BSBPMG517 Manage Project Risk Assessment Answer

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Student Assessment Tasks

BSBPMG517 Manage project risk

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.

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

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:
  • Scope risk
  • Scheduling risk
  • Resource risk
  • Technology risk
  1. Outline three examples of tools or techniques that could be used to identify risks as part of a risk assessment process.
  2. Outline three sources of information that can be used to gather information on potential risks within the workplace. 
  3. Explain each of the key components of a risk management plan
  4. 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. 
  5. Describe the characteristics, techniques and appropriate applications of both quantitative and qualitative risk analysis.
  6. Outline the key steps involved in a risk management process. 
  7. Explain five options for controlling risk. 

Assessment Task 2: Risk identification and analysis project 

Task summary 

This assessment task requires you, in the role of Project Manager at NatureCare Products, to identify, analyse and evaluate human resources risks associated with establishing new retail outlets for the company. This will involve identifying risks and then meeting with Senior Management to consult on the risks you have identified. Following this, you are required to document risks and control measures in a risk register. 

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Computer with Microsoft Office and internet access
  • Risk Management Policy and Procedures
  • Risk Register Template
  • Risk Management Plan Template
  • Space for a meeting
  • Roleplay participants

Assessment Task 2 Instructions 

Carefully read the following: 

NatureCare Products is an Australian company based in Brisbane. The company commenced business in 1996 and manufactures and eco-friendly, high quality beauty skin care products. The business was established to cater for a growing demand for skin products that contain eco-friendly and natural ingredients. There is also an emphasis on eco-friendly packaging. 

The company sells its products in health food shops across the country, as well as on-line through its own web site. The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of customers are professional women aged 25 to 55. 

The company currently has a small range of products that include:

  • Cleansing creams to soothe skin during make-up removal. Primary ingredients include Shea butter to nourish the skin and plants extracts that are also rich in essential oils with regenerating and anti-inflammatory properties. This product will be for delicate and mature skins and could also be used as a baby cream.
  • Multi Protection Day Moisturizing Creams for dry to normal skin types that help protect the skin during the day and includes Shea butter and extracts from fragile green algae that provides hydrating and protective properties. 
  • Regenerating facial scrub to clean off dead skin cells to promote regeneration of healthy new cells. This product will be used for most skin types.

The strategic objectives of the company are to increase market share by 20% At a recent board meeting the two company shareholders and the CEO discussed options for expanding the business and have decided to establish a chain of retail outlets in central Sydney and Melbourne within the next six months. 

The company is also currently developing more products focusing on a range of products to meet particular skin needs rather than a one-size fits all. The new products are timed to be ready for sale at the same time as the opening of the new retail outlets. 

The CEO has asked you to take on the role of Project Manager for the business expansion project.

Complete the following activities:

1. Identify project risk

Review the scenario information, as well as the Risk Management Policy and Procedures. 

Review also the Risk Management Plan Template and the Risk Register Template

Take project risk notes that include the following:

  • Identify risk objectives and standards.
  • Summary of the risk identification methods used to identify the project risks.
  • Establish the project risk context.
  • Identify an appropriate risk ranking system 
  • Determine risk analysis classification criteria 
  • Classify the identified risks within risk categories
  • Determine risk priorities

You will be determining the risks and their context more clearly during the meeting with the project team, but these preliminary notes should demonstrate that you can identify the case study project’s risks yourself.

2. Send an email to the General Manager (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and ask for the place, time and date of your meeting.

Attach your project risk notes to the email

3. Participate in a meeting with the Project team and the CEO.

At the meeting, go through your risk management plan with the attendees, ensuring that they agree with the assumptions that you have made. Describe each of the risks that you have identified, as well as the questions you considered to identify the risks. 

Ensure that the meeting participants agree with your risk ranking system, and how it applies to your analysis classification criteria.

Discuss the likelihood and the severity of each risk, and its overall risk rating as set out in the Risk Register.

Discuss also possible treatments for each risk. For each treatment, identify and discuss their strengths and weaknesses as set out in your report.

Agree on risks that need to be documented in the Risk Register as set out in the Policy and Procedures, as well as actions (treatment control measures) that should be taken for each risk. 

