Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 1 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACStudent Assessment PackEnsure this cover sheet is attached … Continue reading “Diploma of Project Management | My Assignment Tutor”
Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 1 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACStudent Assessment PackEnsure this cover sheet is attached to your work.Student and Trainer/Assessor Details Student IDStudent nameContact numberEmail addressTrainer/Assessor name Course and Unit Details Course codeBSB51415Course nameDiploma of Project ManagementUnit codeBSBPMG517Unit nameManage Project Risk Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 2 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACTHIS PAGE IS INTENTIONALLY BLANK© 2020 Universal Institute of Technology Pty Ltd‘This is a modified document based on materials prepared by Eduworks ResourcesUniversal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 3 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Contents Student and Trainer/Assessor Details …………………………………………………………………………………. 1Course and Unit De tails …………………………………………………………………………………………………. 1Assessment overview ……………………………………………………………………………………………………. 4The Assessment Process and Your Rights …………………………………………………………………………. 4Assessment plan ………………………………………………………………………………………………………….. 7Assessment Task Cover Sheet – Assessment Task 1 …………………………………………………………… 9Assessment Task 1: Written questions ………………………………………………………………………………11Assessment Task Cover Sheet – Assessment Task 2 …………………………………………………………..23Assessment Task 2: Risk identification and analysis project …………………………………………………..25Assessment Task Cover Sheet – Assessment Task 3 …………………………………………………………..29Assessment Task 3: Risk monitoring and assessment project…………………………………………………31Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 4 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment overview This Student Assessment Booklet includes all your tasks for assessment of BSBPMG517 Manageproject risk.About your assessmentsThis unit requires that you complete 3 assessment tasks. You must complete all tasks to achievecompetency for this unit. Assessment TaskAssessment methodOverviewAssessment Task 1: WrittenquestionsQuestioningYou must correctly answer all questions in thistask to show that you understand the knowledgerequired of this unit.Assessment Task 2: Riskidentification and analysisprojectProjectYou must identify, analyse and evaluate humanresources risks associated with establishing newretail outlets for a companyAssessment Task 3: Risktreatment evaluation projectProjectYou must evaluate a risk control measure andimplement changes in response to it. The Assessment Process and Your Rights Assessment Submission GuidelinesAll assessments must be submitted by the due date specified by the Trainer/Assessor on the UITLearning Management System (Moodle). To log in to UIT Moodle visit https://uit.learnbook.com.auWhen 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 withinthree (3) working days after the official due date.Proof must be provided to the Student Services Department and may be required to complete anassessment 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 Academicdepartment.For more information, please refer to the student handbook.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 5 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACRe-submissionStudents 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 OutcomeAll 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 bedeemed 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 AdjustmentAt the Trainer/Assessors discretion reasonable adjustment, also known as reasonableaccommodation, may be applied. This means that ‘reasonable’ adjustments may be made whereverpossible; to meet the needs of a student with disability or with other learning needs. If you requiremore details about reasonable adjustment, please refer to the student handbook.Learning supportIf you require further assistance in your learning, UIT encourages you to reach out to your Trainer todiscuss the areas that you believe you need further assistance with. If you require further supportafter consulting your trainer, please see a Student Services Officer who can arrange a time to discussyour concerns with the VET Academic department.Plagiarism PolicyAll student work must be written in their own words, except where acknowledged through q uotationsand referencing. Plagiarism is a serious offence; Universal Institute of Technology may impose severepenalties on students who plagiarise.For more information on Plagiarism and Cheating, visit UIT’s policy and procedures on the website.www.uit.edu.auAppealsIf 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 onthe UIT website. www.uit.edu.au.Course CreditsIf you have been deemed competent in this unit as part of a prior qualification, you may eligible forcredit transfer. For more information on course credits please see the Course Credits policy andprocedures on the UIT website. www.uit.edu.auRPLUniversal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 6 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACIf you believe you have sufficient experience and knowledge in this area of study, you may be eligiblefor Recognition of Prior Learning (RPL). For more information on applying for RPL please see theRecognition of Prior Learning (RPL) policy and procedure on the UIT website. www.uit.edu.au.Feedback to studentFeedback on students’ assessment performance is a vital element in their learning. Its purpose is tojustify to students how their competency was assessed, as well as to identify and reward specificqualities in their work, to recommend aspects needing improvement, and to guide students on whatsteps 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 strategiesGuide trainers/assessors to adapt and adjust teaching to accommodate students’ learning needsBe a pivotal feature of learning and assessment design, not an add -on ritualFocus on course and unit learning outcomesGuide students to become independent and self -reflective learners and their own criticsAcknowledge the developmental nature of learningIf students have not received proper feedback, they must speak to VET department/administrationdepartment in UIT/person responsible for looking after the VET department/administration of UIT.