JOJO Assessment Bsbpmg 517 PDF

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Student Assessment Task BSBPMG517 Manage project risk

Student Full Name: Student ID: Date:

Address: Level 5, 338 Pitt Street, Sydney, NSW 2000, Australia CRICOS Provider Code : 03544K, ABN 63162836848 Web: www.avti.edu.au

Table of Contents Table of Contents

2

Assessment Information

3

Assessment Instructions

5

Assessment Task 1: Written Questions

6

Assessment Task 1 Instructions Assessment Task 1 Checklist

8 9

Assessment Task 2: Risk identification and analysis project

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Assessment Task 2 Instructions

11

Assessment Task 2 Checklist

16

Assessment Task 3: Risk monitoring an assessment project Assessment Task 3 Instructions

17 18

Assessment Task 3 Checklist

20

Assessment Information The assessment tasks for BSBPMG517 Manage project risk are included in this Student Assessment Tasks booklet and outlined in the assessment plan below. To be assessed as competent for this unit, the student must complete all of the assessment tasks satisfactorily.

Assessment Plan Assessment Task

Overview

1. Written questions

Students must correctly answer all questions.

2. Risk identification and analysis project

Students must identify, analyse and evaluate human resources risks associated with establishing new retail outlets for a company

3. Risk treatment evaluation project

Students must evaluate a risk control measure, and implement changes in response to this.

Assessment Preparation Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all. When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file. Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.

Assessment appeals If you do not agree with an assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process. 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.

Naming electronic documents Students are directed to name documents logically. Each should include:  Course identification code  Assessment Task number  Document title (if appropriate)  Student name  Date it was created For example, BSBPMG517 AT2 Risk Register Joan Smith 20/04/18 All documents should be filed in a folder named after the unit code, and sub-folders named after the assessment tasks.

Additional Resources The following resources will be given to you before you begin each Assessment Task.

Assessment Task 2  Risk Management Policy and Procedures  Risk Register Template  Risk Management Plan Template Assessment Task 3  Training Survey Results  Manager Feedback  Evaluation Report Template

Assessment Instructions Each assessment task in this booklet consists of the following: Assessment Task Cover Sheet This must be filled out, signed and submitted together with your assessment responses. If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission. If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file. The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per your RTO’s re-assessment policy. Depending on the task, this may include  resubmitting incorrect answers to questions (such as short answer questions and case studies)  resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task  redoing a role play after being provided with appropriate feedback about your performance  being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback. Assessment Task Information This gives you:  a summary of the assessment task  information on the resources to be used  submission requirements  re-submission opportunities if required Assessment Task Instructions These give questions to answer or tasks which are to be completed. Your answers need to be typed up using software as indicated in the Assessment Task Instructions. Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer. If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date. Checklist This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.

Assessment Task 1: Written Questions Task summary This is an open book test to be completed in the classroom. A time limit of 1 hour to answer the questions is provided. You need to answer all of the written questions correctly. Your answers must be word processed and sent to the assessor as an email attachment. Required   

Access to textbooks/other learning materials Computer and Microsoft Office Access to the internet

Timing Your assessor will advise you of the due date of this assessment. Submit 

Answers to all questions

Assessment criteria 

All questions must be answered correctly in order for a student to be assessed as having completed the task satisfactorily.

Re-submission opportunities Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. 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. Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

Written answer question guidance The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected. 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. Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long. Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long. Discuss – when a question asks you to discuss something, you are required to point out important issues or features, and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long. Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences 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. Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long. Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long. List – when a question asks you to list something, this means that you are asked to briefly state information in a list format. Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences 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.

Assessment Task 1 Instructions Provide answers to all of the questions below:

1.

Identify at least two project risks for each of the following risk categories:

a.Scope risk Scope creep What is not included unclearb. Scheduling risk A schedule assumes that data centre facility will be available for the testing phase of aproject. However a security incident delays access to the facility A previously unidentified dependency prevents a task from beginning as scheduled untilalong running task is completed. Is the risk that the project takes longer than scheduled. It can lead to cost risks, as longerprojects always cost more, and to performance risk, if the project is completed too late toperform its intended tasks fully. Apart from the cost estimation and resource allocation usedin CPM, most of the techniques used in quantitative cost risk analysis are different fromthose used in schedule risk analysis. c. Resource risk Run out of material Low inventory Poor quality material Project that’s delayed due to a slow budget approval processes. d. Technology risk: Damage equipment Defective equipment Compatibility equipment System breakdown b.

c.

d.

e.

f.

g.

h.

i.

j.

k.

l.

m.

n.

o.

p.

q.

2.

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

Root Cause Analysis – Root causes are determined for the identified risk. The rootcauses are further used to identify any future risk. Delphi Technique – a technique that involves consultation to a team of experts. A list ofrequired information is sent to experts, responses are compiled and results are beingsent back to them for further review until a certain consensus is reached Decision Tree – this helps to analyze many alternatives at one single point of time and amodel of real situation and this takes into account any future events in making todaydecision and it also helps calculate monetary expectation value in a complex situation. 3.