Allocate risk responsibilities to project team members. Discuss with management who should be responsible for each risk management treatment or control method. These staff may not be senior management, but may be appointed to the project team for this reason.

During the meeting, you will need to demonstrate effective communication skills including:

  • Speaking clearly and concisely 
  • Using non-verbal communication to assist with understanding 
  • Asking questions to identify required information 
  • Responding to questions as required 
  • Using active listening techniques to confirm understanding 

Assessor: set up a quiet space for the meeting. 

Other students should continue with their assessment tasks. 

Prior to the meeting, read the student’s plan to review the risks they have identified. 

Review the Risk Management Plan Assessor to identify additional risks that they may have not identified. Jointly discuss all identified risks and agree on the six most important for documentation in the Risk Register.

Go through each of the risks and discuss their severity and likelihood, as well as the consequences of each. 

Discuss treatment methods as set out in the student’s report and in the Risk Management Plan Assessor. 

Discuss the strengths and weaknesses of each control method and agree on appropriate treatments for inclusion in the risk register.

Vary your responses to avoid collusion amongst students.

You will need to organise at least two other students to attend the meeting. They should have successfully submitted their project risk notes, and should conduct their own meetings in the same session to minimise any advantages not hosting the meeting first may give.

4. Analyse project risks

Following the meeting, you are to perform an analysis of the project risks, and incorporate this into a Risk Management Plan.

Your risk management plan should include, as a minimum:

  • Project risk context
  • Existing risk controls
  • Risk management objectives and standards
  • Risk identification methods
  • Risk categorisation process
  • industry sector risk classifications
  • Risk analysis classification criteria
  • Risk Management approaches
  • Risk monitoring and review processes

Describe the frequency of regular risk monitoring to identify changed circumstances.

Schedule a full review of the risk management process within six months of the new stores opening.

  • Risks identified

Under the Risks Identified heading, develop an initial list of risks to discuss at a meeting with senior Management. As a guide, this should be between 6 to 10 risks. 

  • Classify project risks
  • Potential treatment methods

For each of the risks that you identify, suggest at least two potential treatment measures for discussion, including the strengths and weaknesses of measures of each for discussion at the meeting. 

Use the Risk Management Plan Template to guide your work. Your risk management plan should be about four pages long.

5. Revise your risk management plan.

Use the input from the stakeholders at the Project Team meeting to revise your risk management plan.

Make sure that risk responsibilities are allocated to project team members

Name this document Revised Risk Management Plan.

6. Complete the Risk Register.

Use the Risk Register Template to guide your work.

Your Risk Register should include the following:

  • Documenting all of the risks as discussed at your meeting. 
  • Including an analysis of each risk including the likelihood of the risk occurring, as well as the severity of the risk should it occur, as well as an overall risk rating. 
  • Documenting risk control measures. 
  • Document actions for each identified risk including:

7. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachments.

Assessment Task 3: Risk monitoring an assessment project

Task summary 

This assessment task requires you to evaluate a risk control measure that you identified for a risk in Assessment Task 2, and implement changes in response to this. 

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Computer and Microsoft Office
  • Access to the internet for research 
  • Training Survey Results
  • Manager Feedback
  • Evaluation Report Template

Assessment Task 3 Instructions 

Carefully read the following: 

Assume that one of the risks that you identified in your risk management plan was the inability to attract sufficiently qualified and knowledgeable staff to manage the new retail stores, and that the risk treatment identified is to invest in the training and development of existing staff to fulfil this role, at least in the short term. 

It was identified that two of the existing customer service representatives are interested in taking on this new role. Neither of the two customer service representatives have managerial skills nor knowledge, but they both have excellent company and product knowledge, as well as customer service skills. The company funded both of the staff members to attend. These staff members are currently managing the two new stores.

A staff survey was sent to the two members of staff who completed the training, and their responses are collated in the Training Survey Results.

It is now one year later, and the retail stores have now been established in Sydney and Melbourne for five months. Each store employs a Manager, 2 full-time retail assistants and several part-time and casual staff. 

Financially, both stores are performing well, and are already covering their own overheads.

A week ago, both managers were asked to give feedback on how they are coping with their new responsibilities, and how the training that they received helped prepare them for the tasks that they perform today. Their responses are collated in the Manager Feedback.

