SOLUTION: Manage Project Risk | My Assignment Tutor

Student Assessment Pack Ensure this cover sheet is attached to your work. Student and Trainer/Assessor Details Student IDULG14352Student nameWilliam NicolsonContact number0484658946Email addressw.nicolson@icloud.comTrainer/Assessor nameFarhan Ahmed Course and Unit Details Course codeBSB51415Course nameDiploma of Project ManagementUnit codeBSBPMG517Unit nameManage Project Risk THIS PAGE IS INTENTIONALLY BLANK © 2020 Universal Institute of Technology Pty Ltd ‘This is a modified document based on materials prepared by Eduworks Resources Contents Student and Trainer/Assessor Details 1 Course and Unit De tails 1 Assessment overview 4 The Assessment Process and Your Rights 4 Assessment plan 7 Assessment Task Cover Sheet – Assessment Task 1 9 Assessment Task 1: Written questions 11 Assessment Task Cover Sheet – Assessment Task 2 23 Assessment Task 2: Risk identification and analysis project 25 Assessment Task Cover Sheet – Assessment Task 3 29 Assessment Task 3: Risk monitoring and assessment project 31 Assessment overview This Student Assessment Booklet includes all your tasks for assessment of BSBPMG517 Manage project risk. About your assessments This unit requires that you complete 3 assessment tasks. You must complete all tasks to achieve competency for this unit. Assessment TaskAssessment methodOverviewAssessment Task 1: Written questionsQuestioningYou must correctly answer all questions in this task to show that you understand the knowledge required of this unit.Assessment Task 2: Risk identification and analysis projectProjectYou must identify, analyse and evaluate human resources risks associated with establishing new retail outlets for a companyAssessment Task 3: Risk treatment evaluation projectProjectYou must evaluate a risk control measure and implement changes in response to it. The Assessment Process and Your Rights Assessment Submission Guidelines All assessments must be submitted by the due date specified by the Trainer/Assessor on the UIT Learning Management System (Moodle). To log in to UIT Moodle visit https://uit.learnbook.com.au When submitting assessments students agree that it is their own work, except where acknowledged, and has not been submitted for academic credit elsewhere. If you miss an Assessment Deadline: If you miss a scheduled assessment you are required to provide proof of legitimate absence within three (3) working days after the official due date. Proof must be provided to the Student Services Department and may be required to complete an assessment extension application form. If the proof is not provided within the time period, then the student will receive a ‘Not Yet Competent (NYC)’ outcome. No supplementary assessments will be scheduled without proof of legitimate absence. If the proof of legitimate absence is rejected, the student can appeal to the VET Academic department. For more information, please refer to the student handbook. Re-submission Students are permitted 2 attempts for each assessment task. If you are deemed Not Yet Competent (NYC) for the unit, you must re-enrol and pay the required tuition fees for the unit. Assessment Task and Unit Outcome All individual assessment tasks are marked as either Satisfactory (S) or Not Satisfactory (NS). Once all individual assessment tasks are marked Satisfactory (S) for a unit, the student can be deemed Competent (C). If the student does not achieve Satisfactory (S) results for all individual assessment tasks for a unit, they will be deemed Not Yet Competent (NYC). Reasonable Adjustment At the Trainer/Assessors discretion reasonable adjustment, also known as reasonable accommodation, may be applied. This means that ‘reasonable’ adjustments may be made wherever possible; to meet the needs of a student with disability or with other learning needs. If you require more details about reasonable adjustment, please refer to the student handbook. Learning support If you require further assistance in your learning, UIT encourages you to reach out to your Trainer to discuss the areas that you believe you need further assistance with. If you require further support after consulting your trainer, please see a Student Services Officer who can arrange a time to discuss your concerns with the VET Academic department. Plagiarism Policy All student work must be written in their own words, except where acknowledged through q uotations and referencing. Plagiarism is a serious offence; Universal Institute of Technology may impose severe penalties on students who plagiarise. For more information on Plagiarism and Cheating, visit UIT’s policy and procedures on the website. www.uit.edu.au Appeals If you are not satisfied with the decision made by a member of UIT staff, you can appeal that decision. For more information on Complaints and Appeals please see the Appeals policy and procedures on the UIT website. www.uit.edu.au. Course Credits If you have been deemed competent in this unit as part of a prior qualification, you may eligible for credit transfer. For more information on course credits please see the Course Credits policy and procedures on the UIT website. www.uit.edu.au RPL If you believe you have sufficient experience and knowledge in this area of study, you may be eligible for Recognition of Prior Learning (RPL). For more information on applying for RPL please see the Recognition of Prior Learning (RPL) policy and procedure on the UIT website. www.uit.edu.au. Feedback to student Feedback on students’ assessment performance is a vital element in their learning. Its purpose is to justify to students how their competency was assessed, as well as to identify and reward specific qualities in their work, to recommend aspects needing improvement, and to guide students on what steps to take. Feedback defines for students what their trainer/assessor thinks is important for a topic or a subject. At its best, feedback should: Be provided for each Unit Assessment Task (UAT) Guide students to adapt and adjust their learning strategies Guide trainers/assessors to adapt and adjust teaching to accommodate s tudents’ learning needs Be a pivotal feature of learning and assessment design, not an add -on ritual Focus on course and unit learning outcomes Guide students to become independent and self -ref lective learners and their own critics Acknowledge the developmental nature of learning If students have not received proper feedback, they must speak to VET department/administration department in UIT/person responsible for looking after the VET department/administration of UIT. Assessment plan The following outlines the requirements of your f inal assessment for this unit. You are required to complete all tasks to demonstrate competency for the unit. Your assessor will provide you with the due dates for each assessment task. Write them in the table below. Assessment RequirementsDue date1. Written questionsPlease Refer to due date on Moodle2. Risk identification and analysis project3. Risk treatment evaluation project AGREEMENT BY THE STUDENT Read through the assessments in this booklet before you f ill out and sign the agreement below. Make sure you sign this before you start any of your assessments.   Have you read and understood what is required of you in terms of assessment? Yes No       Have you read and understood the RTO’s policies and procedures related to reassessment?   