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 7 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment plan The following outlines the requirements of your final assessment for this unit. You are required tocomplete 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 tablebelow. Assessment RequirementsDue date1. Written questionsPlease Refer to duedate on Moodle2. Risk identification and analysis project3. Risk treatment evaluation project AGREEMENT BY THE STUDENTRead through the assessments in this booklet before you fill out and sign the agreement below. Make sureyou sign this before you start any of your assessments.Have you read and understood what is required of you in terms of assessment? Yes NoHave you read and understood the RTO’s policies and procedures related toreassessment? Yes NoDo you understand the requirements of this assessment? Yes NoDo you agree to the way in which you are being assessed? Yes NoDo 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? Yes No Student name: ________________________________________________________________________Student signature: _____________________________ ___Date: ________________Assessor name: __________________________________________________________________Assessor signature: ______________________________Date: _________________Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 9 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment Task Cover Sheet – Assessment Task 1 Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy ofyour work. Name:Date of submission:Unit: BSBPMG517 Manage project riskAssessor to completeAssessment TaskSatisfactory/Not satisfactoryDateWas this aresubmission?Y/NWritten questions STUDENT DECLARATIONI ____________________________________________________ declare that these tasks are my ownwork. 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 againstme. Student signature: _____________________________________________________________________Student name: ________________________________________________________________________Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 10 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACASSESSOR FEEDBACKAssessors: 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 file with the evidence..Assessor signature: ____________________________________________________________________Assessor name: _______________________________________________________________________Date: ________________________________________________________________________________Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 11 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment Task 1: Written questions TASK SUMMARYYou are to answer all written questions.WHAT DO YOU NEED IN ORDER TO COMPLETE THIS TASK? Resources
Access to textbooks and other learning materials Access to a computer, printer, Internet and email software Access to Microsoft Word or a similar program WHEN AND WHERE DO I NEED TO COMPLETE THIS TASK? This task may be done in your own time as homework or you may be given time to do this task inclass (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. Youwill 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, submitthe file on a USB drive or hand in a hard copy. If there are tables included in your task that you need to fill out, you may choose to recreate themin a word processing application. If you have been provided with an electronic version of thisbooklet, you may prefer to type your answers directly into the document.WRITTEN ANSWER QUESTION GUIDANCEThe 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 tellyou 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 noticeablequalities or features. Generally, you are expected to write a response of two or three sentences inlength. Explain – when a question asks you to ‘explain’, you will need to make clear how or whysomething happened or the way it is. Generally, you are expected to write a response of two orthree sentences in length.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 12 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Identify – when a question asks you to ‘identify’, you will need to briefly describe the requiredinformation. 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 themain points. Generally, you are expected to write a response of two or three sentences in length.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 13 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACQUESTION 1Identify at least two project risks for each of the following risk categories: Scope risk Scheduling risk Resource risk Technology riskUniversal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 14 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACUniversal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 15 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACQUESTION 2Outline three examples of tools or techniques that could be used to identify risks as part of a riskassessment process.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 16 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACUniversal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 17 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACQUESTION 3Summarise the purpose of Australia/New Zealand Standard for Risk Management (AS/NZS ISO31000:2009) and identify the key principles underlying this risk management standard.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 18 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACUniversal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 19 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACQUESTION 4Describe the characteristics, techniques and appropriate applications of both quantitative andqualitative risk analysis.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 20 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACQUESTION 5Outline the key steps involved in a risk management process.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 21 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACQUESTION 6Explain five options for controlling risk.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 22 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC WHAT MUST BE SUBMITTED FOR TASK 1: Your answers to each question. Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 23 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment Task Cover Sheet – Assessment Task 2 Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy ofyour work. Name:Date of submission:Unit: BSBPMG517 Manage project riskAssessor to completeAssessment TaskSatisfactory/Not satisfactoryDateWas this aresubmission?Y/NRisk identification and analysis project STUDENT DECLARATIONI ____________________________________________________ declare that these tasks are my ownwork. 