Complete the following activities: 

1. Monitor project risk

As set out in the Risk monitoring and review processes section of the Risk Management Plan, regular risk review processes have to be followed to maintain the currency of the Plan. 

Monitoring the risk environment regularly helps to identify changed circumstances that may impact on the project risks.

Review the Training Survey Results and the Manager Feedback, as well as the case study information above, and from Assessment Task 2.

identify changed circumstances impacting project risks

Determine risk responses to changed environment

2. Write a Risk Management Evaluation Report 

Develop a report for the General Manager that gives an honest evaluation of how well the staff training performed as a risk management treatment. Your report should include, as a minimum, the following:

  • Review the project outcomes to determine the effectiveness of:
  • The risk management treatments. 
  • The risk management processes and procedures.
  • Recommended improvements for application to future projects

Describe the changes you would make to your Risk Management Plan to ensure that the risk treatment is more effective the next time a new store is opened.

  • Identify circumstances that have changed since you wrote your risk management plan, and how the changes may impact project risks
  • Determine risk responses to the changed environment

Use Evaluation Report Template to guide your work.

Your evaluation report should be between half a page and a page long.

3. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and seek their feedback and approval to move forward with the project.

Attach your evaluation report to the email.

4. Send an email to the store managers (your assessor).

Assume that the General Manager has given approval for you to implement two of the risk responses that you listed in your evaluation report.

Choose the responses that you feel would be most beneficial to the managers, and write them a short email to inform them of this.

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

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Answer :

Provide answers to all of the questions below: 

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

  • Scope risk

Exclusion of major requirements

Inappropriate project context

  • Scheduling risk

Delay in completion

Crashing of the schedule

  • Resource risk

Unavailability of skilled resources

Low budget

  • Technology risk

Failure of an implementation

Threat regarding any project data

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

Several methods are present for a project manager to identify the risks in a project. Therefore, among them the most useful three techniques are provided below; 

●Delphi technique 

●Estimating and cost 

●Monte Carlo analysis

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

The following are can be used to collect information about the potential risks within the workplace. 

●Brainstorming

●Interviewing

●Root cause analysis

4. Explain each of the key components of a risk management plan

The significant components of a risk management plan are as follow; 

●Definitions- In the element of a risk management plan, the risks are identified by the manager, and after that, the risks are marked with prioritisation ranking. Such as low, medium and high. Basically, a definition is represented as follows, 

very low: The risks may occur within the workplace. 

Low: The risks should occur within the usual circumstance of working. 

Medium: The risks' event has a significant chance to take place within the workplace. 

High: The risks have a broad chance of taking place. The project manager should consider the aspects of the risks and hence take some actions regarding that. 

Very high: The potential risks have to be mitigated by the responsible project manager as the risks can hamper the project significantly. 

●Assumption: Assumptions taken by a project manager has a significant role play in the project work. Hence, some questions regarding that should be asked by the project manager to himself or herself. 

○What assumptions should support the cost of the project?

○What assumptions should support the schedule of the project?

○Which fields should require more training?

○What are the issues faced in the previous project works? 

●Risk breakdown structure: In this structure, all the identified risks are categorised by the project manager, such as level 1, level 2 and level 3. 

●Probability impact matrix: when the project manager willing to identify the potential risks, he or she should determine the priority of each risk regarding the project. The risks can be defined as a probability multiply impact. This Matrix helps to recognise both factors and helps to set the stage of every risk. 

●Confidence estimate: For the complex projects, the project manager should recognise some confidence range regarding the risks. Confidence estimation is beneficial for a project management team to discuss and mitigate the flaws. Moreover, the benefit of this process is that it helps to analyse the risks quickly. 

●Risk registration: 

A risk registration should be formed by following the steps which are given below; 

●Risk description

●Probability

●Priority

●Risk

●Impact

●Response plan

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. 

The primary purpose of AS/NZS ISO 31000:2009 is that it developed to provide guidelines and principles regarding risk management processes. The ISO 31000:2009 is any organisation can use it. The authorities of an organisation can use the guidelines throughout their life. Though the guidelines provide generic guidelines, it is not used to promote the uniformity of risks within a workplace. These guidelines are the renovation of ISO 31000:2004. It did not replace the previous standards. 

