Details of Assessment

Term and Year 4, 2019 Time allowed 7 weeks

Assessment No 1 Assessment Weighting 100%
Assessment Type Written Responses, Case Studies and Portfolio of Evidence
Due Date Week 7 Room 204/Lab #107
Details of Subject
Qualification BSB51415 Diploma of Project Management
Subject Name Project Risk Management
Details of Unit(s) of competency

Unit Code (s) and

BSBPMG517 Manage Project Risk
Names

Details of Student
Student Name
College Student ID

Student Declaration: I declare that the work submitted is my

own and has not been copied or plagiarised from any person Student’s
or source. I acknowledge that I understand the requirements Signature: Camilo Estupinan
to complete the assessment tasks. I am also aware of my
right to appeal. The feedback session schedule and Date: __15_/_11_/_2019___
reassessment procedure were explained to me.

Details of Assessor
Assessor’s Name LIZ BENSON
Assessment Outcome
Assessment
Competent Not Yet Competent Marks /100
Result
Feedback to Student
Progressive feedback to students, identifying gaps in competency and comments on positive
improvements:

Assessor Declaration: I declare that I have conducted

a fair, valid, reliable and flexible assessment with this
student. Assessor’s
Signature: ___________________
Student attended the feedback session.
Student did not attend the feedback session. Date: _____/_____/________

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 1 of 24
 Purpose of the Assessment

The purpose of this assessment is to assess the student in the following Competent Not yet
learning outcomes: (C) Competent
(NYC)
1.1 Determine risk objectives and standards, with input from stakeholders
1.2 Establish project risk context to inform risk management processes
1.3 Identify project risks using valid and reliable risk identification methods
1.4 Classify project risks within agreed risk categories
2.1 Determine risk analysis classification criteria and apply to agreed risk
ranking system
2.2 Use risk analysis processes, within delegated authority, to analyse and
qualify risks, threats and opportunities
2.3 Determine risk priorities in agreement with project client and other
stakeholders
2.4 Document risk analysis outcomes for inclusion in risk register and risk
management plan
3.1 Identify and document existing risk controls
3.2 Consider and determine risk treatment options using agreed consultative
methods
3.3 Record and implement agreed risk treatments
3.4 Update risk plans & allocate risk responsibilities to project team members
4.1 Establish regular risk review processes to maintain currency of risk plans
4.2 Regularly monitor risk environment to identify changed circumstances
impacting project risks
4.3 Determine risk responses to changed environment
4.4 Implement agreed risk responses and modify plans to maintain currency of
risk treatments and controls
5.1 Review project outcomes to determine effectiveness of risk-management
processes and procedures
5.2 Identify and document risk management issues and recommended
improvements for application to future projects
Assessment/evidence gathering conditions

Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A
student can only achieve competence when all assessment components listed under “Purpose of the
assessment” section are recorded as competent. Your trainer will give you feedback after the completion
of each assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-
assessment.
Resources required for this Assessment
Weekly eLearning notes relevant to the tasks/questions should be read prior to undertaking the
assessment.
Instructions for Students
Please read the following instructions carefully
 This assessment must be completed In class At home
 The assessment is to be completed according to the instructions given by your assessor.
 Feedback on each task will be provided to enable you to determine how your work could be
improved. You will be provided with feedback on your work within two weeks of the assessment due
date. All other feedback will be provided by the end of the term.
 Should you not answer the questions correctly, you will be given feedback on the results and your
gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills
to be deemed competent for this unit of competency.
 If you are not sure about any aspects of this assessment, please ask for clarification from assessor.
 Please refer to the College re-assessment for more information (Student Handbook).

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 2 of 24
 ASSESSMENT TASKS
There are two tasks to complete for this unit of competence:

Task 1 – Written responses

This activity has been designed to assess your knowledge and understanding of managing project risks
within projects.

This task consists of questionnaires which reflect the knowledge of project management (PMBOK). The
responses should include the following:

 Must be relevant to your project as stated in BSBPMG511 Manage Project Scope, unless
otherwise stated. Responses should link to the theoretical aspects of project risk management
followed by relevant experience / exposure of your nominated project you recently or are
currently working on to progress both your studies and your projects simultaneously. Your
response to the questionnaires must relate to the same project topic chosen for BSBPMG511
Manage Project Scope subject unit.
 However, if you have started with this subject topic as an initial attempt of this course, you must
negotiate and discuss with your Assessor to consider a project that you recently or are currently
working on or a project that you have worked in the past.