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 againstme. Student signature: _____________________________________________________________________Student name: ________________________________________________________________________Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 24 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACASSESSOR FEEDBACKAssessors: 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 file with the evidence.Assessor signature: ____________________________________________________________________Assessor name: _______________________________________________________________________Date: ________________________________________________________________________________Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 25 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment Task 2: Risk identification and analysis project TASK SUMMARYThis 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 newretail outlets for the company. This will involve identifying risks and then meeting with SeniorManagement to consult on the risks you have identified. Following this, you are required to documentrisks and control measures in a risk register.WHAT DO YOU NEED IN ORDER TO COMPLETE THIS PART? Resources Access to textbooks and other learning materials Access to a computer, printer, Internet and email software Access to Microsoft Word or a similar program Space for a meeting Personnel Role play participants Templates/Supporting documents Risk Management Plan Template Risk Management Policy and Procedures Risk Register Template All templates listed above have been provided as Microsoft Word documents. Keep a copy of theoriginal files 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.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 26 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACInstructions for Task 2Carefully read the following: NatureCare Products is an Australian company based in Brisbane. The company commencedbusiness in 1996 and manufactures and eco-friendly, high quality beauty skin care products. Thebusiness was established to cater for a growing demand for skin products that contain eco-friendlyand 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 throughits 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 to55.The company currently has a small range of products that include: Cleansing creams to soothe skin during make-up removal. Primary ingredients include Sheabutter to nourish the skin and plants extracts that are also rich in essential oils withregenerating and anti-inflammatory properties. This product will be for delicate and matureskins and could also be used as a baby cream. Multi Protection Day Moisturizing Creams for dry to normal skin types that help protect the skinduring the day and includes Shea butter and extracts from fragile green algae that provideshydrating and protective properties. Regenerating facial scrub to clean off dead skin cells to promote regeneration of healthy newcells. This product will be used for most skin types.The strategic objectives of the company are to increase market share by 20% At a recent boardmeeting the two company shareholders and the CEO discussed options for expanding the businessand have decided to establish a chain of retail outlets in central Sydney and Melbourne within thenext six months.The CEO has asked you to take on the role of Project Manager for the business expansion project. Complete the following activities: 1.Identify project riskReview the scenario information, as well as the Risk Management Policy and Procedures. Review also the Risk Management Plan Template and the Risk Register TemplateTake 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 system Determine risk analysis classification criteria Classify the identified risks within risk categories Determine risk prioritiesYou will be determining the risks and their context more clearly during the meeting with the projectteam, but these preliminary notes should demonstrate that you can identify the case studyproject’s risks yourself.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 27 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC2. 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 forthe place, time and date of your meeting.Attach your project risk notes to the email.3. 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 theyagree with the assumptions that you have made. Describe each of the risks that you haveidentified, 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 toyour analysis classification criteria.Discuss the likelihood and the severity of each risk, and its overall risk rating as set out in the RiskRegister.Discuss also possible treatments for each risk. For each treatment, identify and discuss theirstrengths 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 andProcedures, 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 beresponsible for each risk management treatment or control method. These staff may not be seniormanagement, 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 concisely Using non-verbal communication to assist with understanding Asking questions to identify required information Responding to questions as required Using active listening techniques to confirm understanding4. Analyse project risksFollowing the meeting, you are to perform an analysis of the project risks and incorporate this intoa Risk Management Plan.Your Risk Management Plan should include, as a minimum: Project risk context Existing risk controls Risk management objectives and standards Risk identification methods Risk categorisation process industry sector risk classifications Risk analysis classification criteria Risk management approaches Risk monitoring and review processes: Describe the frequency of regular risk monitoring toidentify changed circumstances. Schedule a full review of the risk management processwithin six months of the new stores opening. Risks identified: Under the Risks identified heading, develop an initial list of risks to discuss ata meeting with Senior Management. As a guide, this should be between 6 to 10 risks.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 28 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Classify project risks Potential treatment methods: For each of the risks that you identify, suggest at least twopotential treatment measures for discussion, including the strengths and weaknesses ofmeasures of each for discussion at the meeting.Use the Risk Management Plan Template to guide your work. Your Risk Management Plan shouldbe about four pages long.5. Revise your Risk Management Plan.Use the input from the stakeholders at the Project Team meeting to revise your risk managementplan.Make sure that risk responsibilities are allocated to project team membersName this document revised Risk Management Plan.6. 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 theseverity of the risk should it occur, as well as an overall risk rating. Documenting risk control measures. Document actions for each identified risk.7. 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 attached Email with your completed Risk Register attached Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 29 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment Task Cover Sheet – Assessment Task 3 Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy ofyour work. Name:Date of submission:Unit: BSBPMG517 Manage project riskAssessor to completeAssessment TaskSatisfactory/Not satisfactoryDateWas this aresubmission?Y/NRisk treatment evaluation project STUDENT DECLARATIONI ____________________________________________________ declare that these tasks are my ownwork. 