N Yes o Do you understand the requirements of this assessment?YesNoDo you agree to the way in which you are being assessed?YesNoDo you have any special needs or considerations to be made for this assessment? If yes, what are they?Yes NoDo you understand your rights to appeal the decisions made in an assessment?YesNo   Student name: William Nicolson Student signature: Date: 01/11/20 Assessor name: Farhan Ahmed Assessor signature: Date: 20/11/2020 Assessment Task Cover Sheet – Assessment Task 1 Students: Please f ill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Name: William NicolsonDate of submission: 01/11/20Unit: BSBPMG517 Manage project riskAssessor to completeAssessment TaskSatisfactory/ Not satisfactoryDateWas this a resubmission? Y/NWritten questionsS20/11/2020N STUDENT DECLARATION I William Nicolson declare that these tasks are my own work. None of this work has been completed by any other person.I have not cheated or plagiarised the work or colluded with any other student/s.I have correctly referenced all resources and reference texts throughout these assessment tasks.I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Student signature: Student name: William Nicolson ASSESSOR FEEDBACK Assessors: Please return this cover sheet to the student with assessment results and feedback. A copy must be supplied to the office and kept in the student’s f ile with the evidence. . Task 1 Q1. You have identified correct project risks for scope, scheduling, resources, and technology. Q2. You have explained well the tools or techniques that are used to identify risks as assessment process. Q3. Good points explanation of purpose of Australia/New Zealand Standard for Risk Management (AS/NZS ISO 31000:2009) Q4. You have identified correct characteristics, techniques and appropriate applications for risk analysis. Q5. You have pointed out correct key steps involved in a risk management process. Q6. Correct answer You have identified all Task 1 key areas and have now is considered as satisfactory. Assessor signature: Assessor name: Farhan Ahmed Date: 20/11/2020 Assessment Task 1: Written questions TASK SUMMARY You are to answer all written questions. WHAT DO YOU NEED IN ORDER TO COMPLETE THISTASK? WHEN AND WHERE DO I NEED TO COMPLETE THISTASK? This task may be done in your own time as homework or you may be given time to do this task in class (where applicable).Your assessor will provide you with the due date for this assessment. WHAT DO I NEED TO DO IF I GET SOMETHING WRONG? If your assessor marks any of your answers as incorrect, they will talk to you about resubmission. You will need to do one of the following: Answer the questions that were incorrect in writing.Answer the questions that were incorrect verbally. INSTRUCTIONS This is an open book test – you can use your learning materials as reference.You must answer all questions in this task correctly.You must answer the questions by typing your answers in Microsoft Word or a similar program – your assessor will advise as to whether you must email them your completed assessment, submit the f ile on a USB drive or hand in a hard copy.If there are tables included in your task that you need to f ill out, you may choose to recreate them in a word processing application. If you have been provided with an electronic version of this booklet, you may prefer to type your answers directly into the document. WRITTEN ANSWER QUESTION GUIDANCE The following written questions may use a range of ‘instructional words’, such as ‘identify’ or ‘explain’. These words will guide you as to how you should answer the question. So me questions will also tell you how many answers you need to give – for example, ‘Describe three strategies…’. Describe – when a question asks you to ‘describe’, you will need to state the most noticeable qualities or features. Generally, you are expected to write a response of two or three sentences in length.Explain – when a question asks you to ‘explain’, you will need to make clear how or why something happened or the way it is. Generally, you are expected to write a response of two or three sentences in length. Identify – when a question asks you to ‘identify’, you will need to briefly describe the required information. Generally, you are expected to write a response of two or three sentences in length. Summarise – when a question asks you to ‘summarise’, this is similar to ‘outline’, only giving the main points. Generally, you are expected to write a response of two or three sentences in length. QUESTION 1 Identify at least two project risks for each of the following risk categories: Scope riskScheduling riskResource riskTechnology risk QUESTION 2 Outline three examples of tools or techniques that could be used to identify risks as part of a risk assessment process. QUESTION 3 Summarise the purpose of Australia/New Zealand Standard for Risk Management (AS/NZS ISO 31000:2009) and identify the key principles underlying this risk management standard. Describe the characteristics, techniques and appropriate applications of both quantitative and qualitative risk analysis. Outline the key steps involved in a risk management process. QUESTION 6 Explain f ive options for controlling risk. Assessment Task Cover Sheet – Assessment Task 2 Students: Please f ill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Name: William NicolsonDate of submission: 01/11/20Unit: BSBPMG517 Manage project riskAssessor to completeAssessment TaskSatisfactory/ Not satisfactoryDateWas this a resubmission? Y/NRisk identification and analysis projectS20/11/2020N STUDENT DECLARATION I William Nicolson declare that these tasks are my own work. None of this work has been completed by any other person.I have not cheated or plagiarised the work or colluded with any other student/s.I have correctly referenced all resources and reference texts throughout these assessment tasks.I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Student signature: Student name: William Nicolson ASSESSOR FEEDBACK Assessors: Please return this cover sheet to the student with assessment results and feedback. A copy must be supplied to the office and kept in the student’s f ile with the evidence. TASK 2 Q1. You have explained well the project risks including risk notes, standards, identification methods, risk context and ranking system. Q2. Good email to general manager. You have drafted good “Project Risk” explanation email Q3. Role play was conducted per unit requirements Q4. You have analyzed well and good analysis of the project risks and incorporation into a risk management plan. Q5. Revision of risk management plan was correctly explained. You have included all appropriate points related to the topic Q6. Good risk register prepared Q7. Good email to general manager Overall, you have identified all concepts and have completed assessment per unit requirements for task 2 Assessor signature: Assessor name: Farhan Ahmed Date: 20/11/2020 Assessment Task 2: Risk identification and analysis project TASK SUMMARY This assessment task requires you to assume the role of Project Manager at NatureCare Products. You are to identify, analyse and evaluate human resources risks associated with establishing new retail outlets for the company. This will involve identifying risks and then meeting with Senior Management to consult on the risks you have identified. Following this, you are required to document risks and control measures in a risk register. WHAT DO YOU NEED IN ORDER TO COMPLETE THIS PART? All templates listed above have been provided as Microsoft Word documents. Keep a copy of the original f iles as masters. WHEN AND WHERE SHOULD THE TASK BE COMPLETED? This assessment