 If workplace project exposure does not apply to you, you must negotiate with your assessor to
use a scenario/case study examples that you will find on e-learning. However, case study
examples are a suitable substitute where workplace examples cannot be provided. Case studies
are available on e-learning. Theory answers without reference to your experience will not be
assessed as satisfactory
 Demonstrate that you can or have applied what you have learnt to your project, regardless of
whether you have undertaken all the performance requirements in your workplace

Task 2 – Portfolio of Evidence

The portfolio of evidence comprises the assessment of the application of your project risks
knowledge. You will need to demonstrate your human resources management skills applied to a
project which is based on the project you have chosen for BSBPMG511 Manage Project Scope
subject unit. It should state relevant experience / exposure of your nominated project you recently or
are currently working on to progress both your studies and your projects simultaneously.

If you have started with this subject topic as an initial attempt of completing this course, you must
negotiate and discuss with your Assessor to consider a project that you recently or are currently
working on or a project that you have worked in the past.

If workplace project exposure does not apply to you, you must negotiate with your assessor to use a
scenario/case study examples that you will find on e-learning. However, case study examples are a
suitable substitute where workplace examples cannot be provided. Case studies are available on e-
learning.

To such a degree you must negotiate with your assessor to use a scenario/case study examples that
you will find on e-learning.

Your nominated project must be agreed between you and your Assessor so that its methodology, tools
and techniques accommodate to the performance requirements of each Unit of Competency prior to start
of work on the unit.

Your project must comprise:

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 3 of 24
  a comprehensive, detailed and integrated project management plan
 a formal communications plan
 a devoted and project-based budget
 formal and planned involvement with a wide range of stakeholders
 a documented risk, issues and change-management methodology
 a quality plan with assurance and control processes
 a project team-based environment.

Evidence of the following is important:

 demonstration of risk management for several complex projects

 knowledge of risk management plans, tools, issues and likely challenges

To achieve competency, you are required to demonstrate knowledge, skills and experience to:

Performance Evidence
Evidence of the ability to:
 conduct effective risk management for a project of sufficient complexity to demonstrate the full
range of performance requirements
 apply risk management techniques, strategies and tools.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
 identify project risks in a range of risk categories
 explain key components of a risk management plan
 outline industry sector risk classifications and relate these to different risk contexts
 summarise organisational and industry standard risk frameworks
 identify and describe characteristics, techniques and appropriate applications of quantitative and
qualitative risk management techniques and approaches.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 4 of 24
 STRUCTURE AND MARKING CRITERIA FOR ASSESSMENT TASKS:

I. TASK 1 – Written Responses (Total 15 marks for TASK 1)

Q1: Education on effective risk management (5 marks)
Q2: Relating risk management to scope, schedule and budget (5 marks)
Q3 Tools and techniques to analyse and manage project risks (5 marks)
II. TASK 2 – Portfolio of Evidence (Total 85 marks for TASK 2)
A. Identify project risks (15 marks Total)
1. Operations based on risk context (5 marks)
2. Approach to identify risk (5 marks)
3. Team involvement in the establishment of risk management context and planning (5
marks)
B. Analyse the project risks (50 marks Total)
1. Risks as opportunities (4 marks)
2. Consequence and likelihood (8 marks)
3. Qualitative risk analysis (4 marks)
4. Reflection prioritisation of risks (4 marks)
5. Risk responses strategies (10 marks)
6. Risk Register and action plan (20 marks in total)
a) Risk register (10 marks)
b) Action plan (10 marks in total)
i. Risk action plan 1 (5 marks)
ii. Risk action plan 2 (5 marks)
C. Monitor and Control Project Risks (10 marks Total)
1. Monitor risk atmosphere to identify changed circumstances (5 marks)
2. Risk management approaches to maintain current risk register (5 marks)
D. Assess Risk Management (10 marks Total)
1. Review project risk performance outcomes (5 marks)
2. List of risk management issues and recommendations (5 marks)

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 5 of 24
 TABLE OF CONTENT
Marks
Content Pages Marks
Achieved
TASK 1 – Written Responses (Total 15 marks for TASK 1)

Q1: Education on effective risk management 5

Q2: Relating risk management to scope, schedule and
5
budget
Q3 Tools and techniques to analyse and manage project
5
risks
TASK 2 – Portfolio of Evidence (Total 85 marks for TASK 2)

A. Identify project risks (15 marks Total)

1. Operations based on risk context 5

2. Approach to identify risk 5

3. Team involvement in the establishment of risk
5
management context and planning
B. Analyse the project risks (50 marks Total)

1. Risks as opportunities 4

2. Consequence and likelihood 8

3. Qualitative risk analysis 4

4. Reflection prioritisation of risks 4

5. Risk responses strategies 10

6. Risk Register and action plan (20 marks in total)

a) Risk register 10
b) Action plan (10 marks in total)

i. Risk action plan 1 5

ii. Risk action plan 2 5

C. Monitor and Control Project Risks (10 marks Total)

1. Monitor risk atmosphere to identify changed
5
circumstances
2. Risk management approaches to maintain current risk
5
register
D. Assess Risk Management (10 marks Total)

1. Review project risk performance outcomes 5

2. List of risk management issues and recommendations 5

Total 100
The learner is required to update and adjust the page numbers and topics based on the amount of their content
and the responses made to each task.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 6 of 24
 Task 1 – Written Responses
(BSBPMG515 – 1.1,1.2,1.3,1.4, 2.1,2.2,2.3,2.4,3.1,3.2,3.2,3.3,4.1,4.2,4.3,4.4,5.1,5.2)
Answer the following questions in the appropriate spaces below:
All responses must:
This activity has been designed to assess your knowledge and understanding of managing project
risks within projects.

