BSBPMG517 Assessment Task 1-

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TAFE NSW - Sydney Institute *

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517

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Management

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Jan 9, 2024

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COURSE CODE: BSBPMG517 Last Updated: April 2018, V. No. 1.1 Page 1 of 10
BSBPMG517 – Assessment Task 1 (Research and Questioning) Submission details The Assessment Task is due on the date specified by your trainer. Any variations to this arrangement must be approved in writing by your trainer. Students will use their online study time to prepare for answers to the following questions and submit both hardcopies and softcopies of the answers. You must submit soft copy of your answers in a word document. Upload the softcopy on the link provided in the eLearning site. See instructions below for details. Instructions: To be prepared on an individual basis. Assessment will only be accepted if they have an assignment cover sheet on them signed by the student. Students must provide detailed answer for every question along with relevant examples. There is no word limit, but answer for every question should be reasonable in size, preferably ½ a page. For the MCQ write the correct option/s only. The Trainer/Assessor will also ask these questions and the students must adequately explain them according to their submitted answers. The Trainer/Assessor may further prompt and question in order to receive answers of appropriate quality and to verify the authenticity A SSESSMENT QUESTIONS You are required to do research and type answers for following questions in a word document: Answer the following questions: 1. Describe what is involved in identifying project risks. Documentation Reviews; Information Gathering Techniques - Brainstorming, Delphi Technique, Interviewing, and Root cause analysis; Last Updated: April 2018, V. No. 1.1 Page 2 of 10
Checklist analysis - previous similar project, lowest level RBS; Assumption analysis; Diagramming Techniques - cause and effect diagram, system and process flow chart, influence diagrams; SWOT Analysis; Expert Judgment; Source analysis and problem analysis. 2. How are project risks analysed? The risk analysis process is what follows the identification of r isks procedure and is distinguished by two clear categories: Qualitative and Quantitative Risk Analysis. Qualitative Risk Analysis is the process during which one prioritizes risks for further action by assessing their probability of impacting project development. For example, there are risk probability and impact assessment, impact risk rating matrix, and risk urgency assessment. Quantitative Risk Analysis Process aims to numerically analyse the possibility of every risk and its effect on project objectives, as well as the degree of overall project risk. This procedure uses several techniques and methods such as data collection and representational techniques to determine the probability of achieving project objectives, to quantify the exposure to risks and develop a size and cost assessment schedule, such as interviewing stakeholders, sensitivity analysis and modelling and simulation. 3. Outline the steps taken to establish risk treatments and controls. Elaborate a risk management plan to identify management process, each stakeholder's role in the project; Identify global risks for the whole project; Analyse risks to determine which ones are the most important; Elaborate strategies to handle the most important risks effectively; Estimate costs and benefits of the strategies to determine if they're viable; Implement the strategies; Assess the results and document them to increase the level of knowledge for these risks. Last Updated: April 2018, V. No. 1.1 Page 3 of 10
4. What is your experience with monitoring and controlling project risks? In my company, we often conduct the risk rating process during the workshop used for risk identification. However, sometimes it is preferable to analyse the risks at another time using subject matter specialists, and then reconvene the original workshop team to agree and verify the ratings. We always analyse the risk in terms of how the organisation currently operates, and in particular taking into account existing controls and their effectiveness. We use control effectiveness to take into account both the adequacy and effectiveness of the controls for a particular risk. We also determine a measure of potential exposure that represents the total plausible maximum impact on the organisation arising from a risk without regard to controls. This is estimated by considering the consequences that could arise if all existing controls were ineffective or missing. This measure is use to identify the key controls that should be subject to assurance and, in particular, monitored continuously for effectiveness. 5. Explain how you assess risk-management outcomes. The risk management context sets out a framework within which to identify and analyse risks associated with the impacts of relevant cases. It places the assessment on a clear foundation so that everyone works from a common understanding of the scope of the assessment, how risks are to be rated and how the analysis is to be approached. The framework was consistent with the general risk management framework being used in other risk management activities within the company. The framework consists of four parts: Scope – establishes the scope of the assessment including activities to be covered, geographic boundaries and the time horizon; Stakeholders – sets out whose views need to be taken into account, who can contribute to the analysis and who needs to know its outcomes; Evaluation framework – defines how risks will be evaluated by clarifying the objectives and success criteria for the organisation and establishing scales for measuring consequences, likelihoods and risk priorities; Last Updated: April 2018, V. No. 1.1 Page 4 of 10
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