BSBRSK501 Risk Management Simulation Project: One Pharmacy Analysis

This document presents a comprehensive solution to a risk management simulation project focused on One Pharmacy. It assesses the effectiveness of the pharmacy's risk management framework, examining its scope, critical success factors, goals, and objectives. The solution includes a stakeholder analysis, identifying internal and external stakeholders and their roles and stakes in the process. Furthermore, it provides a detailed risk management action plan, outlining potential risks such as compliance and marketing issues, their impact and probability, and responsible parties and timelines for mitigation. The action plan also incorporates a risk matrix for prioritization and resource allocation. The document emphasizes the importance of communication and continuous monitoring to minimize risks and ensure the successful expansion of One Pharmacy. Desklib offers a platform for students to access this and other solved assignments.

BSBRSK501 simulation based project

TABLE OF CONTENTS
PROCEDURE 1...............................................................................................................................3
Effectiveness of One Pharmacy Risk Management Framework.................................................3
Scope of risk management...........................................................................................................3
critical success factors, goals or objectives.................................................................................4
Stakeholders Analysis..................................................................................................................4
PROCEDURE 6...............................................................................................................................6
Risk management action plan......................................................................................................6
REFERENCES..............................................................................................................................10

PROCEDURE 1
Effectiveness of One Pharmacy Risk Management Framework
The risk management framework of One Pharmacy is effective because it involves all
key elements of risk that help to minimize the negative impact. Also, company’s assessment tries
to comply with policies which include all financial, legal laws so that effective solutions can be
taken. In addition to this, monthly reporting is also performed that assist to identify whether the
risk are monitored effectively or not (Galli, 2017). Moreover, through external audit, all the
statements are controlled that keep provide feedback to committee to make effective decisions.
The project manager also complied with AS/NZS ISO 31000:2009 which provide a set guideline
on risk management. This standard can be used by all type of enterprise and also utilized to
harmonize risk management process for future as well as existing standards. That is why, it can
be stated that by using all the set standards within a project, manager as well as sponsor can
easily make decision for the welfare of a company.
In addition to this, the framework also defines different risk areas that required effective
key action so that it do not cause any negative impact over the business performance. That is
why, it can be stated that through effective risk management framework, individual can make
effective actions so that the expansion cannot be affected negatively. Thus, there is a need to
improve the performance of a company and this is possible by using the set standards so that
effective results can be gathered.
Scope of risk management
The scope of risk management within a project management in One Pharmacy refers to
minimize the potential negative consequence of risk so that company determine the risk. Also, it
can be stated that by working with effective project manager and team members, smart decision
can be taken that assist to improve the chances of risk (Willumsen and et.al., 2019). Moreover, it
can be stated that project manager focused upon risk management so that it authorise business so
that potential risk can be identified in order to generate best results.
Apart from this, it can be analysed that management of One Pharmacy should make sure
that they collect relevant information so that they make decision and ensure that business can
profitable. That is why, under risk management framework, effective results can be generated by

analysing the list of risk that affected the overall project in negative manner. That is why, the risk
management matrix needs to be used by the project manager so that effective results pertaining
to risk needs to be analysed that help to reduce the chances of risk in a company.
critical success factors, goals or objectives
The critical success factor for One Pharmacy involve different factors which include
commitment and support from top management, effective communication because it leads to
increase risk, information technology that cause technological factor. These success factors
always help to increase project success and stay focused upon the project (Aduma and Kimutai,
2018). As per the goal of One Pharmacy, it has been identified that company wants to expand the
business and that is why, it helps to manage the overall performance. In addition to this,
company also formed a committee who determine whether cited organization attain the defined
aim or not. This in turn reflected that business is able to meet the defined aim and generate range
of options so that it can manage risk for future as well.
Apart from this, it can be reflected that One Pharmacy main objective is to develop a
chain of pharmacies in the Central Business District (CBD) of Brisbane, Queensland and the CBD of
Sydney, NSW. That is why, focusing upon different risks will help a company in re-branding and this
assist to create a better outcome so that chances of negative outcome can be minimized. The objective
will be met only if project manager focused upon different risk and implement the strategies to improve
the same.
Stakeholders Analysis
Stakeholde
r
Internal or external Role in process Stake in Process
Project
manager
Internal stakeholder
because they have interest
in a company
The role played by
project manager towards
a project is such that it
helps to meet the defined
aim of a project and by
involving all other
stakeholders within a
project assists to make
The interest and share
of project manager
towards a project is
high (Rane, Potdar
and Rane, 2019).