This task consists of questionnaires which reflect the knowledge of project management (PMBOK).
The responses should include the following:

 Must be relevant to your project as stated in BSBPMG511 Manage Project Scope, unless
otherwise stated. Responses should link to the theoretical aspects of project risk
management followed by relevant experience / exposure of your nominated project you
recently or are currently working on to progress both your studies and your projects
simultaneously. Your response to the questionnaires must relate to the same project topic
chosen for BSBPMG511 Manage Project Scope subject unit.
 However, if you have started with this subject topic as an initial attempt of this course, you
must negotiate and discuss with your Assessor to consider a project that you recently or are
currently working on or a project that you have worked in the past.

 If workplace project exposure does not apply to you, you must negotiate with your assessor to
use a scenario/case study examples that you will find on e-learning. However, case study
examples are a suitable substitute where workplace examples cannot be provided. Case
studies are available on e-learning. Theory answers without reference to your experience will
not be assessed as satisfactory
 Demonstrate that you can or have applied what you have learnt to your project, regardless of
whether you have undertaken all the performance requirements in your workplace

You will need to complete the relevant templates from each knowledge area which are provided, you
may use templates from the text or from your workplace that provide evidence of your competency.
<50% marks of the allocated marks for the questions and answers in Task 1, will be given for providing
theoretical aspect and remaining 50% marks for providing the relevancy on how the information fits in within your
project management functionalities. However, Assessor to assess if relevant theory and reflection of the student’s
nominated project has been provided by the student as per the requirement of the tasks. Non-relevant answers
will be considered not satisfactory>

15 Marks
Question 1: Describe how you would educate stakeholders on effective risk management
(BSBPMG517 – 1.1,1.2,1.3,1.4,2.1.2.2,2.3,2.4)
<1 mark for stating your action, 2 marks for explanation and 2 marks for detailed information with example
from your project. Total of 5 marks> 5 Marks

1. Meetings

Getting everyone in a lounge, meeting room is possibly the best way to start the risk management
process, so you can explain face to face what it is about and why you are doing it.

This initial meeting should give people the opportunity to ask questions and provide input into the
process.

Further briefings held at regular intervals should aim to keep people informed of what stage of the
process your organization is at and give them the opportunity to help shape progress.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 7 of 24
 Meetings will continue to play an important role after the risk management strategy is in place, as
part of the continual monitoring and review of the strategy.

2. Brainstorming

Brainstorming sessions are excellent communication tools because they make everyone feel
involved and they also draw on your best resource: the people who know most about the risks.

3. Newsletters and bulletins

Getting everyone to meetings is not always possible, so it's useful to put down on paper what's
happening in risk management.

Providing a written account of the risk management strategy will also help to dispel any
misunderstandings or rumors about what's being done and why.

Your notes can be distributed through your newsletter (hard copy or online), through email, in flyers
or posted on your noticeboard. You should include the results (or a summary) of any brainstorming
session and decisions made at meetings, so everyone is kept aware of what's going on.

4. Questionnaires/surveys

At the start of the risk management process and at critical steps along the way, it can be a good
idea to send out a questionnaire to invite people to outline risks they perceive in your organization's
activities, and ideas for their abatement.

5. Write a guide

A risk management guide is an excellent tool for ensuring everyone involved in the organization is
aware of risk management issues.

It can be used to define key terms so everyone is working on the same page and can also serve as
a reference throughout the risk management process, for information and as a reference point to
ensure nobody strays too far off track.

A risk management guide can also include a component that invites feedback from your
staff/volunteers/members.

6. Keeping communication and feedback going

Communication does not start and finishes with a single meeting to explain the risk management
strategy or one notices on a noticeboard. You have to continue to communicate what you are
doing, and why you are doing it, at every step of the risk management process.

Take feedback seriously and remember to always ensure that you keep the context of your group
in mind.

