Manage project risk question and answers

BSBPMG517 MANAGE PROJECT RISK ASSESSMENT TASK 1:
WRITTEN QUESTIONS

June 10, 2019Questions Answers
Assessment Task 1: Written Questions

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 Answers to all questions

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s)will be arranged at a later time and date.

Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

Note that the following guidance is the minimum level of response required.

Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.

Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.

Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.

Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.

2. Outline three examples of tools or techniques that could be used to identify risks as part of a risk assessment process.

 Select key stakeholders. Plan the interviews. Define specific questions. Document the results of the interview.

4. Outline three sources of information that can be used to gather information on potential risks within the workplace.

Government papers and journals, the Media and Employer / Industry Associations were three primary sources of data used by companies to obtain data on occupational health and safety.

Definitions

 The hazards will be recognized in future segments and provided priority rankings like “high / medium / low.” Categories such as “Probability of 0.05= Very Low” will appear in the Probability & Impact Matrix. This chapter describes what these mean and utilizes phrases to explain them. A definition is usually written out, such as:

 Very High: The occurrence of the event should be actively managed and mitigation actions taken.

Assumptions

 Which relationships are being assumed to be strong that are not necessarily (owner, sponsor, client, contractor, consultant)?

 How many previous projects with similar components have been completed successfully? What were the project issues?

Confidence Estimates

There should be some kind of confidence range estimates for a good risk management plan, especially for bigger, complicated projects. These are great for perusal and debate of leadership. They are merely an assessment of the prospective deviation from the project plan by the risk management team (or project manager).It can be as simple as low/medium/high probabilities or as complex as statistical analysis of the probability of meeting deadline dates.

3. Impact
The impact of the risk event. Again, a number between 0 and 1 or a dollar value is good because it results in meaningful overall risk values.

4. Risk
Since Risk = Probability x Impact, multiply the two previous columns together. If a qualitative scale like low/medium/high was used, simply use the same qualitative scale to describe the overall risk level in light of the probability and impact of the event.

1. Creates and protects value Good risk management contributesto the achievement of an agency’s objectives through the continuous review of its processes and systems.

2. Be an integral part of organisational processes Risk management needsto be integrated with an agency’s governance framework and become a part of its planning processes, at both the operational and strategic level.

6. Based on the best available information to effectively manage risk it is important to understand and consider all available information relevant to an activity and to be aware that there may be limitations on that information. It is then important to understand how all this information informs the risk management process.

7. Be tailored an agency’s risk management framework needs to include its risk profile, as well as take into consideration its internal and external operating environment.

and qualitative risk analysis.

The quantitative risk analysis attempts to estimate the risk in form of the probability (or frequency) of a loss and evaluates such probabilities to make decisions and communicate the results. In this context, the ‘‘uncertainty’’ associated with the estimation of the frequency (or probability) of the occurrence of the undesirable events and the magnitude of losses (consequences) are characterized by using the probability concepts. When evidences and data are scarce, uncertainties associated with the
quantitative results play a decisive role in the use of the results (i.e., meta-uncertainties or uncertainties about the expected loss).

understand, but is extremely subjective.

Qualitative risk analysis is the method of choice for very simple systems such as a single

Step 2: Analyse the risk. Once risks are identified you determine the likelihood and consequence of each risk. You develop an understanding of the nature of the risk and its potential to affect project goals and objectives. This information is also input to your Project Risk Register.

Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining the risk magnitude, which is the combination of likelihood and consequence. You make decisions about whether the risk is acceptable or whether it is serious enough to warrant treatment. These risk rankings are also added to your Project Risk Register.

Can I use something less harmful? For example, if chemical-heavy industrial cleaners are a hazard, consider substituting cleaners made of vinegar and water mixed with salt, borax, or baking soda. Just make sure the substitutions don’t create new hazards.

3. Engineering controls

Using personal protective equipment (PPE) is another important control to protect workers.