Assessment 1_AHI00004TE

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia Assessment Details Qualification Code/Title BSB50820 Diploma of Project Management Assessment Type Assessment -01 (Written Questions) Time allowed 4 weeks Due Date 2022/12/06 Location AHIC Term / Year 3/2022 Unit of Competency National Code/Title BSBPMG536 Manage Project Risk Student Details Student Name Hemang Malla Student ID AHI00004TE Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Signature: ___Hemang malla Date: __2022/12/06___ Assessor Details Assessor’s Name Nazrul Islam RESULTS (Please Circle) SATISFACTORY NOT SATISFACTORY Feedback to student: Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights. Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback. Signature Hemang Mallla Signature Nazrul Islam Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 1 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia Instructions to the Candidates  This assessment is to be completed according to the instructions given below in this document.  Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.  If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.  Please refer to the College re-submission and re-sit policy for more information.  If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.  Please read the Tasks carefully then complete all Tasks.  To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.  This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately.  Resources required completing the assessment tasks are Learner guide, PowerPoint presentation, Unit Assessment Pack (UAP), Access to other learning materials such as textbooks, Access to a computer, the Internet and word-processing system such as MS Word.  Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12 and line spacing has to be Single line.  Once you have completed the assessment, please upload the softcopy of the Assessment into AHIC Moodle.  Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 2 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia responses given by the student Ensure that the time available to complete the assessment, while meeting enterprise requirements, takes account of the student’s needs  Indigenous  Knowledge and understanding  Flexibility  Services  Inappropriate training and assessment  Culturally appropriate training Explore understanding of concepts and practical application through oral assessment Flexible delivery Using group rather than individual assessments Assessment through completion of practical tasks in the field after demonstration of skills and knowledge.  Age  Educational background  Limited study skills  Make sure font size is not too small Trainer/Assessor should refer to the student’s experience Ensure that the time available to complete the assessment takes account of the student’s needs Provision of information or course materials in accessible format. Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures Supply of specialised equipment or services, e.g. a note- taker for a student who cannot write Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue Changes to course design, e.g. substituting an assessment task Modifications to physical environment, e.g. installing lever taps, building ramps, installing a lift  Educational background  Reading  Writing  Numeracy  Limited study skills and/or learning strategies  Discuss with the Student previous learning experience Ensure learning and assessment methods meet the student’s individual need  Disability  Speaking  Reading  Writing  Identify the issues  Create a climate of support  Ensure access to support that the student has Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 4 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia  Numeracy  Limited study skills and/or learning strategies agreed to  Appropriately structure the assessment Provide information or course materials in accessible format, e.g. a textbook in braille Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures Supply of specialised equipment or services, e.g. a note- taker for a student who cannot write Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue Changes to course design, e.g. substituting an assessment task  Modifications to physical environment, e.g. installing lever taps, building ramps, installing a lift Explanation of reasonable adjustments strategy used (If required) What if you disagree on the assessment outcome? You can appeal against a decision made in regards to your assessment. An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against a specific unit and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be able to adequately demonstrate that you have the skills and experience to be able to meet the requirements of units you are appealing the assessment of. Your trainer will outline the appeals process, which is available to the student. You can request a form to make an appeal and submit it to your trainer, the course coordinator, or the administration officer. The AHIC will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to the appeal form. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 5 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia Collusion occurs when you work without the authorisation of the teaching staff to: • Work with one or more people to prepare and produce work • Allow others to copy your work or share your answer to an assessment task • Allow someone else to write or edit your work (without rto approval) • Write or edit work for another student • Offer to complete work or seek payment for completing academic work for other students. Both collusion and plagiarism can occur in group work. For examples of plagiarism, collusion and academic misconduct in group work please refer to the RTO’s policy on Academic integrity, plagiarism and collusion. Plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion as outlined in RTO’s policy. Proven involvement in plagiarism or collusion may be recorded on students’ academic file and could lead to disciplinary action. Assessment Formatting and Answer length Guidance: Your submitted document must follow the given criteria:  Font must be Times New Roman, Font size need to be 12 and line spacing has to be Single line.  