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 againstme. Student signature: _____________________________________________________________________Student name: ________________________________________________________________________Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 30 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACASSESSOR FEEDBACKAssessors: 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 file with the evidence.Assessor signature: ____________________________________________________________________Assessor name: _______________________________________________________________________Date: ________________________________________________________________________________Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 31 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC Assessment Task 3: Risk monitoring and assessment project TASK SUMMARYThis assessment task requires you to evaluate a risk control measure that you identified for a risk inAssessment Task 2 and implement changes in response to this.WHAT DO YOU NEED IN ORDER TO COMPLETE THIS PART? Resources Access to textbooks and other learning materials Access to a computer, printer, Internet and email software Access to Microsoft Word or a similar program Templates/Supporting documents Evaluation Report Template Manager Feedback Training Survey Results * All templates listed above have been provided as Microsoft Word documents. Keep a copy of theoriginal files as mastersWHEN 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 resubmissionInstructions for Task 3Carefully read the following: Assume that one of the risks that you identified in your risk management plan was the inability to attractsufficiently qualified and knowledgeable staff to manage the new retail stores, and that the risk treatmentidentified is to invest in the training and development of existing staff to fulfil this role, at least in the shortterm.It was identified that two of the existing customer service representatives are interested in taking on this newrole. Neither of the two customer service representatives have managerial skills nor knowledge, but they bothhave excellent company and product knowledge, as well as customer service skills. The company fundedboth of the staff members to attend. These staff members are currently managing the two new stores. Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 32 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TAC A staff survey was sent to the two members of staff who completed the training, and their responses arecollated in the Training Survey Results.It is now one year later, and the retail stores have now been established in Sydney and Melbourne for fivemonths. Each store employs a Manager, 2 full-time retail assistants and several part-time and casual staff.Financially, both stores are performing well, and are already covering their own overheads.A week ago, both managers were asked to give feedback on how they are coping with their newresponsibilities, and how the training that they received helped prepare them for the tasks that they performtoday. Their responses are collated in the Manager Feedback. Complete the following activities:1. Monitor project riskAs 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 impacton the project risks.Review the Training Survey Results and the Manager Feedback, as well as the case studyinformation above, and from Assessment Task 2.Identify changed circumstances impacting project risks.Determine risk responses to changed environment. 2.Write a Risk Management Evaluation ReportDevelop 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 youwould make to your Risk Management Plan to ensure that the risk treatment is more effectivethe next time a new store is opened. Identify circumstances that have changed since you wrote your Risk Management Plan, andhow the changes may impact project risks Determine risk responses to the changed environment.Use Evaluation Report Template to guide your work. Your Evaluation Report should be betweenhalf a page and a page long.3. 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 seektheir feedback and approval to move forward with the project.Attach your Evaluation Report to the email.4. Send an email to the store managers (your assessor).Assume that the General Manager has given approval for you to implement two of the riskresponses that you listed in your Evaluation Report.Universal Institute of Technology Pty LtdT/A Universal institute of TechnologyAddress: Level 1 131 Queen Street, Melbourne, VIC-3000Ph No: 03 9600 0087, Web: www.uit.edu.auEmail: info@uit.edu.au, ABN No: 33126585920Page 33 of 33Doc #: DOC5007,Revision: 1.0, Revision Date: 12 Oct 2020, Next Review: 12 Oct 2021Create by: VAM, Approved by: TACChoose the responses that you feel would be most beneficial to the managers and write them ashort 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. Manage Project Risk: BSBPMG517William Nicolson ULG14352Assessment 1Question 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 theproject.Scheduling risks: The scheduling risks which are included in the project are risks whichincludes estimated durations, assumptions risks as well as activities dependencies associatedwith the project. Scheduling risks are associated with scheduling plans for the project andincludes delivering the project at the completed time.Resource risks: The resource risks in the project includes managing the critical path in theproject and manage the float of the project. Project risks is also associated with managing thefinancial risks in the project. Resources in the project are to be managed with sufficient fundsand 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 anytechnology while developing the project. The technological risks also includes testing error in thesystem and not completing the project within the deadline.Question 2:The risks identification tools and techniques which are needed for identification of risksin risk assessment process areDocumentation review: One of the main standard process to identify the project risksincludes 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 theproject. Interview is conducted with the project participants, project stakeholders as well asexperts for identifying the project risks.Question 3:AS/NZS ISO mainly includes principles as well as generic guidelines to manage the risk inthe project. The ISO standards are to be used by any public, and different community enterpriseas well as associations and individual. This guideline is used for