Principles: 

a.Risk management process protects as well as create the value of an organisation.

b.Those processes are an integral part of an organisation. 

c.Risk management process is a segment of decision making. 

d.Risk management process helps to combat uncertainty. 

e.The processes should be encountered timely with a precise structure and System.

f.The process is based on the gathered information. 

g.The process is tailored.

h.Human, as well as cultural factors, are also granted in the risk management process.

i.The process is inclusive and transparent.

j.It is dynamic.

k.Risk management process helps an organisation for conducting improvements continuously

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

●Quantitative: 

a.It consumes more time. 

b.It is estimating cost and time. 

c.It required specialised tools. 

●Quantitative: 

a.Easy and quick method. 

b.Evaluating the cost and time. 

c.Special tools are not required. 

Techniques: 

●Qualitative: 

○Delphi technique

○SWIFT analysis.

●Quantitative:

○Prioritising

○Remodelling.

Application: 

●Qualitative: 

○It is applied for a particular hazard or some uncertain events which may take place during the project. Probability method is used for using this analysis method. 

●Quantitative: 

○By considering the impact of the identified risks on the project, the risk analysis method is applied for mitigating the risks

  1. Outline the key steps involved in a risk management process.
    The five steps of a risk management process are as follows; 
    • Identification of the risk.
    • Analysis of the risks
    • Evaluation of the risks
    • Treatment planning
    • Monitoring and review
  2. Explain five options for controlling risk. 
  3. Elimination: Use some tools and techniques and eliminate the potential risks first (Haspod, 2020). 
  4. Substitute: Use the alter way to mitigate the risks register with project work. 
  5. Engineering control: Individual engage with a project work should use equipment to secure themselves as well as to restrict the uncertain events.
  6. Administrative control: Limited the use of equipment which can create risk.
  7. PPE: Some equipment which can provide safety and security from risks

Assessment Task 2: Risk identification and analysis project

Assessment Task 2 Instructions

Carefully read the following: 

NatureCare Products is an Australian company based in Brisbane. The company commenced business in 1996 and manufactures and eco-friendly, high quality beauty skin care products. The business was established to cater for a growing demand for skin products that contain eco-friendly and natural ingredients. There is also an emphasis on eco-friendly packaging. 

The company sells its products in health food shops across the country, as well as on-line through its own web site. The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of customers are professional women aged 25 to 55. 

The company currently has a small range of products that include:

  • Cleansing creams to soothe skin during make-up removal. Primary ingredients include Shea butter to nourish the skin and plants extracts that are also rich in essential oils with regenerating and anti-inflammatory properties. This product will be for delicate and mature skins and could also be used as a baby cream.
  • Multi Protection Day Moisturizing Creamsfor dry to normal skin types that help protect the skin during the day and includes Shea butter and extracts from fragile green algae that provides hydrating and protective properties. 
  • Regenerating facial scrub to clean off dead skin cells to promote regeneration of healthy new cells. This product will be used for most skin types.

The strategic objectives of the company are to increase market share by 20% At a recent board meeting the two company shareholders and the CEO discussed options for expanding the business and have decided to establish a chain of retail outlets in central Sydney and Melbourne within the next six months. 

The company is also currently developing more products focusing on a range of products to meet particular skin needs rather than a one-size fits all. The new products are timed to be ready for sale at the same time as the opening of the new retail outlets. 

The CEO has asked you to take on the role of Project Manager for the business expansion project.

Complete the following activities:

1. Identify project risk

Review the scenario information, as well as the Risk Management Policy and Procedures. 

Review also the Risk Management Plan Template and the Risk Register Template

Take project risk notes that include the following:

  • Identify risk objectives and standards.
  • Summary of the risk identification methods used to identify the project risks.
  • Establish the project risk context.
  • Identify an appropriate risk ranking system 
  • Determine risk analysis classification criteria
  • Classify the identified risks within risk categories
  • Determine risk priorities

You will be determining the risks and their context more clearly during the meeting with the project team, but these preliminary notes should demonstrate that you can identify the case study project’s risks yourself.

