Assessment Task 3 Manage project risk BSBPMG536 Student Declaration To be filled out and submitted with assessment responses ◻ I declare that this task and any attached document related to the task is...

6 assignments for diploma of project managment


Assessment Task 3 Manage project risk BSBPMG536 Student Declaration To be filled out and submitted with assessment responses ◻ I declare that this task and any attached document related to the task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s) ◻ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me ◻ I have correctly referenced all resources and reference texts throughout these assessment tasks. ◻ I have read and understood the assessment requirements for this unit ◻ I understand the rights to re-assessment ◻ I understand the right to appeal the decisions made in the assessment Unit Title Unit Code Student name Student ID number Student signature Date Task Number ------OFFICE USE ONLY----- For Trainer and Assessor to complete: ◻ Student requested reasonable adjustment for the assessment Completed successfully Did the student satisfactorily: Comments Y N DNS The student has satisfactorily completed and submitted the following: · Sample of implementation of risk review processes in Task 3.1A · Monitoring and control procedures – application in Task 3.1B1 · Risk Register with updates in Task 3.1B2 · Detailed risk response in Task 3.1B3 · Changes to risk plans in Task 3.1B4 · Risk Management Evaluation Report – Project in Task 3.2 · Risk Management Evaluation Report – Team Work in Task 3.2 ☐ ☐ ☐ Demonstrated ability to: · Monitor risk environment and identify changed circumstances impacting project risks · Evaluate risk responses to changed environment · Implement agreed risk responses and modify plans This is evidenced by: · Sample of implementation of risk review processes in Task 3.1A · Monitoring and control procedures – application in Task 3.1B1 · Risk Register with updates in Task 3.1B2 · Detailed risk response in Task 3.1B3 · Changes to risk plans in Task 3.1B4 ☐ ☐ ☐ Demonstrated ability to: · Review project outcomes for effectiveness of risk-management processes and procedures · Develop recommended improvements for application in future projects · Identify and document risk management issues and recommended improvements for application to future projects This is evidenced by: · Risk Management Evaluation Report – Project in Task 3.2 · Risk Management Evaluation Report – Team Work in Task 3.2 ☐ ☐ ☐ Task Outcome: Satisfactory ☐ Not Yet Satisfactory ☐ Student Name: Assessor Name: Assessor Signature: Date: Table of Content Student Declaration2 Task 3 – Monitor, control and assess project risks and project risk management5 Task 3.1 Monitor and control project risks7 Task 3.2 Assess risk management outcomes9 References11 Task 3 – Monitor, control and assess project risks and project risk management Task summary and instructions What is this assessment task about? This task builds on Task 2. This task comprises of the following assessment methods: · Product-based ☒ · Direct observation of Role-Play ☐ · Case Study ☒ · Other (specify) ☐ It has been designed to evaluate your ability to/competency in: · Monitor risk environment and identify changed circumstances impacting project risks · Evaluate risk responses to changed environment · Implement agreed risk responses and modify plans · Review project outcomes for effectiveness of risk-management processes and procedures · Develop recommended improvements for application in future projects · Identify and document risk management issues and recommended improvements for application to future projects You are required to address the following: · Task 3.1 Monitor and control project risks · Develop a sample of implementation of risk review processes · Address the impact of changes in circumstances on the project and the project risk management plans and documents · Task 3.2 Assess risk management outcomes · Develop two risk management evaluation reports What do I need to do to complete this task satisfactorily? · submit the completed assessment tasks, according to instructions, · complete the tasks with sufficient detail and present them in a professional manner, · use your own words and reference sources appropriately, · meet the word count where required, · use the scenario provided, · use the templates provided where required, · for your performance to be deemed satisfactory in this assessment task you must satisfactorily address all of the assessment criteria, · if part of this task is not satisfactorily completed you will be asked to complete further assessment to demonstrate satisfactory performance. Specifications You must deliver/participate in: · NA You must submit to GOALS · Sample of implementation of risk review processes · Monitoring and control procedures – application · Risk Register with updates · Detailed risk response · Changes to risk plans · Risk Management Evaluation Report – Project · Risk Management Evaluation Report – Team Work Resources and equipment · Computer with Internet access · Access to Microsoft Office suites or similar software · Learning material · Scenario for assessment as provided · Relevant policies and procedures as provided · Templates as provided Re-submission opportunities You will be provided feedback on your performance by the 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, the 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. