Uh just have to do part one knowledge questions

BSBPMG Student Assessment Taks
Student name: _____________________________________________
Student number: _____________________________________________
Name of RTO: Campbell Institute
Trainer/Assessor: _____________________________________________
BSBPMG632 Manage program risk
STUDENT ASSESSMENT TASKS
About this unit
This unit describes the skills and knowledge required to manage risks that might affect program deliverables and organisational objectives. It covers directing the planning and management of program risks, managing risks to the overall program and assessing risk management outcomes for the program and the organisation.
The unit applies to individuals who are program managers, managing or directing a suite of projects (a program) and/or senior project managers.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Student Information
Assessment
The assessment tasks for BSBPMG632 Manage program risk are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.
This Student Assessment Guide is designed for you to complete the assessments:
· Part One: Knowledge Assessment
· Part Two: Practical assessment
Part One: Knowledge Questions
Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:
· answer all questions completely and correctly
· submit work that is original and, where necessary, properly referenced
· avoid sharing your answers with other students.
Questions
Provide answers to all of the questions below:
1. Explain the purpose of risk management standards. Include an example of a risk management standard in your answer.
2. Explain the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of the 11 principles.
3. Explain the purpose of risk management policies and procedures in the workplace. 
4. Outline a step-by-step procedure that companies can use for analysing risks. 
5. Describe three examples of tools or techniques that a company could use to identify risks as part of a risk assessment process. 
6. Explain the concept of a dynamic risk register and its use across a program. 
    1. The purpose of risk management standards is to provide a guidance for those who are responsible for implementing risk management procedures. These guidelines propose best practices for managing certain hazards and contribute to the global agreement on how to handle others. Organizations may use tactics that have been tried, tested, and proved effective with the aid of risk management guidelines. The development and use of risk management procedures are influenced by risk management standards. They provide suggestions on what should and shouldn't be included in the risk management plan, along with help with contextualizing the tactics. Numerous standards offer guidance on the most effective ways to measure and categorize risk.
2. - Create value: Through ongoing evaluations of the business's processes.
- An essential component of organizational procedures: Participate in the planning processes and integrate with the agency's governance structure.
- Participate in the decision-making process: assist in setting priorities and making better selections.
- Deal with uncertainty directly: The agencies can put remedies in place to enhance outcomes and lower the likelihood of loss if the risk has been recognized.
- Timely, organized, and methodical: An agency should handle risk management to guarantee superior outcomes.
- Based on the best information currently available: It's critical to comprehend the information that is now available and to be conscious of its potential limitations in order to effectively manage risk. Next, comprehend how this aids in the risk management procedure.
- Tailored: A risk management organization must take into account its internal and external operational environments as well as its risk profile.
- Consider cultural and human factors: Risk management must acknowledge the significance of people and culture in accomplishing goals.
- Open and inclusive: To detect, evaluate, and keep an eye on hazards, communication and consultation are crucial.
- Dynamic: The risk management approach must be adaptable, enabling the risk manager to recognize both newly emerging and extinguished dangers.
- Promote organizations' ongoing development: Organizations with strong risk management cultures have dedicated resources to the subject over time and are able to show that their goals have been met.
3. A person conducting a business or undertaking (PCBU) has a main obligation to manage health and safety hazards by eliminating them as far as is reasonably feasible under the Work Health and Safety Act 2011 (WHS Act). Employers, independent contractors, self-employed people, those in management or control of a workplace, and suppliers, manufacturers, importers, and designers of materials, plants, or buildings used for work are all covered by this obligation. Furthermore, it is applicable to all jobs and locations of business covered by the WHS Act. To effectively manage risks related to work health and safety in the workplace, a systematic strategy comprising five essential components is required.
4. These five risk management process components work together to provide an easy-to-use and efficient risk management procedure.
Step 1: Identify the Risk.
Step 2: Analyze the risk.
Step 3: Evaluate or Rank the Risk.
Step 4: Treat the Risk.
Step 5: Monitor and Review the risk.
5. - Probability And Impact Matrix:
The matrix aids in identifying the dangers that need to be addressed right away. The matrix can be altered to suit the project's requirements. Project managers can also make use of the standardized templates that the majority of firms offer for this matrix. The matrix list may be repeated more easily between projects when standardized matrices are used.