utilizing the project riskmanagement process in the existing as well as in future standards. This provides a commonapproach to support the standards to dead with different project risks and replace the projectrisks standards. The IS standard of risk management can be used by any organization regardlessManage Project Risk: BSBPMG517William Nicolson ULG14352of size and working operations. This standard helps in increasing likelihood to achieve projectobjectives 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 managingthe project risks. The ISO standard includes divided in to number of principles which are to besatisfied for managing the risks effectively. There are different objectives which are to be satisfiedat all levels as well as areas in the organization and there can be strategic organizational level formanaging the risks in the projects. The principles included are:1. Risk management sustain project value2. Risk management is considered as an integral part of all the organizations.3. Managing the risks explicitly addresses uncertainty in project4. Risk management includes part of decision making5. Risk management includes systematic as well as structured project process.6. Risk management is mainly based in different available information.7. Risk management can be tailored8. Risk management includes cultural as well as human factors.Question 4:Tools and techniques of quantitative risk analysisQuantitative risk analysis mainly uses probability distributions for characterising the probabilityof risk as well as impact of risk on the project. This includes using the project model as well asincludes mathematical simulation tools for calculating the impact and project probability. Theproject managers can prepare different types of risks which helps in risk analysis. Qualitative riskanalysis helps in performing the projects which helps in requiring a contingency reserve for theproject schedule as well as project budget.Tools and techniques of qualitative risk analysisQuantitative risk analysis includes a technique which helps in quantifying the risk associatedinvolved in project risk assessment. The risk assessment used in the project helps to get uncertainevents which have different outcomes as well as different consequences in the project. Riskincludes probability of event stating the project likelihood which occurs in the project.Quantitative risk assessments includes screening level assessments which helps to comparedifferent alternatives for having sufficient data in the project. The techniques which are neededfor performing risk analysis for determining the risk probability as well as risk impact of theproject are brainstorming, interviewing as well as Delphi technique.Manage Project Risk: BSBPMG517William Nicolson ULG14352Question 5:For managing the process of risk management, there is a framework which is included inmanaging 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 projectrisks, prioritizing the project risks, mitigating process of risks and risk monitoring process.Identification of risk: The process of risk management system includes identification ofrisk. 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 analysedand proper risk identification process is to be used for analysing the risk in project. Scope of riskanalysis helps in determining the risk and analysing the risk in project.Evaluating the identifying risks: After analysing the risk helps in evaluation of riskidentification 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 solutionincludes relevant different stakeholders for managing the risks in the project.Monitoring the project risk: Risk management also includes risk monitoring system whichhelps in managing the project risks. The monitoring process as well as environmental risks in theproject are managed to complete the risk management process. This includes monitoring processof manual system monitoring which includes employment in the project.Question 6:The processes included in controlling the risk measures are:1. Elimination process: The risk elimination process includes different extendable toolsfor eliminating the work at certain height.2. Substitution process: Risk control measures includes substitution method which stateshaving risk controlling process which helps in changing the risk which helps in managing the risksin project.3. Engineering control: The risk control measure for engineering process helps inmanaging the risks using fixed as well as permanent controls in the project. The engineeringcontrol process can be collective as well as individual and provides priority for measuring theindividual measure in the project.Manage Project Risk: BSBPMG517William Nicolson ULG143524. Administrative control: Administrative control helps in managing the risks in theproject. The risk management control helps in managing the project risk as an essential part andlimits the vibrating equipment in the project.5. Protection against project risks: There can be risk protection process which helps tocontrol the risks in the project. The risk management process defends all the types of risks in theproject.Manage Project Risk: BSBPMG517William Nicolson ULG14352Assessment 21. Identifying Project RiskNaturecare is a well-established company formed in 1996. Internal risks should be evaluatedalong with lessons learnt from expansion over the years.Project risk notes reviewing policies and procedures, outlined risk management categories andmatrix has identified that the project should include:1. Documentation review process: This helps in managing the project report of identifying all theproject risks included in project.2. Information gathering technique: The project identification should include differenttechniques of risks identification which helps in collecting requirements for the project.3. Brainstorming sessions: For evaluation of risks, brainstorming sessions can be included whichcan help in mitigating the project risks.4. Delphi technique: this technique includes team of experts who are to be consulted in theproject. There should be list of techniques which are to be included for managing the risks in theproject.A risk management plan should be formed to identify any shortcomings this will include:• Project risk context• Existing risk controls• Risk management objectives and standards• Risk identification methods• industry sector risk classifications• Risk categorisation process• Risk analysis classification criteriaManage Project Risk: BSBPMG517William Nicolson ULG143522. Email to general managerTo: General ManagerCC: Server, Risk TeamSubject: Business expansion projectGM,I would like to inform you that for planning and developing the project for Nature Care, there isa need for risk management review in the system. I have found several risks which might occurin the project and would request you to attend the kick-start meeting on 30.11.2020 fordiscussing in details of the risk. The time of the meeting is 10am and I’ve added this to your sharedcalendar.Your presence would be highly appreciated. I’ve attached our project risk notes for yourconsideration.Kind Regards,Will NicolsonProject ManagerAtt. Project risk notes3. 