site
activity.
For this risk, appropriate raw material will be used for
completing the project in an effective manner. This will
also ensure that any kind of risk associated with the
infrastructure will be eliminated.
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Risk
No#
Risk
Category
Risk Description including
existing risk controls
Likeliho
Impact
Rating Mitigation Strategy/Response
Likeliho
Impact
Rating
Initial Residual
5 Legal Risk Contractual agreements regarding
work throughout the site are based
on architectural plans that are
currently at hand. As noted earlier,
the site is over 100 years old, and
although architectural plans may
be accurate, risks regarding
contractor WBS operations may
stop deployment.
Legal risks can also have an impact on the overall
effectiveness of the operations of the project. Therefore,
as a mitigation risk, the appropriate strategies will be
adopted to ensure that any legal uncertainties can be
avoided.
Legend for Risk Categories:
<Provide a list of all applicable categories>
Top priority
Moderate priority as well as low priority
Risk Rating Scales and Overall Rating:
Low
Medium
High
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Very high
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Risk Action Plans for top two risks:
<The risk action plans must allocate responsibilities to team members>
Risk Action Plan #1
Item No: <Risk
No.>
Risk Description:
One of the top risks that can be associated with the respective
museum project is the improper wiring of the electric cables within
the museum. This can have an impact on the overall safety of the
employees as well as the people who come to visit the museum.
Risk Rating :
Medium
Category: operational risk Risk Treatment: Ensure that
the wiring of the electric
cables is done in an effective
manner.
Action Plan:
Proposed Actions:
There can be various actions that can be taken in order to address or eliminate the risk in
an effective manner. For instance, before the installation, it will be ensured that the quality
of the cables as well as wires is effective and that there is no harm or risk for the
employees in the museum as well as the people who will come to visit the same.
Resource Requirements:
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The resource requirements for the same will include high quality wires and cables as well
as trained staff members who will have proper skills about the installation process.
Responsibilities:
The project manager will be responsible for putting the risks into place and ensuring that the all
the strategies are implemented in an effective manner.
Scope Impact:
The scope impact will be that the overall performance of the museum will be affected.
Time Impact:
Time will play a significant role and it is important to ensure that the goals are achieved
and the time that will be required for implementation of the same will include a time period
of 4-5 days.
Cost Impact:
The cost impact associated with the project will be £500.
Reporting & Monitoring Required:
Reporting and monitoring will play a significant role in the overall project and this will ensure that
the overall effectiveness of the outcomes. It can be stated that reporting and monitoring will be
required to ensure that any risks or uncertainties associated with the same will be eliminated.
Prepared by:
<Name>
Date:
<DD/MM/YY>
Reviewed by:
<Name>
Date: <DD/MM/YY>
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Risk Action Plan #2
Item No: <Risk
No.>
Risk Description:
Problems with the architectural plans and this can affect the overall
infrastructure of the museum.
Risk Rating : high Category: Infrastructure risk Risk Treatment: to avoid the
risk, a proper architectural
plan will be developed so as
to ensure that the risk is
treated in an effective
manner.
Action Plan:
Proposed Actions:
The proposed actions will include developing as well as adhering to the architectural plan so as to
ensure that the overall actions help in eliminating the same. Apart from this, meetings will be
held with the key stakeholders so as to ensure that the goals are achieved.
Resource Requirements:
The resources that will be required will include the development of the architectural plan, laptops
as well as USB device so that there is an effective development of the architecture of the same.
Responsibilities:
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The project leader as well as the project manager will be responsible for the management of the
risks.
Scope Impact:
The scope impact will be that the overall performance of the museum will be affected.
Time Impact:
The time required for the same will be 3-4 months and hence, this will be ensured that the
project is completed effectively.
Cost Impact:
The cost impact of the same will be £200.
Reporting & Monitoring Required:
Reporting as well as monitoring will required for the same will be required to ensure that the
project is completed in an effective manner.