- Risk Data Quality Assessment
For the hazards that have been recognized, data is gathered. In order to finish the qualitative analysis of risks, the project manager will look for the accuracy of the data that has to be examined. In the Risk Data Quality Assessment, the project manager must ascertain the following for each risk:
+ The degree of risk awareness
+ The data that is accessible
+ The data's quality and dependability
+ The data's integrity
- Perform quantitative risk analysis
Analyzing the likelihood and consequences of hazards in Perform Quantitative Risk is the next stage of qualitative risk analysis. The following is the aim of quantitative risk analysis:
+ Identify risks that need to be addressed immediately
+ Determine how much risk the project is exposed to
+ Determine how risk affects the project's goal
+ Identify reserves for costs and schedule that may be needed in the event of a risk
+ Identify risks that require more attention.
6. The practice of continuously monitoring and analyzing risks and hazards in a changing, or high-risk, environment is known as a dynamic risk assessment. This makes it possible for employees to swiftly recognize and eliminate new threats.
Formal risk assessments are planned ahead of time, documented, and routinely checked. On the other hand, dynamic risk assessments are "dynamic," or always evolving, and they are completed instantly by a person as they enter a new setting or when their existing environment changes.
Nevertheless, doing a dynamic risk assessment does not relieve you of the requirement to conduct a formal risk assessment. When finishing your normal risk assessment, dynamic risk assessments should be used to supplement it and close any gaps that you might not have anticipated. Before engaging in any new situation, you should perform a dynamic risk assessment. You should also keep an eye out for any changes in the situation and continuously evaluate the risks and hazards. A method of risk assessment that is conducted in a dynamic context, where the subject of the assessment is evolving as the procedure is being carried out, is usually referred to as "dynamic risk assessment." For the incident controller, this is made more difficult since, frequently, rescue operations, exposure protection, and hose line placement must be done before a thorough understanding of all relevant information has been acquired. Nonetheless, at any site of operations, it is imperative to do an efficient risk assessment. Experience, however, has demonstrated that it is unrealistic to expect the incident coordinator (IC) to fill out a check list or form in addition to handling the incident size-up, personnel deployment, and crew monitoring. It is crucial that any action taken based on a "Dynamic Risk Assessment" be reviewed and validated as soon as possible. This should also be reviewed and validated on a regular basis. Additionally, it's critical that the results of a risk assessment are documented, ideally in a method that allows for "time stamping" for subsequent retrieval and analysis—such as by broadcast via a trunked radio network.
Use of dynamic risk assessment
Certain positions may include working alone, engaging in risky activities, or having often shifting work settings. For instance, emergency response personnel may frequently come into circumstances in which it's critical to evaluate risks and dangers promptly. To make sure that employees recognize and evaluate risks and hazards unique to the given context, a dynamic risk assessment would be suitable in these situations. Dynamic risk assessments are employed when responding quickly to situations that are changing. Consider emergency services, for instance.
Workers who operate alone, in hazardous conditions, or in settings that change often should do dynamic risk assessments on a regular basis, or whenever they are required to swiftly identify and evaluate the safety risks and hazards unique to their changing circumstances.
Workers in factories, emergency response services, security guards, and home health care professionals are a few examples of those who should regularly evaluate hazards.
It takes routine observations and evaluations of your surroundings to foresee unanticipated happenings. Additionally helpful when risks and hazards result from the following situations is a dynamic risk assessment:
• When new resources or equipment are introduced;
• When a new business venture is launched;
• When work is reassigned;
• When safety and security are threatened
Part Two: Project Portfolio
Information for students
    Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, basing your project on real relationships with classmates will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way!
This project requires you to identify, plan, manage and evaluate program risks that may impact the program outcomes or organisational objectives. You will need to demonstrate your ability to manage program risk on at least one occasion.
In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.
You will need access to:
· your learning resources and other information for reference
· Case study Grow Management Consultants in Appendix One
Read the case study Grow Management Consultants provided for this unit, located in Appendix One of this document and complete the following requirements. First, read information about Grow Management Consultants organisation as it relates to the program you will manage and its objectives (e.g., a Company Information document, Strategic Plan etc.). Understand the information to ensure you understand the context of the organisation and where it wants to be.
1. Prepare for program risk management.
    a). Identify at least two stakeholders who will be associated with managing the risk of the program. These stakeholders should have a diverse background (e.g. different genders, ages, cultures, abilities etc.).
b). Identify at least three examples of when communication with the stakeholders is required during the risk management process, explain why the communication is important and then select at least three different methods that may be used for the communication.
c). Organise, develop and document your ideas about: 
· potential program risks (identify potential, actual and residual risks).
· the current risk management approach.
· an ideal program risk methodology (based on the current risk management approach) to address the identified risks.
· how risk management can be integrated across the program and assigned to relevant people for their timely management (e.g. by including risk management in regular team meetings or saving the risk management documentation in a cloud-based location for easy access and use).