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 identifiedManage Project Risk: BSBPMG517William Nicolson ULG143524. DRAFT Risk Management PlanProject risk contextThe risk management process helps in identifying, assessing as well as controlling theproject risks which are to be included in system development. There are threats as well as risksin managing the project and those includes varieties of sources which includes financialuncertainty. Risk management plan helps in managing the project as well as identifying andcontrolling the project.Existing risk controlsThese are risk control which are to be measured in managing the marketing project forNature Care. The risks which are included in the system includesPricing risks: For increasing the market in the system, there can be marketing risks whilemanaging the project. The pricing risks includes launching a new product and compete with theprevious market prices available for the product. The marketing risks includes managing the costof the project and includes cost plus pricing for the project.Target market risks: The target marketing risks includes all the demographics formanaging the risks in the project. For increasing the brand value and the sale in the market, theproject should include proper research for target markets before implementing the research. Thisincludes developing target demographics about where to include the project and where to launchthe product to have bets market value.Research and development risks: For developing the risks, the project should includeproper 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 theconsumers to choose between different products which are available in the market.Risk management objectives and standardsThe objective of the risk management system includes managing all the project risk whichare included in the project to be developed by Nature Care. There are different risk managementobjectives as well as standards for managing the risks in the project. The objectives of riskmanagement helps in managing potential problems before occurring as well as addressing theproject plan. The risk management include internal risks as well as external risks which are to bemanaged to complete the risk management effectively in the system.Risk identification methodsMethod for identifying risks in the project are:Brainstorming: Brainstorming sessions helps in finding out different aspects of risksincluded in project. Brainstorming sessions helps in managing the risks in project as well asManage Project Risk: BSBPMG517William Nicolson ULG14352generating project risks. Brainstorm are to be facilitated for implementing leadership skills as wellas auditing the internal audits in the project.Flowchart method: This method helps in generating graphical activities which includesidentifying the processes which helps in mitigating risks in the project. The risk identificationprocess includes product analysis, dependency analysis as well as site analysis and also developscritical path analysis for project completion.SWOT analysis: SWOT analysis method includes technique that include formulationstrategy. This helps in finding out strength and weaknesses of the project along withopportunities and threats of the project.Risk Questionnaire and risk surveys: The risk questionnaire includes carrying out risksinterviews or risk surveys in completing the risk assessment.Industry sector risk classificationsRisk mainly are classified in four different groups. The risk classifications included in riskidentification are:1. Market Risks: Market risks includes substantial changes in marketplace. This includesthe market change that the organization has undertaken.2. Credit risks: Credit risks includes customers to provide a credit line and risks includesnot having enough funds to pay for the bills in the project.3. Liquidity risks: The liquidity risks includes company to convert the assets in cash if fundsis 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 regularbusiness activities as well as includes fraud as well as personal issues.Risk categorisation processRisk categorization mainly occurs in the project with their sources as well as areas whichare affected by the project. Risk categorization includes useful categories so that to determinethe project areas which are more exposed to be affected in the project. Categorization of risks inthe project is the most common root cause and this technique is mainly used to identify theworking packages as well as project activities along with project roles in completing the project.Risk analysis classification criteriaRisks analysis process helps in identifying as well as managing all potential problems thatcan undermine the initiatives of key business as well as includes projects.Identification of risksThe risk which are identified in the project are:1. Technical risksManage Project Risk: BSBPMG517William Nicolson ULG143522. Supply chain risks3. Manufacturability risks4. Unit cost risks5. REVISED Risk Management Plan*Following the input from stakeholders the following changes have been discussed andhighlighted below. 4 additional risks recorded after discussions.Project risk contextThe risk management process helps in identifying, assessing as well as controlling theproject risks which are to be included in system development. There are threats as well as risksin managing the project and those includes varieties of sources which includes financialuncertainty. Risk management plan helps in managing the project as well as identifying andcontrolling the project.Existing risk controlsThese are risk control which are to be measured in managing the marketing project forNature Care. The risks which are included in the system includesPricing risks: For increasing the market in the system, there can be marketing risks whilemanaging the project. The pricing risks includes launching a new product and compete with theprevious market prices available for the product. The marketing risks includes managing the costof the project and includes cost plus pricing for the project.Target market risks: The target marketing risks includes all the demographics formanaging the risks in the project. For increasing the brand value and the sale in the market, theproject should include proper research for target markets before implementing the research. Thisincludes developing target demographics about where to include the project and where to launchthe product to have bets market value.Research and development risks: For developing the risks, the project should includeproper 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 