is to be completed in the simulated work environment in the RTO.Your assessor will provide you with the due date for this assessment. WHAT DO I NEED TO DO IF I GET SOMETHING WRONG? If you submit work that is not satisfactory, your assessor will provide written feedback explaining why, as well as timelines for resubmission. Instructions for Task 2 Carefully read the following: NatureCare Products is an Australian company based in Brisbane. The company commenced business in 1996 and manufactures and eco-friendly, high quality beauty skin care products. The business was established to cater for a growing demand for skin products that contain eco-friendly and natural ingredients. There is also an emphasis on eco-friendly packaging. The company sells its products in health food shops across the country, as well as on-line through its own web site. The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of customers are professional women aged 25 to 55. The company currently has a small range of products that include: Cleansing creams to soothe skin during make-up removal. Primary ingredients include Shea butter to nourish the skin and plants extracts that are also rich in essential oils with regenerating and anti-inflammatory properties. This product will be for delicate and mature skins and could also be used as a babycream.Multi Protection Day Moisturizing Creams for dry to normal skin types that help protect the skin during the day and includes Shea butter and extracts from fragile green algae that provides hydrating and protectiveproperties.Regenerating facial scrub to clean off dead skin cells to promote regeneration of healthy new cells. This product will be used for most skintypes. The strategic objectives of the company are to increase market share by 20% At a recent board meeting the two company shareholders and the CEO discussed options for expanding the business and have decided to establish a chain of retail outlets in central Sydney and Melbourne within the next six months. The CEO has asked you to take on the role of Project Manager for the business expansion project. Complete the following activities: Identify project risk Review the scenario information, as well as the Risk Management Policy and Procedures. Review also the Risk Management Plan Template and the Risk Register Template Take project risk notes that include the following: Identify risk objectives and standards.Summary of the risk identification methods used to identify the project risks.Establish the project risk context.Identify an appropriate risk ranking systemDetermine risk analysis classification criteriaClassify the identified risks within risk categoriesDetermine risk priorities You will be determining the risks and their context more clearly during the meeting with the project team, but these preliminary notes should demonstrate that you can identify the case study project’s risks yourself. Send an email to the General Manager (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment, and ask for the place, time and date of your meeting. Attach your project risk notes to the email. Participate in a meeting with the project team and the CEO. At the meeting, go through your Risk Management Plan with the attendees, ensuring that they agree with the assumptions that you have made. Describe each of the risks that you have identified, as well as the questions you considered to identify the risks. Ensure that the meeting participants agree with your risk ranking system, and how it applies to your analysis classification criteria. Discuss the likelihood and the severity of each risk, and its overall risk rating as set out in the Risk Register. Discuss also possible treatments for each risk. For each treatment, identify and discuss their strengths and weaknesses as set out in your report. Agree on risks that need to be documented in the Risk Register as set out in the Policy and Procedures, as well as actions (treatment control measures) that should be taken for each risk. Allocate risk responsibilities to project team members. Discuss with management who should be responsible for each risk management treatment or control metho d. These staff may not be senior management, but may be appointed to the project team for this reason. During the meeting, you will need to demonstrate effective communication skills including: Speaking clearly and conciselyUsing non-verbal communication to assist with understandingAsking questions to identify required informationResponding to questions as requiredUsing active listening techniques to confirm understanding Analyse project risks Following the meeting, you are to perform an analysis of the project risks and incorporate this into a Risk Management Plan. Your Risk Management Plan should include, as a minimum: Project risk contextExisting risk controlsRisk management objectives and standardsRisk identification methodsRisk categorisation processindustry sector risk classificationsRisk analysis classification criteriaRisk management approachesRisk monitoring and review processes: Describe the f requency of regular risk monitoring to identify changed circumstances. Schedule a full review of the risk management process within six months of the new stores opening.Risks identified: Under the Risks identified heading, develop an initial list of risks to discuss at a meeting with Senior Management. As a guide, this should be between 6 to 10 risks. Classify project risksPotential treatment methods: For each of the risks that you identify, suggest at least two potential treatment measures for discussion, including the strengths and weaknesses of measures of each for discussion at the meeting. Use the Risk Management Plan Template to guide your work. Your Risk Management Plan should be about four pages long. Revise your Risk Management Plan. Use the input f rom the stakeholders at the Project Team meeting to revise your risk management plan. Make sure that risk responsibilities are allocated to project team members Name this document revised Risk Management Plan. Complete the Risk Register. Use the Risk Register Template to guide your work. Your Risk Register should include the following: Documenting all of the risks as discussed at your meeting.Including an analysis of each risk including the likelihood of the risk occurring, as well as the severity of the risk should it occur, as well as an overall risk rating.Documenting risk control measures.Document actions for each identified risk. Send an email to the CEO (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachments. Attach your revised Risk Management Plan and completed Risk Register to the email. WHAT MUST BE SUBMITTED FOR TASK 2? Email with your Risk Management Plan attachedEmail with your completed Risk Register attached Assessment Task Cover Sheet – Assessment Task 3 Students: Please f ill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Name: William NicolsonDate of submission: 01/11/20Unit: BSBPMG517 Manage project riskAssessor to completeAssessment TaskSatisfactory/ Not satisfactoryDateWas this a resubmission? Y/NRisk treatment evaluation projectS20/11/2020N STUDENT DECLARATION I William Nicolson declare that these tasks are my own work. None of this work has been completed by any other person.I have not cheated or plagiarised the work or colluded with any other student/s.I have correctly referenced all resources and reference texts throughout these assessment tasks.I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Student signature: Student name: William