Aim to document every step as sooner or later board members (or insurers) will want to refer back
to what has taken place. Also, ensuring keep documentary evidence of risks and any incidents that
occur.

https://www.ourcommunity.com.au/insurance/view_help_sheet.do?articleid=338

Question 2: Explain how risk management should relate to the scope, schedule and budget
(BSBPMG517- 1.1,1.2,1.3, 1.4, 2.1,3.1, 3.2,3.3)
<1 mark for your response, 2 marks for explaining the relation to scope, schedule and budget, and 2 marks for

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 8 of 24
 stating relevancy to your project. Total of 5 marks> 5 Marks

By establishing the framework for the management of risks, the basic parameters within which risks
must be managed are defined. Consequently, the scope for the rest of the Risk Management
process is also set. It includes the definition of basic assumptions for both the external and internal
environment and the overall objectives of the Risk Management process and activities.

A project's scope is formed of all the work that must be accomplished to successfully deliver a
product, service, or result.

There must not be gaps in the statement of work that can lead to scope changes later in the
execution phase.

When changes occur, for whatever reason, a tight change control process can help to keep the
project on track. Once the changes are made, there is almost always an accompanying increase in
the budget and/or extension of the schedule.

It is vital that all changes are assessed in the dimensions of the budget plan, the resource plan, and
the project schedule. Also, if extra work is added to the project, more budget should be added to
cover this increase in workload.

Scope changes can come from internal or external sources, but if requests for changes are
frequent and numerous it can be a clear indicator of poorly-defined project scope and a poorly
defined project baseline.

Everyone seems to understand that the further into the project life-cycle or phases, the costlier the
scope changes get and the financial impact of even a small scope change can be quite large
because it may involve reversing previous decisions, making completed work obsolete.

Another critical factor involving timing is whether the scope changes are radical changes. when
radical changes happen, it can be caused by new regulations or laws.

https://www.enisa.europa.eu/topics/threat-risk-management/risk-management/current-risk/risk-
management-inventory/rm-process/crm-strategy/scope-framework

https://www.safran.com/blog/why-scope-management-is-essential-for-project-success

Question 3: Describe the tools and techniques you have used to analyze and/or manage project
risk for projects within your workplace. (BSBPMG517- 2.1,2.2,2.3,2.4,3.1,3.2,3.3,4.1,4.2,4.3,4.4,5.1,5.2)
<1 mark for stating the tools and techniques, 2 marks for detailed information and 2 marks for detailed
information with example from your project. Total of 5 marks> 5 Marks

1. Interviews

Selecting key stakeholders. Planning the interviews. Defining specific questions related to the
project scope deliverables, assumptions, constraints, exclusions. Additionally, documenting the
results.

2. Brainstorming

Questions such as What are the most significant risks related to the project deliverables? What are

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 9 of 24
 the most significant risks related to the project work? For instance, in this case, requirements,
coding, testing, training, and implementation.

3. Checklists

Having a list of the most common risks. Look for scope-related risks. If not, create a checklist. After
each project, conduct a post-review and capturing the most significant risks. This list may be used
for subsequent projects..

4. Assumption Analysis

The PMBOK® Guide defines an assumption as “factors that are considered to be true, real, or
certain without proof or demonstration." Assumptions are sources of risk. Project managers should
ask stakeholders, “What assumptions do you have concerning this project?” Documenting these
assumptions and associated risks.

5. Cause and Effect Diagrams

Cause and Effect diagrams are powerful. Project managers can use this simple method to help
identify causes of risks. If we address the cause, we will reduce the risk.

6. Nominal Group Technique (NGT)

It is a brainstorming. Input is collected and prioritized. The output of NGT is a prioritized list; for risk
identification, the result is a prioritized list of risks.

7. Affinity Diagrams

Creating affinity diagrams is a fun, creative, and beneficial exercise. Participants are asked to
brainstorm risks. I ask participants to write each risk on a sticky note. Then participants sort the
risks into groups or categories. Lastly, each group is given a title.

8. Work Breakdown Structure (WBS)

One of the most powerful tools for identifying scope risks is to facilitate a WBS with the project
team. Going through each of the lowest elements and identify risks.

https://projectriskcoach.com/how-to-identify-scope-risks/

Task 2 – Portfolio of Evidence

(BSBPMG515 – 1.2,1.2, 1.3, 1.4,2.1,2.2,2.3, 3.1,3.2,3.3,3.4)

You must use the same project for all units in this course and must be relevant to your project as
stated in BSBPMG511 Manage Project Scope, unless your nominated project changes during the
course or cannot adapt to the performance requirements of any of the units of competency. If either
or both events occur during your course, you must contact your assessor to find out what you need to
do to continue to satisfy the course performance requirements and achieve competency.

The project must be in an organisation, business or you are operating as a consultant.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 10 of 24
 Your nominated project must have:

 a comprehensive, detailed and integrated project management plan

 a formal communications plan
 a dedicated and project-based budget
 formal and planned engagement with a wide range of stakeholders
 a documented risk, issues and change-management methodology

You will need to complete the relevant templates from each knowledge area which are provided, you
may use templates from this assessment or from your workplace that provide evidence of your
competency.