Risk Objectives
Identification method
Project risk context
Classification criteria
Risk category based on the likelihood
Risk prioritising based on impact
Risk ranking
Market demand
Brainstorming
If the market demand dropped for the NatureCare products, then the business expansion project will not be successful.
Medium (2)
High (2)
High (5)
20
Economic swing
Assumption analysis
Economic fluctuation risk if occurs, then it will negatively impact on the business growth (Okoye et al. 2016).
Medium (4)
High (2)
High (8)
64
Service quality
Assumption analysis
Poor service quality will not be able to attract consumers attention (Wilson, 2018).
High (4)
High (4)
Medium (5)
80
Operational processes
Interview
Improper functioning hampers the business expansion project.
Medium (2)
Medium (3)
Medium (5)
30
Skills of the Employees
Risk survey
Unskilled labour will hamper organisational functioning.
High (4)
Medium (3)
Medium (6)
72
Staff motivation
Brainstorming
Demotivated employees will not be able to deliver accurate customer service (Moodley and Hove,  2018).
High (3)
Medium (4)
Medium (6)
72
New rivals
Assumption analysis
New competitors can reduce market demand for NatureCare products.
High (4)
High (5)
High (4)
80

2. Send an email to the General Manager (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and ask for the place, time and date of your meeting.

Attach your project risk notes to the email.

Subject: Risk identification report

Respected General Manager of NatureCare,

                 Sir, I am writing this email regarding the potential risks which may be occurred during the business expansion project. I request you to goes through the overall report in order to mitigate the uncertain events which may take place in those situations. 

According to market research and being a project manager, I critically evaluate the chances of risks. 

I understand that you are busy in your field, but it's a hearty request to you please call a team meeting for discussing on the same topic. 

If you have any queries regarding the same, you can contact me directly without hesitating. I am waiting for your response. 

Yours sincerely,

Project manager of NatureCare products

3. Participate in a meeting with the Project team and the CEO.

At the meeting, go through your risk management plan with the attendees, ensuring that they agree with the assumptions that you have made. Describe each of the risks that you have identified, as well as the questions you considered to identify the risks. 

Ensure that the meeting participants agree with your risk ranking system, and how it applies to your analysis classification criteria.

Discuss the likelihood and the severity of each risk, and its overall risk rating as set out in the Risk Register.

Discuss also possible treatments for each risk. For each treatment, identify and discuss their strengths and weaknesses asset out in your report.

Agree on risks that need to be documented in the Risk Register as set out in the Policy and Procedures, as well as actions (treatment control measures) that should be taken for each risk. 

Allocate risk responsibilities to project team members. Discuss with management who should be responsible for each risk management treatment or control method. These staff may not be senior management, but may be appointed to the project team for this reason.

During the meeting, you will need to demonstrate effective communication skills including:

  • Speaking clearly and concisely 
  • Using non-verbal communication to assist with understanding 
  • Asking questions to identify required information 
  • Responding to questions as required 
  • Using active listening techniques to confirm understanding 

Assessor: set up a quiet space for the meeting. 

Other students should continue with their assessment tasks. 

Prior to the meeting, read the student’s plan to review the risks they have identified. 

Review the Risk Management Plan Assessor to identify additional risks that they may have not identified. Jointly discuss all identified risks and agree on the six most important for documentation in the Risk Register.

Go through each of the risks and discuss their severity and likelihood, as well as the consequences of each. 

Discuss treatment methods as set out in the student’s report and in the Risk Management Plan Assessor. 

Discuss the strengths and weaknesses of each control method and agree on appropriate treatments for inclusion in the risk register.

Vary your responses to avoid collusion amongst students.

You will need to organise at least two other students to attend the meeting. They should have successfully submitted their project risk notes, and should conduct their own meetings in the same session to minimise any advantages not hosting the meeting first may give.