Nicolson ASSESSOR FEEDBACK Assessors: Please return this cover sheet to the student with assessment results and feedback. A copy must be supplied to the office and kept in the student’s f ile with the evidence. TASK 3 Q1. Good review of training survey results and you have identified well risk envoirnment Q2. You have completed and identified well the key points associated with Risk Management Evaluation Report. You have further identified the following points: 1. Review of project outcome 2. Improvements production for future projects 3. Identify of circumstances for Risk Management Plan 4. Risk responses to the changed environment Q3. Good email to the CEO Q4. Good email to the store managers Overall, you have identified all concepts and have completed assessment per unit requirements for task 3 Assessor signature: Assessor name: Farhan Ahmed Date: 20/11/2020 TASK SUMMARY This assessment task requires you to evaluate a risk control measure that you identified for a risk in Assessment Task 2 and implement changes in response to this. WHAT DO YOU NEED IN ORDER TO COMPLETE THIS PART? * All templates listed above have been provided as Microsoft Word documents. Keep a copy of the original f iles as masters WHEN AND WHERE WILL THIS PART BE COMPLETED? This task will be completed in the simulated work environment in the RTO.Your assessor will give you the due date for this assessment. WHAT DO I NEED TO DO IF I GET SOMETHING WRONG? If you submit work that is not satisfactory, your assessor will provide written feedback explaining why, as well as timelines for resubmission Instructions for Task 3 Carefully read the following: Assume that one of the risks that you identified in your risk management plan was the inability to attract sufficiently qualified and knowledgeable staff to manage the new retail stores, and that the risk treatment identified is to invest in the training and development of existing staff to fulfil this role, at least in the short term. It was identified that two of the existing customer service representatives are interested in taking on this new role. Neither of the two customer service representatives have managerial skills nor knowledge, but they both have excellent company and product knowledge, as well as customer service skills. The company funded both of the staff members to attend. These staff members are currently managing the two new stores. Complete the following activities: Monitor project risk As set out in the risk monitoring and review processes section of the Risk Management Plan, regular risk review processes have to be followed to maintain the currency of the plan. Monitoring the risk environment regularly helps to identify changed circumstances that may impact on the project risks. Review the Training Survey Results and the Manager Feedback, as well as the case study information above, and f rom Assessment Task 2. Identify changed circumstances impacting project risks. Determine risk responses to changed environment. Write a Risk Management Evaluation Report Develop a report for the General Manager that gives an honest evaluation of how well the staff training performed as a risk management treatment. Your report should include, as a minimum, the following: Review the project outcomes to determine the effectiveness of:The risk management treatments.The risk management processes and procedures.Recommended improvements for application to future projects: Describe the changes you would make to your Risk Management Plan to ensure that the risk treatment is more effective the next time a new store is opened.Identify circumstances that have changed since you wrote your Risk Management Plan, and how the changes may impact project risksDetermine risk responses to the changed environment. Use Evaluation Report Template to guide your work. Your Evaluation Report should be between half a page and a page long. Send an email to the CEO (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment and seek their feedback and approval to move forward with the project. Attach your Evaluation Report to the email. Send an email to the store managers (your assessor). Assume that the General Manager has given approval for you to implement two of the risk responses that you listed in your Evaluation Report. Choose the responses that you feel would be most beneficial to the managers and write them a short email to inform them of this. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. WHAT MUST BE SUBMITTED FOR TASK 3? Email with your Evaluation Report attached.Email announcing risk control measures implemented. Assessment 1 Question 1: Scope risks: The risks which are included in scope risks are scope creep, software defects, hardware defects, unexpected changes in the project and includes regulatory framework for the project. Scheduling risks: The scheduling risks which are included in the project are risks which includes estimated durations, assumptions risks as well as activities dependencies associated with the project. Scheduling risks are associated with scheduling plans for the project and includes delivering the project at the completed time. Resource risks: The resource risks in the project includes managing the critical path in the project and manage the float of the project. Project risks is also associated with managing the financial risks in the project. Resources in the project are to be managed with sufficient funds and project budget is to be managed with the allocated resource in the project. Technology risks: The risks included in the technological risks category is failure of any technology while developing the project. The technological risks also includes testing error in the system and not completing the project within the deadline. Question 2: The risks identification tools and techniques which are needed for identification of risks in risk assessment process are Documentation review: One of the main standard process to identify the project risks includes reviewing process which includes analysing the documents including lessons learned, organizational processes as well as articles. Interviewing: The technique used for interviewing process helps to analyse the risk in the project. Interview is conducted with the project participants, project stakeholders as well as experts for identifying the project risks. Delphi technique: This is a process where a team of expert is consulted anonymously. Different list of risk information is sent to the experts, their responses combined, and the results are sent back to the experts again until a final result have been reached. Question 3: AS/NZS ISO mainly includes principles as well as generic guidelines to manage the risk in the project. The ISO standards are to be used by any public, and different community enterprise as well as associations and individual. This guideline is used for utilizing the project risk management process in the existing as well as in future standards. This provides a common approach to support the standards to dead with different project risks and replace the project risks standards. The IS standard of risk management can be used by any organization regardless of size and working operations. This standard helps in increasing likelihood to achieve project objectives as well as helps in improving the opportunities of risk identification and risk threats. This helps in using the resources for treatment of risks in project. The principle of risk management provides framework as well as processes for managing the project risks. The