A. Identify Project Risks 15 Marks

(BSBPMG515 1.1, 1.2, 1.3, 1.4)

You will need to complete the relevant templates from each knowledge area which are provided which
are provided or create relevant template as required by the tasks. You may use templates from the
text or from your workplace that provide evidence of your competency.

<50% marks of the allocated marks for the questions and answers in Task 2A (1-3), will be given for providing
theoretical aspect and remaining 50% marks for providing the relevancy on how the information fits in within your
project management functionalities. However, Assessor to assess if relevant theory and reflection of the student’s
nominated project has been provided by the student as per the requirement of the tasks. Non-relevant answers
will be considered not satisfactory>

Outline of Risk management plan

A1. Describe the risk context in which the project is operating. 5 Marks

The risk context must include:

 legislation and regulation controls 1 mark
 nature of the project 1 mark
 organisational risk policies and procedures 1 mark
 project environment and/or 1 mark
 stakeholder expectations (including risk appetite and tolerances) 1 mark

< INSERT ANSWER HERE >

A2. Define your approach to identifying the risks on the project. Provide at least 3 (three) approaches.
5 Marks
<3 marks to identify 3 (three) approaches and 2 marks for explanation – Total of 5 marks>

Based on the structure mention bellow. It was necessary due to the nature of the project to consult an
expert who could identify a problem with the entrances or interface that users utilize to enter some post,
the team also gathered information regarding databases and how can be secured the information about
the users and the people who use the payment methods as well as the regulations in Australia. Lastly,
the large experiences of two of the members were documented and a strategy was designed in order to
cover the possible risks.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 11 of 24
 https://projectriskcoach.com/identify-project-risks/

A3. Explain the involvement of your project team members in establishing the risk management context
and risk management planning 5 Marks
<2 marks to state the involvement of the team members and 3 marks for explanation – Total of 5
marks>

Engaging people to identify project risks is a key part of the project.

Team members' analysis was done with the main idea of identifying every type of risk that could
appear and the best way the project could sort it out and the individuals, groups, and
organizations who may impact the project. A table was developed as bellow.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 12 of 24
 Identifying anyone who may be impacted by the project including the people outside the organization..

https://projectriskcoach.com/identify-project-risks/

B. Analyse the Project 50 Marks

(BSBPMG517 – 1.3, 1.4, 2.1, 2.2, 2.3, 2.4)

You will need to complete the relevant templates from each knowledge area which are provided which
are provided or create for relevant template as required by the tasks. You may use templates from the
text or from your workplace that provide evidence of your competency.

<50% marks of the allocated marks for the questions and answers in Task 2B (1-6), will be given for providing
theoretical aspect and remaining 50% marks for providing the relevancy on how the information fits in within your
project management functionalities. However, Assessor to assess if relevant theory and reflection of the student’s
nominated project has been provided by the student as per the requirement of the tasks. Non-relevant answers
will be considered not satisfactory>

B1. Risks as opportunities 4 marks

Consider at least two (2) risks that presented an opportunity to augment your project objectives or
negative risks that could measure in a positive manner. Describe the positive risks in the space
provided below:

<2 marks for each positive risk/opportunity provided. Total of 4 marks.>

1.Fishing: This risk brought to the company the possibility of spreading the market and to get more
customers due to the number of people who were accessing the fake pages, fortunately, the user
could access the real one.

2.Payment methods: In order to secure the payment method the company acquired the best option in
terms of safety whereby allows people from different countries to access the platform and feel more
comfortable at buying articles and interacting with other users.

B2. Consequence and Likelihood 8 Marks

List the project risks and allocate a rating to each risk for both of its consequences (impact) and
likelihood (probability) of occurring using the rating scale provided in APPENDIX 1: Table 1 and Table
2. You may use the rating scale established at your workplace for your project as well.

You are then to provide a narrative of the risk’s potential consequence and likelihood, at least 4 (four
data for each, of occurring. Ensure to include some positive risks as well as which may account
opportunities to heighten project objectives.

Provide 4 (four) data for consequences: <1 mark for each identified risk and its associated data. Total
of 4 marks >

4 Marks

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 13 of 24
 Description of possible
Risk Consequence rating
consequences

Increment of online risks 2 People get afraid of buying and

using internet platforms.

Other platforms are used by 3 As many websites with similar

customers. aim appear the company battles
against more competitors

Technical issues that may 3 This affects the image and the
affect the performance of the goodwill of the company.
web platform

Marketing strategy failure 5 No customers for the company,

therefore, no incomes.

https://www.coursehero.com/file/p3q7pmt/B4-Refection-Prioritisation-of-risks-4-Marks-Devise-
mutually-the/

Provide 4 (four) data for likelihood: <1 mark for each identified risk and its associated data. Total of 4
marks >

4 Marks

Explanation of likelihood
Risk Likelihood rating
rating

Increment of online risks 2 As much as many platforms

have plenty of risks, this is an
opportunity to appeal to more
customers by offering them a
safe solution.