theconsumers to choose between different products which are available in the market.Risk management objectives and standardsThe objective of the risk management system includes managing all the project risk whichare included in the project to be developed by Nature Care. There are different risk managementobjectives as well as standards for managing the risks in the project. The objectives of riskmanagement helps in managing potential problems before occurring as well as addressing theManage Project Risk: BSBPMG517William Nicolson ULG14352project plan. The risk management include internal risks as well as external risks which are to bemanaged to complete the risk management effectively in the system.Risk identification methodsMethod for identifying risks in the project are:Brainstorming: Brainstorming sessions helps in finding out different aspects of risksincluded in project. Brainstorming sessions helps in managing the risks in project as well asgenerating project risks. Brainstorm are to be facilitated for implementing leadership skills as wellas auditing the internal audits in the project.Flowchart method: This method helps in generating graphical activities which includesidentifying the processes which helps in mitigating risks in the project. The risk identificationprocess includes product analysis, dependency analysis as well as site analysis and also developscritical path analysis for project completion.SWOT analysis: SWOT analysis method includes technique that include formulationstrategy. This helps in finding out strength and weaknesses of the project along withopportunities and threats of the project.Risk Questionnaire and risk surveys: The risk questionnaire includes carrying out risksinterviews or risk surveys in completing the risk assessment.Industry sector risk classificationsRisk mainly are classified in four different groups. The risk classifications included in riskidentification are:1. Market Risks: Market risks includes substantial changes in marketplace. This includesthe market change that the organization has undertaken.2. Credit risks: Credit risks includes customers to provide a credit line and risks includesnot having enough funds to pay for the bills in the project.3. Liquidity risks: The liquidity risks include company to convert the assets in cash if fundsis needed for the company. This includes having daily cash flow in the project.4. Operational risks: These risks include result for the company which includes regularbusiness activities as well as includes fraud as well as personal issues.Risk categorisation processRisk categorization mainly occurs in the project with their sources as well as areas whichare affected by the project. Risk categorization includes useful categories so that to determinethe project areas which are more exposed to be affected in the project. Categorization of risks inthe project is the most common root cause and this technique is mainly used to identify theworking packages as well as project activities along with project roles in completing the project.Risk analysis classification criteriaManage Project Risk: BSBPMG517William Nicolson ULG14352Risks analysis process helps in identifying as well as managing all potential problems thatcan undermine the initiatives of key business as well as includes projects.Identification of risksThe risk which are identified in the project are:1. Technical risks2. Supply chain risks3. Manufacturability risks4. Unit cost risks5. Marketing risks6. Resource risks7. Program management risks8. Interpersonal risks6. Risk Register RiskSeverityLikelihoodRiskRatingTreatment/controlmethodsResponsibilityTechnical risksHighHighHighMore skilledemployees are tobe employed formanaging the risksResponsibilityof projectmanagerSupply chain risksLowMediumMediumDetailed supplierslist is to beanalysed tomitigate this risksProcurementmanagerManufacturabilityrisksLowLowLowPropermanufacturingprocess is to beusedTeam leader Manage Project Risk: BSBPMG517William Nicolson ULG14352ImpactLikelihoodHigh CriticalLow Medium HighLow Low MediumMediumTechnicalrisksSupplychain risksManufacturability risksUnit costrisksProgrammanagementrisksInterpersonal risksResourcerisks Unit cost risksMediumLowMediumTracking of costshould be doneFinancemanagerResource risksHighMediumMediumResource allocationshould be doneproperlyProjectmanagerProgrammanagementrisksMediumHighHighProgrammanagementshould be analysedproperlyProjectmanagerInterpersonalrisksLowHighMediumProper trainingshould be providedProjectmanager Manage Project Risk: BSBPMG517William Nicolson ULG143527. Email to CEOTo: CEOCC: Server, Risk Team, General ManagerSubject: Business expansion projectCEO,I would like to inform you that for planning and developing the project for Nature Care, there isa need for risk management review in the system. We have identified several risks which mightoccur 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 NicolsonProject Manager Att.Risk Management PlanRisk register Manage Project Risk: BSBPMG517William Nicolson ULG14352Assessment 31. Monitor project risksRisks monitoring steps which can be implementing in the Nature care project are1. Monitor the risk response plan which were agreed for the project: Project monitoring shouldbe done properly so that proper response for the risk can be implemented.2. Proper tracking of the risks identified for the project: The project should include propertracking of the project risks which were identified in the project.3. Identifying and analysing the project risks: The project risks which were identified in the projectshould be analyzed properly to mitigate the project risks.2. Risk management evaluation reportEffectiveness of the risk management treatmentThe risk management treatment is done as per the standard of ISO 31000:2009 whichdefines the uncertainty of risks and the effect of the risks on the objective of the organization orproject. The risk management is essential for the organizations for achieving the projectobjectives 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 projectdevelopment along with project deployment having organizations to have coherent as well asconsistent framework. Risk management treatment helps in identification, assessment as well asprioritize the uncertainties of risks which can be minimized, controlled, as well as monitoring theimpact of risks realities in the project. The project includes enhancing opportunity by applyingdifferent coordinated as well as commercial resources. Risk management includes managing theproject 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 risksstates identifying the effectiveness of risks in five different ways. The ways to find out effectivesness of risks includes1. Identifying project risks2. Analysing the project risks3. Evaluating the risks4. Treatment of risks5. Monitoring risksManage Project Risk: BSBPMG517William Nicolson ULG14352There are some risk treatment strategies which are to be undertaken for completing therisk assessment. The strategies of risks include:1. Risk Avoidance2. Risk Reduction3. Risk sharing4. Risk retentionEffectiveness of the risk management processes and proceduresThe risk management process which are included in the system development areStep 1: The risk identified in the process includes developing the risk management planwith skilled and knowledgeable staffs so that they can manage the retail stores. The risk is to bemanaged 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 theproject. 