Your assessment needs to be submitted as an electronic copy unless requested differently by your assessor.  The Assessment file name for electronic copy should follow : Student Id_Assessment_No ( Example AHI000014_Assessment 1 Referencing Include a reference list at the end of your work on a separate page or as footnotes. You should reference the sources you have used in your assessments in the Harvard Style. To access a web-based tool, see Harvard Style online generator http://www.harvardgenerator.com Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 7 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia Assessment Task 1: Written Questions Task summary  This is an open book test.  Students need to answer all of the written questions correctly.  Answers must be word processed Required  Access to textbooks/other learning materials  Computer and Microsoft Office  Access to the internet Timing Your assessor will advise you of the due date of this assessment. Submit  Answers to all questions Assessment criteria All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily. Re-submission opportunities You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 8 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia 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. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 10 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia 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: a. Scope risk b. Scheduling risk c. Resource risk d. Technology risk Following are the project risks identified: A. Scope risk - Risk is "an unsure function or condition that, in the event that it happens, has a positive or negative impact on at least one undertaking objectives “also Scope risks are questionable functions or conditions that are identified with the venture scope.  Individuals may add highlights to the item that were not affirmed.  The undertaking group may not recognize all the expectations, requiring changes later. B. Scheduling risk - Schedule risk is the potential for technique, venture, or assignment to take longer than arranged Scheduling risk may prevent the project from completing on time and major events could not be achieved. C. Resource risk - Resource risk refers to the chance that we may not be able to get all the necessary resources required to complete a piece of work. There are a range of factors that can impact this risk, and many of these may be out of our control as a project manager. However, being able to identify and plan for these risks goes a long way to minimizing the impact they may have. We may even be able to allow for time to overcome these risks in your project timeline, so when they do occur, they don’t result in delays. D. Technology risk : Technology risk can arise from the use of outdated or unreliable technology, or from the lack of compatibility between different systems. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 11 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia  Integrated – risk management needs to be integrated with all organisational processes.  Structured and comprehensive – risk management needs to be systematised and all-inclusive.  Customised – risk management needs to address individual business need.  Inclusive – risk management needs to wide-ranging.  Dynamic – risk management needs to be responsive to change.  Best available information – risk management needs to be formulated based on the best possible evidence that is available at the time.  Human and cultural factors – risk management needs to accommodate these elements.  Continual improvement – risk management needs to underpin continual improvement within the organisation.  Frameworks: -The success of risk management will depend on the effectiveness of the management framework providing the foundations and arrangements that will embed it throughout the organization at all levels. The framework assists in managing risks effectively through the application of the risk management process at varying levels and within specific contexts of the organization. The framework ensures that information about risk derived from the risk management process is adequately reported and used as a basis for decision making and accountability at all relevant organizational levels.  Process: - The risk management process should be  Communication and consultation.  Scope, context, and criteria: • Defining the scope. • External and internal context. • Defining risk criteria.  Risk assessment: • Risk Identification. • Risk Analysis. • Risk Evaluation.  Risk Treatment.  Monitoring and Review.  Recording and Reporting. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 13 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia 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 purpose of Australia/New Zealand Standard for Risk Management (AS/NZSISO 31000:2009) are summarized below:  It increases the likelihood of achieving objectives.  It encourages proactive management.  It improves the identification of opportunities and threats.  It complies with the relevant legal and regulatory requirements and international norms.  It establishes a reliable basis for decision making and planning. Some of the key principles underlying this risk management standard are as follows:  Risk management creates and protects value.  Risk management is a part of decision making.  Risk management explicitly addresses uncertainty.  Risk management is based on the best available information.  Risk management facilitates continual improvement of the organization. 6. Describe the characteristics, techniques, and appropriate applications of both quantitative and qualitative risk analysis. Qualitative Risk Management. characteristics Qualitative risk management is an essential part of the risk professional developers' toolset. It provides speedy prioritizing of risks to aid project managers to accomplish their objectives. Qualitative risk management systems are the most fundamental type of risk assessment, identifying possible risks using either ordinal or nominal measures to determine their severity. When more data will become accessible through the surveillance of unforeseen events, more precise quantitative methodologies can be employed for risk assessment. Increased analysis of prospective risk exposures, the establishment of pertinent indicators that can be watched on a regular basis, and more immediate and efficient reactions to risk scenarios are all made possible by such data. Techniques: Some of the methods and techniques used in qualitative risk analysis include the following:  SWOT Analysis. We can use a SWOT analysis to come up with strategies for mitigating and managing these future risks. our business has the potential to withstand or remove each risk.  