Other platforms are used by 4 It has to be avoided as the

customers. main objective of the project is
to sell and spread the use of
the platform.

Technical issues that may 3 With new incorporations of new

affect the performance of the software and the demand, it is
web platform compulsory to be testing the
website and errors can happen
often.

Marketing strategy failure 2 Changes by the local government

and the financial situation can
affect the marketing strategy.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 14 of 24
 https://www.coursehero.com/file/p3q7pmt/B4-Refection-Prioritisation-of-risks-4-Marks-Devise-
mutually-the/

B3. Quantitative risk analysis 4 Marks

What quantitative risks analysis techniques are you familiar with that are used at your workplace? List
at least two (2) of them below and provide a brief description of why these tools are referred by your
workplace.

<2 marks for each risk analysis and its description. Total of 4 marks>

List: Expected Monetary Value

Description: This method establishes the contingency reserves after the sensitivity analysis was
done.

List: Sensitivity Analysis

Description: This one determines which risks have the greatest impact on the project in order to
prioritize the contingency.

https://projectriskcoach.com/evaluating-risks-using-quantitative-risk-analysis/

B4. Refection Prioritisation of risks 4 Marks

Devise mutually the consequence/likelihood ratings in the previous activity, consign the risk with the
highest priority a score of “1”, the next most significant one of “2” and so on. Provide a rationale for
why you have prioritized the risks the ways you did. You may generate your own rating based on your
workplace project if required. However, you must state the risks you have identified in Task B2, for
example, if you have mentioned four (4) risks, you must devise the ratings of all 4 risks highlighted in
the template given below.

Provide 4 (four) data for risk<1 mark for each stated risk and its associated data. Total of 4 marks >

Risk Combined Rating Total Risk Priority Rationale for Prioritisation

Increment of 4 LOW This risk is no so difficult to

online risks sort out and every competitor
faces the same issue even so
it has to be well addressed.

Other platforms 12 HIGH The positioning of the

are used by webpage is the most
customers. important element of this
business.

Technical 9 MEDIUM The stability of the webpage

issues that may represents how comfortable
affect the users can explore the website,
performance of therefore, their permanence.
the web
platform

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 15 of 24
 Marketing 10 HIGH This is the main point in
strategy failure business. It has to be
managed adequately to
succeed.

http://elearning.wa.academies.edu.au/pluginfile.php/2167/mod_resource/content/1/Risk%20Asses
sment%20Matrix%20Sample.pdf

B5. Risk response strategies 10 Marks

For the four (4) risks you have identified, analysed and prioritised in the previous activities, for each
identified risk, implement at least one risk treatment strategy elucidating and qualifying your response.
You may utilise the table below or create a similar one of your own:

<2 mark for stated all four (4) risks, 2 marks for chosen option, 3 marks explanation and 3 marks for
the treatment. Total of 10 marks >

Risk Option Explanation of treatment Rationale for treatment

Increment of Avoidance Implementing security Data and critical

online risks protocols information can be
affected and stolen as
well as the platform itself.

Other Acceptance A strategy was deployed to As many users as

platforms are obtain more users from other possible from other
used by platforms platforms
customers.

Technical Enhance Backups and updatings were It is compulsory to ensure

issues that done to reach excellent excellent performance of
may affect the performance. the website in order to
performance stimulate users on
of the web navigating the website.
platform

Marketing Contingency Plan Two plans were prepared in This is the main point in
strategy failure order to asure succeed and business. It has to be
contingency. managed adequately in
order to succeed.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 16 of 24
 B6. Risk Register and action plan of risks 20 Marks
(BSBPMG517- 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3, 3.4)

a) Complete a risk register for your designated project. Include both positive/opportunities and negative risks
(BSBPMG517- 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3, 3.4) 10 Marks

You are to use the template given below or any other similar template that is related to your project used at your workplace or create one of your own, however must
meet the required criteria.

The risk register should list all risks on the project – not just work health and safety risks. It should include both positive and negative risks (must utilise
all areas of the template). Provide at least 4 risk categories and its associated data as stated in the table.
2 marks allocated for providing for all 4 risk category, 2 marks allocated for providing associated all 4 risk explanations, 1 mark allocated for providing the calculation
of all 4 rating, 2 marks allocated for providing associated all mitigation approach and 1 mark allocated for providing the calculation of all 4 rating. This totals the risk
register action plan template of 8 marks>
(8 marks)

Risk Risk Risk Explanation including Mitigation Approach/Reaction<2 mark>

Likelihood

Likelihood
No. Category existing Risk Controls

<1 mark>

<1 mark>
Impact

Impact
Rating

Rating
<2 mark> <2 mark>

Initial Residual

1 LOW Increment of online risks 2 2 4 Buying an insurance 1 1 1

2 HIGH Other platforms are used by 3 4 12 Posting links in other platforms and social media 2 3 6
customers.

3 MEDIUM Technical issues that may affect the 3 3 9 Participate in forums and consult experts 2 2 4
performance of the web platform