Risk number
Risk
Responsible person
Mitigation strategy
Duration
1
Market demand
Project Sponsor
Conduct Porter's five forces analysis in order to recognise the strategies to sustain the risk of buying power of customers. After the report is prepared, then the products should be launched typically, which can efficiently increase the market demand of the products. Moreover, customers' needs should be incorporated during the production time of the skincare products.  
Two weeks
2
Economic swing
Financial team
Pricing should be fixed based on the current situation of the economy. If the company can be able to provide the new products at a marginal cost, then the authorities can attract the attention of buyers. 
One week
3
Service quality
Human resources team
Provide training to the staffs. Some sessional training can enhance the service quality providence of the staffs (Rose and Gallivan,  2019).
Two weeks
4
Operational processes 
Project manager
Focusing on the seamless performance of every employee within the organisation. Higher authorities should access every day's functioning report in order to assure that the operations are performed without any flaw. 
Two weeks
5
Skillset of Employees
HR team
Provide training to the staffs of NatureCare products which will be responsible for handling the retail outlets Sydney and Melbourne. 
Two weeks
6
Staff motivation
Project manager
By fulfilling the Employees' needs and requirements, they should be motivated by the project manager. 
Two weeks
7
New rivals
Marketing team
Service quality and the products' quality should be enriched in order to mitigate the risk of new competitors. 
One week

4. Analyse project risks

Following the meeting, you are to perform an analysis of the project risks, and incorporate this into a Risk Management Plan.

Your risk management plan should include, as a minimum:

  • Project risk context
  • Existing risk controls
  • Risk management objectives and standards
  • Risk identification methods
  • Risk categorisation process
  • industry sector risk classifications
  • Risk analysis classification criteria
  • Risk Management approaches
  • Risk monitoring and review processes

Describe the frequency of regular risk monitoring to identify changed circumstances.

Schedule a full review of the risk management process within six months of the new stores opening.

  • Risks identified

Under the Risks Identified heading, develop an initial list of risksto discuss at a meeting with senior Management.As a guide, this should be between 6 to 10 risks. 

  • Classify project risks
  • Potential treatment methods

For each of the risks that you identify, suggest at least two potential treatment measures for discussion, including the strengths and weaknesses of measures of each for discussion at the meeting. 

Use the Risk Management Plan Template to guide your work. Your risk management plan should be about four pages long.

Risk number
Risk
Responsible person
Mitigation strategy
Duration
1
Market demand
Project Sponsor
Conduct Porter's five forces analysis in order to recognise the strategies to sustain the risk of buying power of customers. After the report is prepared, then the products should be launched typically, which can efficiently increase the market demand of the products. Moreover, customers' needs should be incorporated during the production time of the skincare products.  
Two weeks
2
Economic swing
Financial team
Pricing should be fixed based on the current situation of the economy. If the company can be able to provide the new products at a marginal cost, then the authorities can attract the attention of buyers. 
One week
3
Service quality
Human resources team
Provide training to the staffs. Some sessional training can enhance the service quality providence of the staffs (Rose and Gallivan,  2019).
Two weeks
4
Operational processes 
Project manager
Focusing on the seamless performance of every employee within the organisation. Higher authorities should access every day's functioning report in order to assure that the operations are performed without any flaw. 
Two weeks
5
Skillset of Employees
HR team
Provide training to the staffs of NatureCare products which will be responsible for handling the retail outlets Sydney and Melbourne. 
Two weeks
6
Staff motivation
Project manager
By fulfilling the Employees' needs and requirements, they should be motivated by the project manager. 
Two weeks
7
New rivals
Marketing team
Service quality and the products' quality should be enriched in order to mitigate the risk of new competitors. 
One week

5. Revise your risk management plan.

Use the input from the stakeholders at the Project Team meeting to revise your risk management plan.

Make sure that risk responsibilities are allocated to project team members

Name this document Revised Risk Management Plan.

6. Complete the Risk Register.

Use the Risk Register Template to guide your work.

Your Risk Register should include the following:

  • Documenting all of the risks as discussed at your meeting. 
  • Including an analysis of each risk including the likelihood of the risk occurring, as well as the severity of the risk should it occur, as well as an overall risk rating. 
  • Documenting risk control measures. 
  • Document actions for each identified risk including:

7. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachments.