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 rankedso 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 includedin the system is training the employees so that they can handle the stores and manage thesystem.Step 5: The project risk which has been identified in the project is monitored as well asreviewed so that it can be mitigated properly in the project development process. The projectrisks can be monitored by evaluating the risks in the project.Changed circumstances that may impact project risksThe change of including training session for the staffs to manage the store is an additionalrequirement 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 aswell as the time which is scheduled to complete the project. The project scheduled initially forthe project will increase in time because the project will add an extra activity of providing trainingto 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 initiatingthe change, the prerequisites are to be reviewed for managing the project and risk for the changein the project are to be included for managing the project risk. The risk ratings are to be assignedin the project to manage the project effectively.Manage Project Risk: BSBPMG517William Nicolson ULG14352Determine risk responses to changed environmentThe risk response to changed environment is that there might be no proper resourceavailable to provide the training to the staffs about handling and management of store. The riskresponse might also include increase in project cost and increase in project time completion. Theproject should include proper risk response so that project gets completed at the desired timeand 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 isneeded for implementing the change in the project. The project risk includes managing thechange properly and handle the project tracking process so that change can be appliedsuccessfully in the project. Risk response also includes managing the project activities as well astracking of project activities to complete the project on time. The project activities includes riskratings so that risk can be managed successfully.Recommended improvements for application to future projectsRecommendations which can be implemented for managing the changes in project andcan be used for future project includes1. The project changes can be managed in the project and changes are to be acceptedopenly in the project.2. The change process is to be managed openly in the project.3. The process of change and the changing request is to be made easy so that it can becarried out effectively in the project.4. The changes which are not possible is to be rejected at the starting of project.5. Project changes are to be requested using a change request form for taking approvalof the project.6. The change request form is to be managed and approved by the client and the projectmanager before proceeding with the change in the project.7. The change in the project is also to be tracked so that actual completion time for thechange is managed in the project.8. In the change request form, there should be name of the person who is requesting forchange in project and there should be unique identifier who should include change. A descriptionof the project should be included for managing the change in the project.Monitor project risksRisks monitoring steps which can be implementing in the Nature care project areManage Project Risk: BSBPMG517William Nicolson ULG143521. Monitor the risk response plan which were agreed for the project: Project monitoringshould be done properly so that proper response for the risk can be implemented.2. Proper tracking of the risks identified for the project: The project should include propertracking of the project risks which were identified in the project.3. Identifying and analysing the project risks: The project risks which were identified inthe project should be analysed properly to mitigate the project risks.3. Email to CEOTo: CEOCC: Server, Risk Team, General ManagerSubject: Business expansion project risk evaluationCEO,I would like to inform you that risk assessment technique for developing the project for NatureCare has been completed and proper analysis has been done to identify the project risks. Theproject should include proper risk assessment technique and risk identification for managing theproject risks. I would like to request you to go through the risk assessment process so that risk inthe project can be identified to complete the project successfully. There are different techniqueswhich are to be followed to manage the project risks and all has been explained clearly in thisreport so that risk cam be mitigated and the project can be completed successfully.Kind Regards,Will NicolsonProject ManagerAtt. Risk Management Plan and evaluation reportManage Project Risk: BSBPMG517William Nicolson ULG143524. Email to Store ManagersTo: Store ManagersCC: Server, Risk TeamBcc: General Manager, CEOSubject: Business expansion risk responsesStore Managers,As a result of Naturecares continued growth and expansion we have conducted a risk evaluationand would like to roll out and adopt the following risk responses:1. Monitor the risk response plan which were agreed for the project: Project monitoringshould be done properly so that proper response for the risk can be implemented.2. Proper tracking of the risks identified for the project: The project should include propertracking 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 widemoving forward.We thank you for your continued efforts and hope you can adopt these responses for anothersuccessful year.Kind Regards,Will NicolsonProject ManagerManage Project Risk: BSBPMG517William Nicolson ULG14352BibliographyDemirkesen, S., & Ozorhon, B. (2017). Impact of integration management on construction projectmanagement performance. International Journal of Project Management, 35(8), 1639-1654.Kivilä, J., Martinsuo, M., & Vuorinen, L. (2017). Sustainable project management through projectcontrol in infrastructure projects. International Journal of Project Management, 35(6),1167-1183.Papke-Shields, K. E., & Boyer-Wright, K. M. (2017). Strategic planning characteristics applied toproject management. 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