4 HIGH Marketing strategy failure 2 5 10 Deploying an excellent business plan 2 2 4

Risk Categories: (1 mark)

<Provide a list of all applicable categories associated within your project>

Risk Rating Scales and Overall Rating: (1 mark)

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 17 of 24
 <Provide the risk rating scales and overall rating for the above risk register>

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 18 of 24
 b) State two action plans for the top two priority risks 10 Marks
(BSBPMG517 – 3.1, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3, 4.4)

You are to use the data provided in Task 2 (B2 - B6). You are to utilise the templates given below or
any other similar template that is related to your project used at your workplace or create one of your
own, however they must meet the relevant criteria. Marks will be allocated on the basis of the
relevancy to the project and it’s identified risk as stated in the previous tasks.

i. Risk Action Plan 1 5 Marks

Risk Action Plan 1

Risk No/Item No <0.25 mark> Risk Description: <0.5 mark>

2 Other platforms are used by customers.

Risk Rating ( As per rating scale): <0.25 Risk Risk Treatment

mark> Category: (Accept/Mitigate/Avoid/Transfer):
12 <0.25 mark> <0.5 mark>ACCEPTANCE
HIGH
Action Plan:

Proposed Action ( Risk Approach/Response): <0.5 mark>

Social media campaign

Resource Requirements : <0.5 mark>

( Resource requirements to put the risk approach/response into place)

Human resources
Community manager

Responsibilities: <0.5 mark>

(Who will be responsible for putting the risk approach/response into place)
Community manager and developer

Scope Impact: <0.5 mark>

(Scope impact of putting the risk approach/response into place)
Getting 100 users

Time Impact: <0.25 mark>

(Time impact of putting the risk approach/response into place)
3 months

Cost Impact: <0.25 mark>

(Cost impact of putting the risk approach/response into place)
$1000

Reporting and Monitoring: <0.5 mark>

(Reporting and monitoring required for this risk approach/response)
Reports every week

Prepared by: Date:17/11/2019 Reviewed by: Date:

Camilo Estupinan

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 19 of 24
 ii. Risk action plan 2 5 Marks
Risk Action Plan 2

Risk No/Item No <0.25 mark> Risk Description: <0.5 mark>

4 Marketing strategy failure

Risk Rating ( As per rating scale): <0.25 Risk Risk Treatment

mark> Category: (Accept/Mitigate/Avoid/Transfer):
10 <0.25 mark> <0.5 mark>ACCEPTANCE
HIGH

Action Plan:

Proposed Action ( Risk Approach/Response): <0.5 mark>

Business plan

Resource Requirements : <0.5 mark>

( Resource requirements to put the risk approach/response into place)
Comercial manager

Responsibilities: <0.5 mark>

(Who will be responsible for putting the risk approach/response into place)
Comercial manager

Scope Impact: <0.5 mark>

(Scope impact of putting the risk approach/response into place)
Identify how to sell the expand the market and develop and strategy to get users other than online.

Time Impact: <0.25 mark>

(Time impact of putting the risk approach/response into place)
3 mounths

Cost Impact: <0.25 mark>

(Cost impact of putting the risk approach/response into place)
$864

Reporting and Monitoring: <0.5 mark>

(Reporting and monitoring required for this risk approach/response)
Report presented fortnightly.

Prepared by: Date: Reviewed by: Date:

Camilo Estupinan 17/11/2019

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 20 of 24
 C. Monitor and Control Project Risks 10 Marks
(BSBPMG517- 4.1, 4.2, 4.3, 4.4)

For the questions and answers in Task C (1 & 2), you are to provide on how the information fits in
within your project management functionalities of your nominated project.

<50% marks of the allocated marks for the questions and answers in Task 2C (Q1 & Q2), will be given for
providing theoretical aspect and remaining 50% marks for providing the relevancy on how the information fits in
within your project management functionalities. However, Assessor to assess if relevant theory and reflection of
the student’s nominated project has been provided by the student as per the requirement of the tasks. Non-
relevant answers will be considered not satisfactory>

Answer the following questions:

Question 1: State what activities you have undertaken to monitor the risk atmosphere to identify
changed circumstances that would or had impacted on your project (BSBPMG515 –4.1,4.2 )
<1 mark for stating the activities and 4 marks for reasoning and explanation. Total of 5 marks> 5
Marks

1. Marketing risks

Analyzing the likely unfavorable variations, particularly in demand, supply, prices, and marketing.
location, capacity.

2. Economic and financial risk

Analyzing basically the probable unfavorable variations of investments, costs, income, and
financing.