Attach your revised risk management plan and completed risk register to the email.
Subject: Risk mitigation report submission

Respected CEO of NatureCare products,

                 Sir, previously I developed risk register template I submitted it to the general manager of NatureCare products. After the discussion with him as well as other team members, I ensured that I am effectively registered the risks which may take place during the expansion time of the business. Apart from that, I also Portfolio the framework regarding risks. Fellow members were agreed with my risk registration report on the basis of which I developed a mitigation plan regarding the same. Moreover, I also documented the required mitigation plans. I attached the action plan in this email. I will be glad if you consider this mitigation plan. 

If you have any further questions, then please, you can contact me without any hesitation. I will be delighted if you contact me directly. 

Yours sincerely,

Projects manager of NatureCare products

Assessment Task 3: Risk monitoring an assessment project

Assessment Task 3 Instructions

Carefully read the following: 

Assume that one of the risks that you identified in your risk management plan was the inability to attract sufficiently qualified and knowledgeable staff to manage the new retail stores, and that the risk treatment identified is to invest in the training and development of existing staff to fulfil this role, at least in the short term. 

It was identified that two of the existing customer service representatives are interested in taking on this new role. Neither of the two customer service representatives have managerial skills nor knowledge, but they both have excellent company and product knowledge, as well as customer service skills. The company funded both of the staff members to attend. These staff members are currently managing the two new stores.

A staff survey was sent to the two members of staff who completed the training, and their responses are collated in the Training Survey Results.

It is now one year later, and the retail stores have now been established in Sydney and Melbourne for five months. Each store employs a Manager, 2 full-time retail assistants and several part-time and casual staff. 

Financially, both stores are performing well, and are already covering their own overheads.

A week ago, both managers were asked to give feedback on how they are coping with their new responsibilities, and how the training that they received helped prepare them for the tasks that they perform today. Their responses are collated in the Manager Feedback.

Complete the following activities: 

1. Monitor project risk

As set out in the Risk monitoring and review processes section of the Risk Management Plan, regular risk review processes have to be followed to maintain the currency of the Plan. 

Monitoring the risk environment regularly helps to identify changed circumstances that may impact on the project risks.

Review the Training Survey Results and the Manager Feedback, as well as the case study information above, and from Assessment Task 2.

identify changed circumstances impacting project risks

Determine risk responses to changed environment

Risk
Reassessment
Audits
Monitoring
Market demand
Regular team meetings ensure that the risk prioritisation number remains fixed. Changes are not taking place regarding the same. 
According to the result of auditing with the responsible manager of the retail outlets, both of them efficiently handle the situation of the outlets. Thus, it can be told that the mitigation strategy regarding market demand threat is benefited the company. Action plan regarding risk positively impacted on the business growth of NatureCare. 
The marketing team of NatureCare products continuously monitors market demand. 
Economic swing
According to the feedback report as well as the consent of the employees of the two stores, this risk did not occur during the accomplishment of the project. 
The evaluation report of the risk efficiently mitigated the economic risk swing. The outlets become stable after five months of working none economic swing is taking place. 
Regarding the risk, any kind of change response did not take place. Thus, the higher authorities implement the plans to sustain business growth. 
Service quality
Risk prioritisation increased regarding the service quality of the NatureCare products as the current staffs does not have any knowledge in the managerial field. Though, the teams are effective regards service as they both have proper customer service knowledge. Hence, the risk prioritisation number raised.
According to the findings of the audit, each of the stores keeps one manager each along with two full-time assistants and several part-time staffs. The training provided to the employees efficiently enhance their service quality which able to attract customers' attention towards the new as well as existing products. 
Training to the new employees provided by the project manager as well as by the HR team. Regarding that, some change responses are required regarding service quality risk. 
Operational processes
The smooth functioning of the new retail outlets ensures that NatureCare products efficiently manage their smooth operation. Therefore, the risk is already mitigated though the authorities are continuously focusing on assuring the smooth functioning. 
Both the stores performing well nowadays, which describe that the operational processes seamlessly occur within the organisation.
The operational manager and the general manager of the NatureCare continuously improve the process of the organisation to assure the functioning. 
Skillset of Employees
Both the staffs did not have any knowledge in the managerial field. Therefore, the project manager, as well as the HR team, continuously provide training to them to secure the business growth of NatureCare products. 
According to the staff survey result, both the employees who are in charge of the stores efficiently handle customers. Thus, the skillset of the employees enhanced by providing training to them. 
Training of the employees positively impacted on the business growth of the company. 
Staff motivation
The in-charge customer service representatives who currently responsible for handling the new retail stores are interested in controlling the stores. Hence, they both are quite motivated. Although, the HR team crucially try to ensure the motivation level of the staffs by delivering rewards and appreciation regarding their performance. 
Currently, the in-charge managers, as well as other staffs, are entirely motivated due to the training provided to them. 
The HR team uses rewards, recognition and verbal appreciation method for motivating the new employees (Noorand Zainordin, 2018). 
New rivals
According to the context, the outlets were established and already functioning for five months. Both the store is performing quite good, and the market demand for NatureCare products are not reduced. This scenario efficiently describes that there is not potential regarding new rivals. 
The demand for the NatureCare products' does not reduce; thus, the new rivals does not arise in the market according to the audit. 
The marketing team of NatureCare continuously analyse the market for recognising the potential of new rival entry. 