effective decisions.
Project
Sponsor
Internal stakeholder
because financial resource
is provided by financial
manager (Sarfraz and
et.al., 2018).
Project sponsor
administer project
finance, approve ideas
and changes. Also,
through an effective
communication process,
they involve all
stakeholder to make
effective decision.
The interest of
project Sponsor is
high because they
invest into project
that help One
Pharmacy to expand
into different area
Employees
or team
members
Key internal stakeholder
who are entitled to perform
work by Project Manager’s
instruction
They follow the
command and instruction
offered by project
manager. Also, assists
project manager to
implement the task
effectively.
The interest and share
is moderate because
it helps to attain the
defined aim of a
company.
Customers External stakeholder
because they are affected
by company’s action
They are responsible for
the project because the
expansion of One
Pharmacy beneficial for
the customers.
They are highly
interested because
project is expanded to
meet the wants of
customers
(Mishchenko and
et.al., 2018).
Competitors External stakeholder
because they change their
strategy by analyzing other
rival’s strategy
All rivalries are also
involved in stakeholder
analysis because they
indirectly keep an eye
over other business
strategy.
All the competitors
are highly interested
but does not share
their views because
they are only
monitoring the
performance of

others.
Suppliers External stakeholder
because company’s action
affected their performance.
Suppliers are also play an
important role because
they build their
reputation on quality of
goods so that project
delivered on time.
Suppliers are
moderate interested
towards a project
because they cannot
reflect their interest
as they are indirectly
connected with
project.
Government External stakeholder who
are involved within a
project and without their
performance, project
manager do not make any
decision (Hopkinson,
2017).
They control the things
and regulate the
framework that help an
organization to run in
effective manner.
The government is
less interested
because they only
provide approval, but
do not share their
interest towards a
project.
PROCEDURE 6
Risk management action plan
One Pharmacy faces variety of risk that affect the expansion project and there is a need to
implement the assessment technique that help to improve the overall performance. For that,
effective actions need to be taken which in turn assists to generate better outcome. Initially, the
risk faced by the company involves compliance because during expansion, the chances of
complying regulations are decreases (Raj and Wadsamudrakar, 2018). On the other side,
marketing issues are also faces by One Pharmacy in which company sometimes mislead
customers that affect brand image of a company. Therefore, there is a need to minimize the issue
because it affected the overall performance of a project in negative manner.
Project matrix

In accordance with the above image of risk matrix, it has been identified that project
manager prioritize all risk with an understanding of level of severity. Also, assists to devise
strategies as well as allocate resources so that the project manager can develop effective
strategies to minimize such risk.
Type of risk Impact Probabilit
y
Action Responsible
person
Time
taken
Legal and
regulatory
compliance
Moderate Low Understand the latest
enforcement policies
and continuously
monitor and update
the compliance
efforts. This assists
to build culture of
ethics and
Project
manager and
Sponsor
2 months

compliance with the
defined law and
regulation
(Damnjanovic and
Reinschmidt, 2020).
Marketing risk High Low In order to minimize
the marketing risk,
analyse the market
situation and then
apply the same that
help to grab attention
of customers.
Marketing
manager and
project
manager are
responsible
for any faults.
15 days
Overspending
of budget
High Moderate To minimize the
issue financial risk,
it is suggested to use
KPI in which
benchmarking can
be used that help to
determine the
performance against
the set standards so
that the chances of
such risk minimized.
Finance
manager,
Project
sponsor and
project
manager are
responsible
for such type
of risk
Till the
project
completed
Lack of
communication
High High Proper source of
communication
should be used
which in turn deliver
the message to
others fluently (Zou,
Kiviniemi and Jones,
2017). Also, this can
Team
members and
project
manager are
responsible
for the issue.
Regularly

include text, whats
app group, email,
open discussion
which assist to
reduce the chances
of miss-
communication.
Through the above actions, it has been identified that the impact of all risks might be
minimized by implementing effective strategies. This in turn include different stakeholders so
that effective results can be generated. Also, it can be stated that through effective checklist and
benchmarking technique, project manager is able to implement the ways through which risk can
be reduced. This management plan further assists to minimize the chances of occurrence within a
workplace and that is why, it creates a positive impact over the project expansion as well.

REFERENCES
Books and Journals
Aduma, L. K. and Kimutai, G., 2018. Project risk management strategies and project
performance at the National Hospital Insurance Fund in Kenya. International Academic
Journal of Information Sciences and Project Management. 3(2). pp.111-136.
Damnjanovic, I. and Reinschmidt, K., 2020. Data analytics for engineering and construction
project risk management. Cham, Switzerland: Springer.
Galli, B. J., 2017. Risk management in project environments: Reflection of the standard
process. The Journal of Modern Project Management. 5(2).
Hopkinson, M., 2017. The project risk maturity model: Measuring and improving risk
management capability. Routledge.
Mishchenko, V. and et.al., 2018. Special aspects of using hybrid financial tools for project risk
management in Ukraine. Investment Management and Financial Innovations. 15(2).
pp.257-266.
Raj, M. and Wadsamudrakar, N.K., 2018. Risk management in construction
project. International Journal of Engineering and Management Research (IJEMR). 8(3).
pp.162-167.
Rane, S. B., Potdar, P. R. and Rane, S., 2019. Development of project risk management
framework based on industry 4.0 technologies. Benchmarking: An International Journal.
Sarfraz, M. and et.al., 2018. Environmental risk management strategies and the moderating role
of corporate social responsibility in project financing decisions. Sustainability. 10(8).
p.2771.
Willumsen, P. and et.al., 2019. Value creation through project risk management. International
Journal of Project Management. 37(5). pp.731-749.
Zou, Y., Kiviniemi, A. and Jones, S. W., 2017. Retrieving similar cases for construction project
risk management using Natural Language Processing techniques. Automation in
construction. 80. pp.66-76.