Diploma of Project Management Assignment: Risk Management in Projects

This assignment solution addresses key aspects of project risk management, beginning with the importance of risk identification and classification, emphasizing stakeholder involvement and various identification methods like brainstorming and SWOT analysis. It then delves into risk analysis and prioritization, highlighting the crucial steps involved and the significance of risk estimation. The solution further explores risk treatment options, including avoidance, reduction, transfer, acceptance, and sharing. It also outlines strategies for monitoring, reviewing, and updating risk-related documents, emphasizing the need for tracking identified and new risks, and evaluating the effectiveness of risk processes. Finally, it discusses the importance of scheduling and reassessing risks, including eliminating unnecessary risks and identifying new ones to improve project outcomes and risk management strategies.

Running head: DIPLOMA OF PROJECT MANAGEMENT
Diploma of Project Management
Name of the Student
Name of the University
Author Note

1DIPLOMA OF PROJECT MANAGEMENT
Question 1:
Risk identification and classification is one of the important aspect in this case. This is
one of the crucial stage of the project management and should be started as soon as possible, so
that the findings can be used with the work plan of the project (Giamarellos-Bourboulis et al.,
2017). For the risk identification the project stakeholders plays an important role. For the
identification of the risks the stakeholder of the project can utilise specific project data and the
previous experiences of them. There are several of methods for identification of the risks which
are the brainstorming, SWOT analysis, flowchart method and many more.
Question 2:
For successful outcome of a project it is important to manage and control the risks. For
this analysis and prioritization of the risk is crucial. There are several of steps which is important
for analysis of the risks. The first step is the identification of the potential risk for the
organization (Griffiths 2016). After the analysis of the risks, estimation of the identified risk is
also crucial. Through the estimation of the risks, the overall value of the risks can be identified.
For the prioritization of the risks there are two important things. The first is the identification of
the risks and the second one is the defining the risks.
Question 3:
There are total three types of risk treatment options. These options are the risk avoidance,
risk reduction, risk transfer, risk acceptance and risk sharing. The risk avoidance is the process of
avoiding the risks. In this case the risk avoidance is actioned by avoiding the risks if possible
(Rasmussen et al., 2017). The risk reduction is employed by reducing the risks. The risk transfer
is employed when some part of the risks is transferred to some third party. The risk response is

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employed by accepting the risks. In this aspect it is determined to face the risk. The risk sharing
is employed by distributing the risks to multiple of individuals and risks.
Question 4:
In order to monitor, review and update risk and related documents in the project the strategies are
the followings (Hopkinson 2017):
 Monitoring of risk response plan agreed-upon
 Identified risks should be tracked
 New risks need to be identified and analysed
 new risks as identified need to be included in the risk register and communicate with
project team
 Effectiveness of risk process should be evaluated
These strategies will provide context to analyse identified risks in the project and how it affect
the execution of the project which is important for monitoring risks (Kliem and Ludin 2019).
Along with this, evaluation of risks is required for reviewing risks and related documents. In
projects project team has access to risk documents and therefore when new risks identified in the
project are included in the risk register, project team identify this easily as well.
Question 5:
In order to reassess risks in the project, it is important to ensure that a schedule is created. This
schedule will make it easier to analyse risks in the project. Therefore, it not only provides
comprehensive overview of the risks that are already identified in the project, but helps in
identifying new risks as well. Identification of new risks is important for reassessing risk register.
An important aspect of risk reassessment is to eliminate those risks that are not required in

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project and for this identification of new risks is required as well (Longley 2016). It provides
context for reassessing risk strategies which are implemented for project and it is required for
identifying effectiveness of these strategies for recommending improvements as well.

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References:
Giamarellos-Bourboulis, E.J., Tsaganos, T., Tsangaris, I., Lada, M., Routsi, C., Sinapidis, D.,
Koupetori, M., Bristianou, M., Adamis, G., Mandragos, K. and Dalekos, G.N., 2017. Validation
of the new Sepsis-3 definitions: proposal for improvement in early risk identification. Clinical
Microbiology and Infection, 23(2), pp.104-109.
Griffiths, P., 2016. Risk-based auditing. Routledge.
Hopkinson, M., 2017. The project risk maturity model: Measuring and improving risk
management capability. Routledge.
Kliem, R.L. and Ludin, I.S., 2019. Reducing project risk. Routledge.
Longley, P.G., 2016. 4.6 Risk Management Strategies. The Architecture Student’s Handbook of
Professional Practice, p.221.
Rasmussen, M.L.H., Strøm, M., Wohlfahrt, J., Videbech, P. and Melbye, M., 2017. Risk,
treatment duration, and recurrence risk of postpartum affective disorder in women with no prior
psychiatric history: a population-based cohort study. PLoS medicine, 14(9), p.e1002392.