3. Impact analysis

Describing the main impacts that the project would cause, when it is working, and managing them
satisfactorily.

Question 2: Describe what the outcome of this review was and how you had managed the
changed risk approaches/responses to maintain the currency of your risk register and action plans
and responses? (BSBPMG515 –4.1,4.2,4.3,4.4)
<1 mark for stating the detailed outcome, 2 marks for stating how you managed the changes, 2 marks for
stating your action plan. Total of 5 marks> 5
Marks

The budget was affected.

It was necessary to redistribute the resources in another way. Therefore, the budget was critical
and the adjustments so just. It led us to the point of analyzing the time that must be dedicated to
certain activities and also the load put on every employee. Fortunately, they were committed to the
project and the scope, which kept us on the line of the aims that everyone wanted to archive.

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 21 of 24
 D. Assess Risk Management Outcomes 10 Marks
(BSBPMG517- 5.1, 5.2)

For the questions and answers in Task D1, you are to provide on how the information fits in within
your project management functionalities of your nominated project.

<50% marks of the allocated marks for the questions and answers in Task 2D1, will be given for providing
theoretical aspect and remaining 50% marks for providing the relevancy on how the information fits in within your
project management functionalities. However, Assessor to assess if relevant theory and reflection of the student’s
nominated project has been provided by the student as per the requirement of the tasks. Non-relevant answers
will be considered not satisfactory>

D1. Answer the following

Review your project performance in terms of risk management. Would your risk management
processes and procedures be considered effective? Why/why not? (BSBPMG517 –5.1)
<2 mark for stating your response and 3 marks for explanation. Total of 5 marks> 5 Marks

They would be considered effective, however, the evolution of web technologies, such as HTML5,
JSON and REST, more complex challenges arise on the client-side. For example, attackers can
exploit misconfigured HTML5-based applications, granting them direct access to file systems,
history, cookies and email accounts.

One good outcome allowed us to understand that leveraging the honeypot network to understand
an attack’s approach and behavior to learn about what measures to take to identify suspicious
clients’ registry modifications or file systems writes may prevent us from next attacks.

One of the accompanying challenges has to do with the privileges involved with associated content
management systems that leave administration capabilities wide open.

https://www.infosecurity-magazine.com/opinions/website-risk-assessment-tools/

D2. List at least 5 (five) risk management problems you may have practiced on the project including
a recommendation for future projects. (BSBPMG517- 5.1, 5.2)

Note: these are not problems with your risks but how you managed the project risks.

You may utilize the template below or provide one that you have used for at your workplace for your
nominated project. (BSBPMG515-4.2) 5 Marks

<0.5 marks allocated to identify each risk management issues and the dates (2.5 marks in total of 5 human
resources management issues), 0.25 marks allocated to state recommendation( 1.25 marks in total of 5 state
recommendation), 0.25 marks allocated to providing lesson learnt raised ( 1.25 marks in total of 5 lesson learnt.
Total of 5 marks>

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 22 of 24
 Description of
Date
problem/opportunity
01/02/2019 Fishing webpages. Some Buying similar domains and Mr Yakamoto
people have created similar
webpages in order to
capture the data from the
costumers
Some hackers have tried to
steal the passwords of the
14/05/2019
costumers in order to buy
articles and other criminal
purposes.
23/07/2019 Entrance attacks that
intended to damage the
platform and make it weak
to other attacks
END OF ASSESSMENT
APPENDIX 1
Table 1 – Consequence ratings
Level Descriptor
1 Negligible
2 Low
3 Moderate
4 Major
5 Catastrophic
Project Risk Management Assessment, v2, Last Updated 25 May 2019
Recommended Action for next Lesson Learnt
time/project Raised By
make a clear policy to make sure
customers don’t get into other
fake website pages
Establishing several ways to Mr Liliana
prove the identity of every user
and sending text messages in
case of suspicious access.
Controlling the access of Mr Camilo
every user, mirroring the
website and making often
backups.
Example
Annoyance, mild discomfort, incur the displeasure of
your manager
Low grade injury, superficial damage to a building (e.g.
cracked windows), warning
Single injury, a building or structure damaged, fine,
loss of privileges
Injury to persons, widespread damage to property,
substantial fine, disciplinary charges
Death, destruction of property, imprisonment or
charged with offence, loss of job
Page 23 of 24
 Table 2 – Likelihood ratings

Level Descriptor Example

5 Almost certain Risk of attack associated with swimming in a crocodile

infested river

4 Significant Risk of sunburn on a cloudy summer day with no

sunscreen

3 Happens occasionally Risk of seeing someone you know when you go to a

crowded sports event

2 Could happen ‘Risk’ of finding some money on the ground as you walk
around

1 Little chance of occurring ‘Risk’ of winning the lottery

Project Risk Management Assessment, v2, Last Updated 25 May 2019 Page 24 of 24