Prepared by:
<Name>
Date:
<DD/MM/YY>
Reviewed by:
<Name>
Date: <DD/MM/YY>
Task 4: Research- task on monitoring and controlling project risks
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1. Review Activity 4.1 to establish regular risk review processes to maintain currency of risk plans, relevant to your identified project. As a guide, your response
should be approximately 100-150 words.
Risk reviews facilitate higher trade control and non-stop improvement. The technique of controlling and monitoring dangers consists of the subsequent gear
and techniques: threat reassessment, hazard audits, technical overall performance dimension, reserve evaluation, fame meetings. The effectiveness of the
risk control framework implemented desires to be periodically reviewed to make sure continuous development of risk control in the company. The
assessment criteria used within the risk framework also need to be reviewed to make certain they remain applicable to the size and complexity of the
practice. Monitoring and review have to be a deliberate part of the hazard management system and contain regular checking or surveillance.
2. Review Activity 4.2 for how to regularly monitor risk environment to identify changed circumstances impacting project risks, relevant to your identified
project. As a guide, your response should be approximately 100-150 words.
The chance source and consequences on the company can alternate as properly. Also, what your business enterprise considers an acceptable or
preferred level of risk can trade. After all, your financial situation adjustments, your reputation, your management group, and so on. They all alternate. Once
you recognize changes in the risk, chance supply, and affects at the business enterprise, it is possible that adjustments will want to be made to the
approach, assessment of the chance itself, danger reaction, and extra.
3. Review Activity 4.2 for determining risk responses to changed environment, relevant to your identified project. You may refer to specific examples of risk
responses to changes in the environment. As a guide, your response should be approximately 100-150 words.
The danger reaction planning includes figuring out approaches to lessen or eliminate any threats to the task, and also the possibilities to growth
their effect. Project managers have to paintings to remove the threats before they arise. Similarly, the task managers ought to work to ensure that
possibilities arise. Likewise, the venture manager is likewise responsible to decrease the probability and effect of threats and growth the possibility and
impact of opportunities. For the threats that cannot be mitigated, the task manager wishes to have a robust contingency plan and additionally a reaction
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plan if contingencies do now not work. It is not required to cast off all of the risks of the challenge because of useful resource and time constraints. A
venture supervisor ought to evaluate hazard throughout the mission.
Task 5: Research- task on assessing risk management outcomes
1. Review Activity 5.1 for your review of project outcomes to determine effectiveness of risk-management processes and procedures, relevant to your
identified project. As a guide, your response should be approximately 100-150 words.
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2. Review Activity 5.2 to identify and document risk management issues and recommended improvements for application to future projects. As a guide, your
response should be approximately 100-150 words.
Date Description of problem/opportunity Recommended Action for next
time/project
Lesson Learnt
Raised By
17/11/2021
Poor infrastructure Next time, the appropriate
infrastructure will be ensured
and hence, this will be allowed
that the infrastructure is
ensured.
19/11/2021
Improper wiring and electric cables For the respective project, it is
recommended that the wiring is
completed in an effective
manner. The raw material
should be of high quality so that
the goal is achieved.
20/11/2021 Wireless installation Wireless installation will be
ensured so that the project is
completed effectively. To create
Wi-Fi community, you will want
a wireless router. This is the
device so one can broadcast the
Wi-Fi signal out of your Internet
modem in the course of your
private home.
21/11/2021 Age of the building Tit is recommended that the age
of the building should be
analysed before the project is
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Date Description of problem/opportunity Recommended Action for next
time/project
Lesson Learnt
Raised By
initiated.
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Assessment Feedback
NOTE: This section must have the assessor signature and student signature to complete the feedback.
Assessment outcome
☐ Satisfactory
☐ Unsatisfactory
Assessor Feedback
☐ Was the assessment event successfully completed?
☐ If no, was the resubmission/re-assessment successfully completed?
☐ Was reasonable adjustment in place for this assessment event?
If yes, ensure it is detailed on the assessment document.
Comments:
Assessor name, signature and date:
Student acknowledgement of assessment outcome
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Would you like to make any comments about this assessment?
Student name, signature and date
NOTE: Make sure you have written your name at the bottom of each page of your submission before attaching the cover sheet and submitting to
your assessor for marking.
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