BSBPMG517 Manage Project Risk: Treatment Plan and Monitoring Process

This assignment focuses on managing project risk, specifically addressing risk treatment activities, control measures, and monitoring processes. It includes tasks such as identifying risk consequences and likelihood, developing treatment plans with resources and timelines, and establishing monitoring processes with responsible parties and review dates. The assignment covers various aspects of risk management, including financial, WHS, and technological risks, providing a comprehensive overview of how to mitigate and control potential issues in a project environment. The document is available on Desklib, a platform offering a range of study tools and solved assignments for students.

Risk Treatment
Task (a): Control Measures
Risk Risk consequences (1
= Lowest risk, 5 =
highest risk)
Risk likelihood Risk level
(L, M, H, E)
Control/s
Financial risk in which the
project manager does not
meet the define target i.e.
budget due to over-
utilization of a resource
2 Low L Ok
Financial risk in which the
price of the market
changes and this in turn
contribute to increase in
the overall budget of a
company
3 Medium M Monitor
WHS risk, in which the
chemicals explosion affect
the working environment
and this in turn cause
direct impact over the
project
2 Low L Monitor
WHS risk where any
employee or customer
1 Low L Ok
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might slip, trip due to
slippery surface and water
spell over the floor.
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Task (b): Treatment Plan
Risk treatment activity Resources Responsible Timelines
Reduction is the treatment
activity that helps project
manager to take an action so
that the chances of risk can be
minimized.
In order to treat the operation
risk, project manager requires
skilled team who will provide
their views in order to generate
the better outcomes.
Project manager and project
team is responsible for the
treatment activity
Minimum 1 week is required to
minimize the issue within a
project.
Reduction is the treatment
activity used to solve schedule
risk in which company needs to
make action for reduce the
negative chances of risk.
Skilled workers as a resource
needs to be consider as a
resource for this. This help to
make an action so that effective
results taken.
The project manager and team
members with supervisors are
responsible for such type of risk
Minimum 2 week is required to
treat the issue.
Sharing is used as a treatment
activity for minimize the impact of
financial risk. In this, project
manager actually help to
delegate the role to others so
that the chances of risk can be
minimized.
An organization or an individual
required as a resource that help
to treat the issue and generate
effective results so that effective
results can be gain
Financial manager and project
manager are responsible for the
occurrence of a risk
Minimum 1 week is required to
minimize the issue.
Transfer, in which the risk can be
transfer to the third party so that
effective results can be
generated and focus upon
technology
By hiring the third party will assist
an individual to generate
effective results so that effective
action be taken
The project manager and is
responsible for the risk.
Minimum 3 weeks required to
minimize the issue within a
project.
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Task (c): Monitoring Process
Risk Control Measures Person Responsible Review Date(s)
1. Not meet the deadline due to
change in the budget and
over-utilization of a resources
In order to control this risk, project manager must set
goals and meet prioritize the risk so that effective
results can be generated. Further, make the small
changes in the task so that it does not cause any
negative impact.
Project manager and
team members are
responsible to ensure
that all control
measures are taken
effectively.
5th January
2. Changes in the market price
of a product also contribute to
increase the budget
By developing a resource plan will assist to meet the
defined aim and also schedule development that
assist to control the risk. Also, it helps to minimize the
negative impact upon risk so that effective results can
be determined. This plan assist to examine the actual
price within market so the effective results generated
Project manager and all
the managers of a team
are responsible to
ensure that control
measures are taken or
not.
15th January
3. Chemical risk where the
equipment are not stores in
an appropriate space so that
it cause negative impact over
project
To minimize the over utilization of resources, project
manager needs to be consult with stakeholders so
that effective results can be generated. Also, it help to
track the resources utilization and this in turn cause a
positive impact over the results
Project manager and
resource manager are
responsible for this task
2nd February
4. failure of software and
hardware
To control the failure of software, there is a need to
analyze the system and hire technical experts that
assist to solve the issue and make them able to use
the system or technologies in an effective manner.
Technical manager and
project manager has to
ensure about the
control measures taken
to reduce technological
risk
3rd March
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