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Complete the following activities: Task 3.1 Monitor and control project risks A. Risk review processes Provide one (1) sample of the implementation of risk review processes. Samples may include: · An email to a project team member asking for a review of current risks · A survey sent to the project team to evaluate the implementation of the risk plan · An invitation sent to a risk management expert to join a focus group to assess changes in the internal and external business environment · A screenshot of a recent article on best practice in risk management that you have shared with the team to maintain current knowledge of risk management processes · Any other sample relevant to the risk monitoring and controlling processes applied in the project Copy and paste the sample in the space provided below: B. Case Study Scenario Assume that the scenarios below happened when executing the project (changes in circumstances) at different project stages. Contextualise the scenarios where required. Scenarios A 25% timeline One of the project team members, with extensive experience in project risk management, resigns. The rest of the team does not share such expertise. B 50% timeline A pandemic (it caused closed borders and drop in international students' numbers). C 50% timeline A new CEO wants to focus more on online delivery. D 75% timeline One of your highest priority risks occurred (specify what risk based on your risk plan) Risk : Address the following: 1. Risk monitoring and control For each scenario: · Briefly outline what risk monitoring and control procedures were applied to identify the circumstances' changes (scenarios). Scenario Monitoring and control procedures - application (20-40 words/scenario) A B C D 2. Risk response in the changed environment i. Create a second sheet tab in your excel risk register ('Project Risk Register Task 2.3'). ii. Copy and paste the risk register you created in Task 2 into the second sheet tab. iii. Call the second sheet tab 'Update' iv. Identify 1-2 additional risks for each scenario v. Assess the additional risks vi. Determine the RPN for each additional risk vii. Determine a risk treatment option for each additional risk viii. Update the risk register (second sheet tab) accordingly (add the newly identified and assessed risks). ix. Assume that the change treatment option has been applied to the newly identified and assessed risks and determine the residual risk and the residual RPN. x. Update the risk register (second sheet tab) accordingly. Save the excel risk register as 'Risk Register with updates' and submit it with your assessment. 3. Risk response Select two scenarios and detail the risk response to those two scenarios: · What actions are taken? · What resources are needed? · Who is responsible? · What is the impact on the project budget and schedule? (80-100 words/scenario) Scenario Detailed risk response 4. Changes to risk plan Consider your work in Task 3.1 A, B, C and D. Outline the changes/ adjustments/refinements to the two risk plans (in Task 2.3B and Task 2.4) to maintain the currency of risk treatment and controls. (1-3 changes/adjustments per plan) Record your answer in the space below. Risk Plan List of changes Risk Plan in Task 2.3B Risk Plan in task 2.4 Task 3.2 Assess risk management outcomes You have now completed the project, and it is time to write the project finalisation reports. Consider the following: · How risks were planned and managed in Task 2 and 3.1 · The work with the project team · Changes in circumstances · Response to risks · Implementation of risk management processes And assume that the following happened: · A risk that you did not identify happened. This was due to the lack of knowledge of the project team on WHS standards and regulations. · The departmental managers in the sponsoring organisation often cancelled risk management meetings with the PM (you). They did not understand the importance of risk management and found those meetings a waste of their time. · The PS recognised the importance of a sound risk management framework for the organisation and asked you to design new risk policies and procedures for the company. · Sometimes, the PS was late in providing support to managing risks. · The project team applied the risk management processes designed in Task 2.4. However, they did not think that risk management for project teamwork was essential. · Several issues with the ergonomic set-up of workstations were reported. Identify risk management issues and best practice in project risk management when planning and executing the project. Evaluate risk management outcomes. Develop: · A Risk Management Evaluation Report – focus on the Project for the PS. · A Risk Management Evaluation Report – focus on Team Work for the project team Use the templates below and follow the instructions. Template 1A –Risk Management Evaluation Report – Project Date Author of the Report: Attention to: Title of the Report: Risk Management Issues (3-4) Best Practice What was done well Lessons Learned -Recommended improvements for future projects (4-7) Template 1B –Risk Management Evaluation Report – Team Work Date