Effect assessment. Through interviews or meetings with relevant parties, this method entails investigating the possibility that every particular risk event will occur, as well as the possible impact on an overall organizational goal or objective such as expense, distribution, reliability, or effectiveness. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 14 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia Usable techniques are:  Expert judgment has been used for a variety of tasks, including identifying the potential schedule and cost consequences, evaluating probabilities, interpreting data, trying to identify the weak areas of tools and also their abilities, determining when a helpful tool is more relevant, and determining when an organization's capabilities and structure are taken into consideration.  Schedule risk analysis. One can determine the likelihood of finishing work by a particular timeline or within a specific budget limit by performing this calculation. It will be computed the project completion based on the period estimations and network diagrams.  Failure mode and effects analysis (FMEA). Possible failure causes, as well as their possible ensuing repercussions, are recognized and graded according to the intensity of the impact on the organization.  The usage of a cause-and-effect matrix can aid in the identification of essential phases in a process as well as the availability or lack of controls that eliminate, minimize, or monitor bad events from occurring. The activities that pose the greatest danger are determined by numerical scores. Applications: When it comes to controlling the risks associated with modern projects, the quantitative approach is preferable. Adequate understanding of how risk and uncertainty influence project outcomes are provided by this method.  First and foremost, project managers must consider what they hope to gain from the quantitative risk analysis process. For example. When senior management wants to know whether the project can be completed in time and on budget.  Once records, techniques, and individuals required for the quantitative risk analysis are in place, project managers can begin the process of conducting the study.  It is important to ensure that all results are recorded and maintained safely, even if they are not the primary focus of this risk assessment. The purpose of preserving these records is that they may become valuable in the future when doing another risk assessment. Because quantitative risk analysis consumes a significant amount of time, effort, and money, it is critical that the information obtained from it is not wasted. 7. Outline the key steps involved in a risk management process. The following are the five key steps involved in the risk management process: Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 16 of 18

Australian Harbour International College RTO ID: 41338 CRICOS Provider Code: 03449J ABN: 74 603 036 102 T: 02 9268 0085 E: admissions@ahic.edu.au W: www.ahic.edu.au A: Level 4, 114-120 Castlereagh Street Sydney NSW 2000 Australia  Identify the risk- This step identifies various risks in the operating environment including legal risks, environmental risks, market risks, regulatory risks, etc.  Analyse the risk- After risk identification, it is important to find the seriousness of the risk, scope of the risk, relation between the risk and different factors, etc. which is done in risk analysis stage.  Rank the risk- Risks must be ranked depending upon their severity. Some may have very low effect in the enterprise, while other may completely bring the operation to halt if not taken care of.  Treat the risk- Treating risks on time is essential for the completion of any project within deadline. For that, we must consult with the experts of related field and come to a common solution.  Monitor and review the risk- It is better to be always on guard because some of the risks can never be eliminated. For instance, the market risks and environmental risks should always be monitored and reviewed on a daily basis. 8. Explain five options for controlling risk. Five options for controlling risks are as follows: I. Risk avoidance- In this process, the risk is avoided and only that path is taken which is bound to be successful. For instance, using the proven and existing technologies instead of trying new ones although they may be cheap. II. Risk reduction- It involves the investments of funds to reduce the vulnerability. For instance, hiring only the group of experts to manage the network is one risk reduction technique. III. Risk transfer- It is one of the most useful processes to mitigate the risks. For instance, we can ensure the products after we buy them, and get return when they are damaged. This way the risk is transferred to the insurance company. IV. Risk Accept- It is sometimes better to accept the risk if the chances of happening it is very low, or it has very less effect in the overall project. Also, if the cost of implementing other risk management strategy is too high, then in support of the seniors, we can sometimes take a chance. V. Risk Sharing- Risk sharing is similar to risk transfer in that it also shares a portion of risk with other entity but differs in that risk transfer completely gives away the loss of risk. 9. Define Project Risk management and describe its importance of managing project. Risk management is an ongoing process that continues through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring and control. Many of these processes are updated throughout the project lifecycle as new risks can be identified at any time. It’s the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited. Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449J BSBPMG536 Manage Project Risk Version V3.0 / April 2022 Page 17 of 18