ISO standard includes divided in to number of principles which are to be satisfied for managing the risks effectively. There are different objectives which are to be satisfied at all levels as well as areas in the organization and there can be strategic organizational level for managing the risks in the projects. The principles included are: Risk management sustain project valueRisk management is considered as an integral part of all the organizations.Managing the risks explicitly addresses uncertainty in projectRisk management includes part of decision makingRisk management includes systematic as well as structured project process.Risk management is mainly based in different available information.Risk management can be tailoredRisk management includes cultural as well as human factors. Question 4: Tools and techniques of quantitative risk analysis Quantitative risk analysis mainly uses probability distributions for characterising the probability of risk as well as impact of risk on the project. This includes using the project model as well as includes mathematical simulation tools for calculating the impact and project probability. The project managers can prepare different types of risks which helps in risk analysis. Qualitative risk analysis helps in performing the projects which helps in requiring a contingency reserve for the project schedule as well as project budget. Tools and techniques of qualitative risk analysis Quantitative risk analysis includes a technique which helps in quantifying the risk associated involved in project risk assessment. The risk assessment used in the project helps to get uncertain events which have different outcomes as well as different consequences in the project. Risk includes probability of event stating the project likelihood which occurs in the project. Quantitative risk assessments includes screening level assessments which helps to compare different alternatives for having sufficient data in the project. The techniques which are needed for performing risk analysis for determining the risk probability as well as risk impact of the project are brainstorming, interviewing as well as Delphi technique. Question 5: For managing the process of risk management, there is a framework which is included in managing the risks. There are five steps which are to be included in the risk management process. The processes included in risk management process are identifying risks, analysing the project risks, prioritizing the project risks, mitigating process of risks and risk monitoring process. Identification of risk: The process of risk management system includes identification of risk. The risks in the project are identified which states the identification process of the project. The risk identification process includes defining the risks in the system. Analysing the risks: After identification of risks in the project, the risk is to be analysed and proper risk identification process is to be used for analysing the risk in project. Scope of risk analysis helps in determining the risk and analysing the risk in project. Evaluating the identifying risks: After analysing the risk helps in evaluation of risk identification process. Evaluation process of risk helps to manage the identified risk in the project. Evaluation process states evaluating the risk in the project. Treating the risk: The risk identification process states treatment of risks in the project. The risk treatment process states managing the risks in the project. Risk management solution includes relevant different stakeholders for managing the risks in the project. Monitoringtheprojectrisk: Risk management also includes risk monitoring system which helps in managing the project risks. The monitoring process as well as environmental risks in the project are managed to complete the risk management process. This includes monitoring process of manual system monitoring which includes employment in the project. Question 6: The processes included in controlling the risk measures are: Elimination process: The risk elimination process includes different extendable tools for eliminating the work at certain height.Substitution process: Risk control measures includes substitution method which states having risk controlling process which helps in changing the risk which helps in managing the risks in project.Engineering control: The risk control measure for engineering process helps in managing the risks using fixed as well as permanent controls in the project. The engineering control process can be collective as well as individual and provides priority for measuring the individual measure in the project.Administrative control: Administrative control helps in managing the risks in the project. The risk management control helps in managing the project risk as an essential part and limits the vibrating equipment in the project.Protection against project risks: There can be risk protection process which helps to control the risks in the project. The risk management process defends all the types of risks in the project. Assessment 2 1. Identifying Project Risk Naturecare is a well-established company formed in 1996. Internal risks should be evaluated along with lessons learnt from expansion over the years. Project risk notes reviewing policies and procedures, outlined risk management categories and matrix has identified that the project should include: Documentation review process: This helps in managing the project report of identifying all the project risks included in project.Information gathering technique: The project identification should include different techniques of risks identification which helps in collecting requirements for the project.Brainstorming sessions: For evaluation of risks, brainstorming sessions can be included which can help in mitigating the project risks.Delphi technique: this technique includes team of experts who are to be consulted in the project. There should be list of techniques which are to be included for managing the risks in the project. A risk management plan should be formed to identify any shortcomings this will include: Project risk contextExisting risk controlsRisk management objectives and standardsRisk identification methodsindustry sector risk classificationsRisk categorisation processRisk analysis classification criteria Email to general manager To: General Manager CC: Server, Risk Team Subject: Business expansion project GM, I would like to inform you that for planning and developing the project for Nature Care, there is a need for risk management review in the system. I have found several risks which might occur in the project and would request you to attend the kick-start meeting on 30.11.2020 for discussing in details of the risk. The time of the meeting is 10am and I’ve added this to your shared calendar. Your presence would be highly appreciated. I’ve attached our project risk notes for your consideration. Kind Regards, Will Nicolson Project Manager Att. Project risk notes Project Team Meeting with CEO Draft risk register created with risk responsibilities discussed Draft risk management plan outlines Draft risk matrix discussed Strengths and weaknesses identified DRAFT Risk Management Plan Project risk context The risk management process helps in identifying, assessing as well as controlling the project risks which are to be included in system development. There are threats as well as risks in managing the project and those includes varieties of sources which includes financial uncertainty. Risk