· the timing for when risks are monitored and assessed across the program. 
2. Consult with stakeholders regarding program risk management planning.
    a). Plan to meet with at least two relevant stakeholders to:
· explain program risk management and agree on the proposed risk management approach.
· agree on the timing for when risks are monitored and assessed across the program.
· identify potential program risks and analyse their impact on the organisation.
    Week 6 Presentation (stakeholder meeting):
The stakeholders you meet with should be diverse and have at least one competing demand (e.g. timing for when risks are monitored and managed).
· As you lead the meeting, keep in mind that your discussions are in preparation for documenting risk management in a Risk Management Plan.
· Your meeting will take 15 minutes. This will be attended in person by your assessor and conducted in class time with your group peers. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.
· During the meeting, you are required to demonstrate effective communication and negotiation skills including: 
· speaking clearly and concisely
· using detailed language to provide information
· asking questions to identify required information
· using active listening techniques to confirm understanding
· using appropriate protocols and conventions (e.g., greeting, eye contact, politeness etc.) when sharing and seeking information.
3. Develop a Risk Management Plan.
    You are required to develop a Risk Management Plan for the program. Your Risk Management Plan must incorporate the meeting outcomes. It should also contain clear and accurate information to allow all stakeholders across the program to effectively and uniformly communicate risks, consequences, controls and treatments.
    The identified risks should have a high impact on the program objectives (e.g. loss in staff could mean poor customer service) and the actions proposed for risk control or treatment should be complex (i.e. require skilled intervention).
You may use the template provided in the Appendix One as part of the Case Study. 
    a). Draft an email to all the stakeholders who attended the meeting to share your Risk Management Plan with them and confirm their approval. In your email:
1. explain that you have included all agreed outcomes from the stakeholders meeting in the plan.
2. confirm that risk management is integrated across the program and is transparent and timely (explain how risks have been assigned and how/when they should be addressed).
3. confirm that all stakeholders are aware of the expectations and responsibilities.
4. request that stakeholders commence their responsibilities.
5. confirm that stakeholders will monitor and assess the risks assigned to them at the intervals agreed to at the stakeholder meeting.
    Assume that the Risk Management Plan is attached to the email. Use appropriate business language in an appropriate format and structure.
b). Mentor and support a staff member.
    Develop a mentoring plan for one of the project managers of a project in the program for the upcoming 6 months. The aim of the mentoring is to support the project manager in analysis, evaluation and treatment of risks.  Select activities that address these concepts.
    As a minimum, your plan should include details of the mentoring arrangement, time period, number of meetings during the period and activities to be completed, as well as expectations. Use the Mentoring Plan Template in the Case Study located in Appendix One to guide your work. 
    1. Plan for your first mentoring session that addresses one of the aspects of analysing, evaluating and treating risks.
a. Identify at least two activities that the project manager can complete to develop his risk management skills following the session (e.g. research industry best-practices for risk treatment etc.).
    2. Meet with the project manager to discuss the plan and provide a first mentoring session.
    · Make sure the project manager has a copy of the mentoring plan (either printed or digital).
· Your mentoring session should take 20 minutes. This will be attended in person by your assessor, in class time. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.
· Basing this assessment on the case study, you will provide the mentoring session to a fellow classmate (playing the role of Dan), and will be observed by your assessor
· During the mentoring, you are required to demonstrate effective communication skills including: 
· speaking clearly and concisely
· using detailed language to provide information
· asking questions to identify required information
· using active listening techniques to confirm understanding
· using appropriate protocols and conventions (e.g., greeting, eye contact, politeness etc.) when sharing and seeking information.
    Assume that a period of time has passed and the program is running. It is now the time (as agreed in at the stakeholder meeting in to monitor and assess risk.
4. Identify variances to program outcomes and analyse potential risk responses.
    a). Review the program progress and identify any variances that have resulted in risk.
    · You must identify at least two program variances that have actuated risks.
    b). Analyse the variances (using impact analysis) to determine the impact of the variance over time and what should be done to correct the impact of the variance.
    · Your proposed risk responses should support achieving the program objectives and adhere to the responses agreed to in the Risk management Plan.
Have different responses for each variance.
5. Initiate risk responses to achieve program objectives.
    a). Write an email to a relevant decision-maker (e.g. CEO) to:
1. explain the response to any variances identified
2. explain the variances in program outcomes that have resulted in a need for remedial action.
3. explain which actions should be implemented to respond to the risks.
4. explain how you will initiate responses to address the two variances.
· Risk responses can be initiated for example by:
· organising training
· conducting a Workplace Health and Safety check.
5. recommend lessons learned for...