BSBPMG426 - Assessment 1

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M.I.T. & M.S. College, Mardan *

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Nov 24, 2024

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BSB40920 Certificate IV in Project Management Practice BSBPMG426 Apply project risk management techniques Student name: Kanjana Usuwan Student ID: 180134 Assessment 1 Question 1: Explain the difference between qualitative and quantitative risk analysis. Qualitative risk analysis: Discovers the probability of a risk event occurring and the impact the risk will have if it occurs Quantitative risk analysis: Process of converting the impact of risk on the project into numerical terms. This is frequently used to determine cost and time. Techniques and tools include: - Decision tree analysis - Probability/impact/consequence matrix - Delphi Technique - Using expert judgement The key difference between qualitative and quantitative risk analysis is the basis for evaluating risks. As mentioned earlier, qualitative risk analysis is based on a person’s perception or judgment while quantitative risk analysis is based on verified and specific data. Another difference is the values associated with risks. In qualitative risk analysis, this value is the risk rating or scoring. A risk may be rated “Low” or given a score of 1 to indicate that the risk does not require immediate attention. In quantitative risk analysis, the value associated with the risk is often in percentages and indicates the probability of the risk occurring or of it causing a specific negative effect on project objectives. Question 2: Complete the table to discuss two tools or techniques that may be used for quantitative risk analysis. Tool Description How it can be helpful during risk analysis Delphi Technique A team of experts is consulted without the other experts knowing. A list of information is sent to them, and results from the other experts are sent to each other, until a solution is made. Helps to receive unbiased data, ensuring that no one person will have influence over the outcome.
Using expert judgement Individuals who have similar experience with similar project can be consulted. Helps as these people have already experienced the project and can input the issues they faced. Question 3: List four risk reporting mechanisms that can be used to monitor and control risks throughout the project lifecycle. Provide a short single dot point answer. 1. Incident reports 2. Reporting at meetings 3. Project management reports 4. WHS reporting Question 4: Identify four ways you would (in the role of a project team member) monitor risks and collect relevant information. Provide a short single dot point answer. 1. Refer to the risk management plan 2. Conduct audits 3. Review reports on performance measurements 4. Attend regular progress meetings and report on changes Question 5: Complete the table to identify contingency measures for project risk management issues that may occur. Provide a short single dot point answer. Issue Contingency measure Inadequate funding to complete project Reallocate resources, contact client
Staff are not following procedures outlined in policies Staff meeting and induction, issue warnings Office closes due to pandemic lockdown Initiate online environment Project management software failure Use back up Project activity tasks falling behind schedule Reschedule tasks to other resources, implement change control
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Reference: Qualitative and Quantitative Risk Analysis - https://safetyculture.com/topics/qualitative-and- quantitative-risk-analysis/ Delphi Technique - https://www.projectsmart.co.uk/tools/delphi-technique-a-step-by-step- guide.php What is Expert Judgment in Project Management? - https://www.wrike.com/project- management-guide/faq/what-is-expert-judgment-in-project-management/ What is a Contingency Plan in Project Management? - https://www.wrike.com/project- management-guide/faq/what-is-contingency-plan-in-project-management/

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