management plan helps in managing the project as well as identifying and controlling the project. Existing risk controls These are risk control which are to be measured in managing the marketing project for Nature Care. The risks which are included in the system includes Pricing risks: For increasing the market in the system, there can be marketing risks while managing the project. The pricing risks includes launching a new product and compete with the previous market prices available for the product. The marketing risks includes managing the cost of the project and includes cost plus pricing for the project. Target market risks: The target marketing risks includes all the demographics for managing the risks in the project. For increasing the brand value and the sale in the market, the project should include proper research for target markets before implementing the research. This includes developing target demographics about where to include the project and where to launch the product to have bets market value. Research and development risks: For developing the risks, the project should include proper research as well as development process which helps in managing the risks in the project. The project development process helps in managing the market research and helps the consumers to choose between different products which are available in the market. Risk management objectives and standards The objective of the risk management system includes managing all the project risk which are included in the project to be developed by Nature Care. There are different risk management objectives as well as standards for managing the risks in the project. The objectives of risk management helps in managing potential problems before occurring as well as addressing the project plan. The risk management include internal risks as well as external risks which are to be managed to complete the risk management effectively in the system. Risk identification methods Method for identifying risks in the project are: Brainstorming: Brainstorming sessions helps in finding out different aspects of risks included in project. Brainstorming sessions helps in managing the risks in project as well as generating project risks. Brainstorm are to be facilitated for implementing leadership skills as well as auditing the internal audits in the project. Flowchart method: This method helps in generating graphical activities which includes identifying the processes which helps in mitigating risks in the project. The risk identification process includes product analysis, dependency analysis as well as site analysis and also develops critical path analysis for project completion. SWOT analysis: SWOT analysis method includes technique that include formulation strategy. This helps in finding out strength and weaknesses of the project along with opportunities and threats of the project. Risk Questionnaire and risk surveys: The risk questionnaire includes carrying out risks interviews or risk surveys in completing the risk assessment. Industry sector risk classifications Risk mainly are classified in four different groups. The risk classifications included in risk identification are: Market Risks: Market risks includes substantial changes in marketplace. This includes the market change that the organization has undertaken.Credit risks: Credit risks includes customers to provide a credit line and risks includes not having enough funds to pay for the bills in the project.Liquidity risks: The liquidity risks includes company to convert the assets in cash if funds is needed for the company. This includes having daily cash flow in the project.Operational risks: This risks includes result for the company which includes regular business activities as well as includes fraud as well as personal issues. Risk categorisation process Risk categorization mainly occurs in the project with their sources as well as areas which are affected by the project. Risk categorization includes useful categories so that to determine the project areas which are more exposed to be affected in the project. Categorization of risks in the project is the most common root cause and this technique is mainly used to identify the working packages as well as project activities along with project roles in completing the project. Risk analysis classification criteria Risks analysis process helps in identifying as well as managing all potential problems that can undermine the initiatives of key business as well as includes projects. Identification of risks The risk which are identified in the project are: Technical risksSupply chain risksManufacturability risksUnit cost risks REVISED Risk Management Plan *Following the input from stakeholders the following changes have been discussed and highlighted below. 4 additional risks recorded after case study discussions. Project risk context The risk management process helps in identifying, assessing as well as controlling the project risks which are to be included in system development. There are threats as well as risks in managing the NatureCare project and those includes varieties of sources which includes financial uncertainty. Risk management plan helps in managing the project as well as identifying and controlling the project. Existing risk controls There are risk control which are to be measured in managing the marketing project for Nature Care. The risks which are included in the system includes: Pricing risks: For increasing the market in the system, there can be marketing risks while managing the project. The pricing risks in NatureCare includes launching a new product and compete with the previous market prices available for the product. The marketing risks includes managing the cost of the project and includes cost plus pricing for the project. Target market risks: The target marketing risks includes all the demographics for managing the risks in the project. For increasing the brand value NatureCare and the sale in the market, the project should include proper research for target markets before implementing the research. This includes developing target demographics about where to include the project and where to launch the product to have bets market value. Research and development risks: For developing the risks, the project should include proper research as well as development process which helps in managing the risks in the project of NatureCare. The project development process helps in managing the market research and helps the consumers to choose between different products which are available in the market. Risk management objectives and standards The objective of the risk management system includes managing all the project risk which are included in the project to be developed by Nature Care. There are different risk management objectives as well as standards for managing the risks in the NatureCare project. The objectives of risk management helps in managing potential problems before occurring as well as addressing the project plan. The risk management include internal risks as well as external risks which are to be managed to complete the risk management effectively in the system. Risk identification methods Method for identifying risks in the project are: Brainstorming: Brainstorming sessions helps in finding out different aspects of risks included in NatureCare project. Brainstorming sessions helps in managing the risks in project as well as generating project risks. Brainstorm are to be facilitated for implementing leadership skills as well as auditing the internal audits in the project. Flowchart method: This method helps in generating graphical activities which includes identifying the processes which helps in mitigating risks in the NatureCare project. The risk identification process includes product analysis, dependency analysis as well as site analysis and also develops critical path analysis for project completion. SWOT analysis: SWOT analysis method includes technique that include formulation strategy. This helps in finding out strength and weaknesses of the project along with opportunities and threats of the NatureCare project. Risk Questionnaire and risk surveys: The risk questionnaire includes carrying out risks interviews or risk surveys in completing the risk assessment. Industry sector risk classifications Risk mainly are classified in four different groups. The risk classifications included in risk identification are: 1. Market Risks: Market risks includes substantial changes in marketplace. This includes the market change that the organization has undertaken. 