2. Write a Risk Management Evaluation Report

Develop a report for the General Manager that gives an honest evaluation of how well the staff training performed as a risk management treatment. Your report should include, as a minimum, the following:

  • Review the project outcomes to determine the effectiveness of:
  • The risk management treatments. 
  • The risk management processes and procedures.
  • Recommended improvements for application to future projects

Describe the changes you would make to your Risk Management Plan to ensure that the risk treatment is more effective the next time a new store is opened.

  • Identify circumstances that have changed since you wrote your risk management plan, and how the changes may impact project risks
  • Determine risk responses to the changed environment

Use Evaluation Report Template to guide your work.

Your evaluation report should be between half a page and a page long.

The outcome of the treatment plan
Recommendations
Changes take place
Analysis regarding market demand efficiently sustains the market demand of the NatureCare products. 
Monitor the treatment plan and continuous analysis of market demand. 
Nil 
Financial team crucially handled the economic swing risk by which it did not affect the business. 
The authorities should analyse economic swing criteria for sustaining business growth (Malikand Lindner, 2017). 
Nil 
The training enhanced the service quality of the employees. 
Continuous training of the existing and new recruits. 
Employees did not have any knowledge in the managerial field; thus, the HR team had to provide them with training regarding the same. 
NatureCare functioning seamlessly. 
Focusing on operational processes. 
Nil 
Employees currently are well skilled regarding their duty. 
Provide continuous training. 
Training sessions’ timing increased due to lack of skill.
Employees, as well as the part-time staffs, are also motivated. 
Incorporate the appraisal method. 
Verbal appreciation method considered by the HR team (Chapmanand White, 2019). 
Any new rival did not rise in the market. 
Porter’s five forces analysis should be conducted by NatureCare company. 
Nil 

3. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and seek their feedback and approval to move forward with the project.

Attach your evaluation report to the email.

Subject: submitting the evaluation report

Respected CEO of NatureCare, 

                 Sir, I am delighted to provide the outcome of the evaluation report, which I developed by considering each minute aspect. Moreover, I also enlisted some fields which are required to be reviewed by the HR team. Regarding the same, training sessions should be increased for enriching the knowledge of the staffs. Furthermore, the HR team should consider verbal appreciation method as well as an appraisal method to motivate the employees and appraise their performance. I attached the evaluation report along with the monitoring plan. 

If you have any question regarding the aspect, then please contact me. I am waiting for your valuable response. 

Yours sincerely, 

Project manager of NatureCare

4. Send an email to the store managers (your assessor).

Assume that the General Manager has given approval for you to implement two of the risk responses that you listed in your evaluation report.

Choose the responses that you feel would be most beneficial to the managers, and write them a short email to inform them of this.

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

Subject: implementation of changes

Dear store manager, 

         Being a project manager of the NatureCare products company, I efficiently developed a monitor report and evaluation report. By considering the performance level of the employees, I thought that the authorities should increase training sessions’ timing. Although your performance is proved very beneficial for the organisation growth. Hence, it is perfect for the company regarding business growth. I attached the evaluation report with this mail. If you like to be contacting me, then you can do it without any hesitation. 

I am delighted to inform you that our organisation is functioning smoothly. Thank you. 

Yours sincerely

Project manager of NatureCare company