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

-Monitoring workforce data that is relevant to business delivery -Analyzing workforce data to identify any workforce related issue that could poserisk to delivery of the business outcomes and outputs. -Consulting the business to asses potential impact on business delivery and ; -Reporting to key business stakeholders on the workforce and any associatedworkforce risk , to inform organizational decision making towards mitigatingthese risks

4.

Explain each of the key components of a risk management plan a. Risk probability is the likelihood of the risk event occurring, there are corresponding numeric value associated with it and that is between 0 and 1 and should be used which and can be multiplied by the impact (next column) to determine meaningful risk values. b. Impact – the impact of the risk event, with the number between 0 and 1 or a dollar value is good because results in meaningful overall risk values. c. Response Plans –before completing a risk register, a response plan should be created for the top 3 risks of the project. Alternatively, they could be included outside of the table, often times a quick synopsis can make the risk register stronger. d. Risk name/description a risk event can be described with descriptors, such as the contractor could incur additional material supply cost and attempt to pass this onto us. Risk identification is time consuming and should not be skirted. e. Priority – a good risk management plan will identify the most important risk to the project. Risk has to prioritized starting from 1 and moving on consecutively down up until they are all prioritized.

5.

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.

Risk arises in all aspects of organisations operations and at all stages within the life cycle of those operations. It offers both opportunity and threat, and must therefore be managed appropriately. This policy confirms Triathlon WA’s commitment to adopting a strategic, consistent and structured enterprise-wide approach to risk management in order to achieve an appropriate balance between realising opportunities for gains and minimising losses. It should be read in conjunction with the Australian Standard on Risk Management (AS/NZ 4360 2004) which provides the overall framework for a risk management system. Risk management involves establishing an appropriate risk management infrastructure and culture, and applying logical and systematic risk management processes to all stages in the life cycle of any activity, function or operation that includes risk. By minimising losses and maximising gains, risk management enables Triathlon WA to best meet its organisational objectives. Risk management will be incorporated into the strategic and operational planning processes at all levels within Triathlon WA.  Risk and the management of risk will be categorised identified and monitored according to the risk categories defined in the Risk Management Framework.  Risk assessments will be conducted on all new commercial activities, ventures and projects prior to commencement to ensure alignment with risk appetite and organisational objectives.  Risks will be identified, reviewed and monitored on an ongoing basis at nominated levels within Triathlon WA. Where necessary, technical expertise should be obtained to ensure risk identification and mitigation is robust.  Risks will be assessed against Triathlon WA’s agreed risk assessment matrix according to agreed definitions of likelihood and consequence.  All identified risks will be recorded in Triathlon WA’s risk management system.  All risks will be assigned an owner who is responsible for managing, monitoring and ensuring that adequate controls and treatments are being applied so that risks are brought within tolerable levels.

6.

Describe the characteristics, techniques and appropriate applications of both quantitative and qualitative risk analysis.

Perform qualitative and perform quantitative risk analysis are two processes within the project risk management knowledge area, in the planning process group. Understanding the difference between the two processes may be tested on the PMP, CAPM, and the PMI-RMP exams. While qualitative risk analysis should generally be performed on all risks, for all projects, quantitative risk analysis has a more limited use, based on the type of project, the project risks, and the availability of data to use to conduct the quantitative analysis.

Qualitative 1. Use word Characteristics

Quantitative 1. Numbers

2. Descriptive

2. Measurable

3. Trends and pattern 1. Ordinal scaling

3. Statistical 1. Interval scaling Ex: 1,2,3,4,5

a. High Techniques

Ex: 10:1, 1/10

c. Low 2. Likelihood

Application

2. Ratio

b. Med

and

consequences 1. Exposition

1. Graphics

2. Explanation

2. Computation

7.

Outline the key steps involved in a risk management process.

Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register. Step 2: Analyze 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. Step 4: Treat the Risk. This is also referred to as Risk Response Planning. During this step you assess your highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels. How can you minimize the probability of the negative risks as well as enhancing the opportunities? You create risk mitigation strategies, preventive plans and contingency plans in this step. And you add the risk treatment measures for the highest ranking or most serious risks to your Project Risk Register. Step 5: Monitor and Review the risk. This is the step where you take your Project Risk Register and use it to monitor, track and review risks.

8.

Explain five options for controlling risk.

1. Accept The Risk Accepting the risk means that while you have identified it and logged it in your risk management software, you take no action. You simply accept that it might happen and decide to deal with it if it does. This is a good strategy to use for very small risks – risks that won’t have much of an impact on your project if they happen and could be easily dealt with if or when they arise. It could take a lot of time to put together an alternative risk management strategy or take action to deal with the risk, so it’s often a better use of your resources to do nothing for small risks.

2. Avoid The Risk You can also change your plans completely to avoid the risk. avoid riskThis is a good strategy for when a risk has a potentially large impact on your project. For example, if January is when your company Finance ...