2. Credit risks: Credit risks includes customers to provide a credit line and risks includes not having enough funds to pay for the bills in the NatureCare project. 3. Liquidity risks: The liquidity risks includes company to convert the assets in cash if funds is needed for the company. This includes having daily cash flow in the project. 4. Operational risks: This risks includes result for the company which includes regular business activities as well as includes fraud as well as personal issues. Risk categorisation process Risk categorization mainly occurs in the project with their sources as well as areas which are affected by the project. Risk categorization includes useful categories so that to determine the project areas which are more exposed to be affected in the NatureCare project. Categorization of risks in the project is the most common root cause and this technique is mainly used to identify the working packages as well as project activities along with project roles in completing the project. Risk analysis classification criteria Risks analysis process helps in identifying as well as managing all potential problems that can undermine the initiatives of key business as well as includes projects. Project risk assessment includes a process to access all the probabilities as well as consequences of risks which might occur in the project. The results obtained are used to prioritize the risks for establishing the least as well as critical importance ranking. Risk Management approaches Risk management includes multi-stage process which depends on need as well as requirements of the NatureCare project. The approaches which are included are: Risk avoidance: This approach of risk management stops the risks involved in the project. Al risk are mitigated in this process. Risk Reduction: This method requires necessary steps to manage the risk in the project. This approach helps to minimize the risks which occurs in the project. Risk Transfer: This approach includes transferring of risk to another party. Risk Acceptance: Risk acceptance includes accepting the risk which have occurred in the project. This approach is undertaken by ignoring the potential losses in the project. Risk monitoring and review processes Risk monitoring and risk review is a planned part included in the process of risk management. This process includes regular checking as well as surveillance in completing the project. The results are to be recorded as well as reported for external purpose and internal purpose. The responsibilities of the monitoring process and the reviewing process is to be defined clearly in the process. The process which should be included in the risk monitoring process and reviewing process includes 1. Ensuring the project control which is effective as well as efficient for designing and operations. 2. Get further information for improving risk assessment. 3. Analyse as well as learn the lessons from the events of risk management. 4. Detecting changes in the risk assessment process 5. Identify the risk gaps in the project. Risks identified The risk which are identified in the project are: 1. Technical risks 2. Supply chain risks 3. Manufacturability risks 4. Unit cost risks 5. Marketing risks 6. Resource risks 7. Program management risks 8. Interpersonal risks Classify project risks Potential treatment methods Opportunities and threats include uncertainty which has potential for affecting the objectives and handle different processes with modifications which are required in the risk management process. Risk Register RiskSeverityLikelihoodRisk RatingTreatment/control methodsResponsibilityTechnical risksHighHighHighMore skilled employees are to be employed for managing the risksResponsibility of project managerSupply chain risksLowMediumMediumDetailed suppliers list is to be analysed to mitigate this risksProcurement managerManufacturability risksLowLowLowProper manufacturing process is to be usedTeam leader Unit cost risksMediumLowMediumTracking of cost should be doneFinance managerResource risksHighMediumMediumResource allocation should be done properlyProject managerProgram management risksMediumHighHighProgram management should be analysed properlyProject managerInterpersonal risksLowHighMediumProper training should be providedProject manager MediumHigh Resource risksCritical Technical risksLowMediumHighUnit cost risksProgram management risksLow Manufactura bility risksLow Supply chain risksMedium Interperso nal risks ImpactLikelihood Email to CEO To: CEO CC: Server, Risk Team, General Manager Subject: Business expansion project CEO, I would like to inform you that for planning and developing the project for Nature Care, there is a need for risk management review in the system. We have identified several risks which might occur in the project and would request your approval for mitigation and control moving forward. Please refer to the Risk Management plan and risk register attached. Kind Regards, Will Nicolson Project Manager Att. Risk Management Plan Risk register Assessment 3 Monitor projectrisks Risks monitoring steps which can be implementing in the Nature care project are Monitor the risk response plan which were agreed for the project: Project monitoring should be done properly so that proper response for the risk can be implemented.Proper tracking of the risks identified for the project: The project should include proper tracking of the project risks which were identified in the project.Identifying and analysing the project risks: The project risks which were identified in the project should be analyzed properly to mitigate the project risks. Risk management evaluation report Effectiveness of the risk management treatment The risk management treatment is done as per the standard of ISO 31000:2009 which defines the uncertainty of risks and the effect of the risks on the objective of the organization or project. The same can be applied to NatureCare. Risk management is essential for the organizations for achieving the project objectives as well as helps in satisfying the need of the stakeholders in the project. Good governance as well as effective management is achieved by proper project development along with project deployment having organizations to have coherent as well as consistent framework. Risk management treatment helps in identification, assessment as well as prioritize the uncertainties of risks which can be minimized, controlled, as well as monitoring the impact of risks realities in