Discus project risks objectives and standards

Task 1: Identify and analyse project risks

1. Give three examples of risk objectives.

2. Describe the five (5) steps in the Risk Assessment process and provide a brief explanation of each

step.

Step 5: Review your risk assessment and update if necessary. We need to evaluate the risk assessment and think about whether there have been any changes and are there improvements still need to be done. Accordingly, changes need to be made based on learning from accidents or near misses to make sure risk assessment stays up to date

3. For the given project (see Attachment 1: Project Case Study): What are the relevant industry

Project risk context will include Legislation and regulation controls, Nature of project, Organisational risk policies and procedures, Project environment, Stakeholder expectations, etc

5. For the given project (see Attachment 1: Project Case Study), complete the Project Risk

• Lessons learned from previous projects and Personal experience input

• Previous risk registers and Risk workshops

Examples of risk controls are:

• WHS training for employees

• Market research into target customer needs.

The risk assessor will need to decide on the risk control measures that are appropriate for the project along with Risk ID, Control strategy (terminate/transfer/treat/tolerate), required resources, timeframe for risk control

• Project change requests – changing the risk responses in the risk management plan

• Risk database – identify data collection, maintenance and analysis methods

9b. the process and method best used to determine the priorities and settings for the risks identified

to date

10b. Outline the three most common types of risk in a project.

10c. What actions should you take for the following risk classifications:

Your answer must be between 150-250 words.

11. What is the relationship between risk classification and the impact of risks?

Risk controls are those actions that organisations take to reduce the likelihood or impact of risk. The actions are defined from risk assessment findings. Risk controls may include Accepted industry practice and codes of conduct, Existing risk planning actions, Legislation or regulation over processes, Modifications to plans and processes, Organisational risk policies and procedures, Quality systems and Work methods. Risk control means adapting existing policies and standards or implementing new ones altogether to either eliminate or reduce project risk such as by WHS training for employees, Use of personal protective equipment (PPE), Budget control, Quality testing of components etc. The exact risks will vary between projects and the risk assessor will need to decide on the risk control measures that are appropriate for the project.

14. Using the Risk Ranking Matrix and the Project Risk Register Log in the Project Risk Management

Delegated authority refers to planning and activities that may:

• Be conducted routinely or as changing circumstances dictate

Be aware that your risk analysis methods will need to be updated to ensure they do not provide the same results over and over again. So, ensure that you refresh the information you use to conduct risks analysis, as situations may have changed since the last time you did one.

You can conduct a SWOT analysis to identify strengths and weaknesses, opportunities and threats.

• Project members

• Team members

Meet with your project stakeholders, discus project risks objectives and standards. Agree with your

stakeholders on risk management and monitoring process in your project and complete the risks

5b. Outline two methods of qualitative analysis for likelihood.

5c. Outline two methods of quantitative analysis for likelihood.