the project. The project includes enhancing opportunity by applying different coordinated as well as commercial resources. Risk management includes managing the project in an effective way. This helps in calculating the return on investments as well as projects. There are five steps which can be followed while identifying the project risks. The project risks states identifying the effectiveness of risks in five different ways. The ways to find out effectives ness of risks includes Identifying project risksAnalysing the project risksEvaluating the risksTreatment of risksMonitoring risks There are some risk treatment strategies which are to be undertaken for completing the risk assessment. The strategies of risks include: Risk AvoidanceRisk ReductionRisk sharingRisk retention Effectiveness of the risk management processes and procedures The risk management process which are included in the system development are Step 1: The risk identified in the process includes developing the risk management plan with skilled and knowledgeable staffs so that they can manage the retail stores. The risk is to be managed so that proper skilled employees can be recruited for managing the stores. Step 2: The risk identified in the project is analysed so that it can be mitigated from the project. The project risks is to be mitigated in the project. Step 3: After the risk has been analysed, the project is to be evaluated as well as ranked so that it can be prioritized and managed in managing the project. Step 4: The project risk is to be treated and the risk treatment process which is included in the system is training the employees so that they can handle the stores and manage the system. Step 5: The project risk which has been identified in the project is monitored as well as reviewed so that it can be mitigated properly in the project development process. The project risks can be monitored by evaluating the risks in the project. Changed circumstances that may impact project risks The change of including training session for the staffs to manage the store is an additional requirement for handling the project and the change is to be included in the scope of the project. The change which might be included in the project might have change the cost of the project as well as the time which is scheduled to complete the project. The project scheduled initially for the year will increase in time because the project will add an extra activity of providing training to the staffs. The staffs are to be trained to manage the stores and for managing the staff training, cost of the project will also increase so that proper training can be given to the staffs. For initiating the change, the prerequisites are to be reviewed for managing the project and risk for the change in the project are to be included for managing the project risk. The risk ratings are to be assigned in the project to manage the project effectively. Determine risk responses to changed environment The risk response to changed environment is that there might be no proper resource available to provide the training to the staffs about handling and management of store. The risk response might also include increase in project cost and increase in project time completion. The project should include proper risk response so that project gets completed at the desired time and project schedule can be managed to complete the project for Nature Care. For managing the risks in the project, the project should be planned and re-planning is needed for implementing the change in the project. The project risk includes managing the change properly and handle the project tracking process so that change can be applied successfully in the project. Risk response also includes managing the project activities as well as tracking of project activities to complete the project on time. The project activities includes risk ratings so that risk can be managed successfully. Recommended improvements for application to future projects Recommendations which can be implemented for managing the changes in project and can be used for future project includes The project changes can be managed in the project and changes are to be accepted openly in the project.The change process is to be managed openly in the project.The process of change and the changing request is to be made easy so that it can be carried out effectively in the project.The changes which are not possible is to be rejected at the starting of project.Project changes are to be requested using a change request form for taking approval of the project.The change request form is to be managed and approved by the client and the project manager before proceeding with the change in the project.The change in the project is also to be tracked so that actual completion time for the change is managed in the project.In the change request form, there should be name of the person who is requesting for change in project and there should be unique identifier who should include change. A description of the project should be included for managing the change in the project. Monitor project risks Risks monitoring steps which can be implementing in the Nature care project are Monitor the risk response plan which were agreed for the project: Project monitoring should be done properly so that proper response for the risk can be implemented.Proper tracking of the risks identified for the project: The project should include proper tracking of the project risks which were identified in the project.Identifying and analysing the project risks: The project risks which were identified in the project should be analysed properly to mitigate the project risks. Email to CEO To: CEO CC: Server, Risk Team, General Manager Subject: Business expansion project risk evaluation CEO, I would like to inform you that risk assessment technique for developing the project for Nature Care has been completed and proper analysis has been done to identify the project risks. The project should include proper risk assessment technique and risk identification for managing the project risks. I would like to request you to go through the risk assessment process so that risk in the project can be identified to complete the project successfully. There are different techniques which are to be followed to manage the project risks and all has been explained clearly in this report so that risk can be mitigated and the project can be completed successfully. Kind Regards, Will Nicolson Project Manager Att. Risk Management Plan and evaluation report Email to Store Managers To: Store Managers CC: Server, Risk Team Bcc: General Manager, CEO Subject: Business expansion risk responses Store Managers, As a result of Naturecares continued growth and expansion we have conducted a risk evaluation and would like to roll out and adopt the following risk responses: Monitor the risk response plan which were agreed for the project: Project monitoring should be done properly so that proper response for the risk can be implemented.Proper tracking of the risks identified for the project: The project should include proper tracking of the project risks which were identified in the project. As a company we feel these responses will be best suited as a mitigation technique store wide moving forward. We thank you for your continued efforts and hope you can adopt these responses for another successful year. Kind Regards, Will Nicolson Project Manager Bibliography Demirkesen, S., & Ozorhon, B. (2017). 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