BSBPMG632 - Assessment Task 2 v1.2 answered1

◻ Student requested reasonable adjustment for the assessment Marking Sheet Completed successfully Did the student satisfactorily: Comments Y N DNS The student has satisfactorily completed and submitted the following:  Risk management approach in Task 2.1A  Risk Breakdown Structure in Task 2.1B  Program risk levels in Task 2.1C  Risk management plan in Task 2.1D  Contingency plans x 2 in Task 2.1E  Risk register in Task 2.1F  Observation checklists in Task 2.2  Email to project managers in Task 2.3 ☐ ☐ ☐ Demonstrated ability to:  Identify potential, actual and residual risks This is evidenced by:  Risk Breakdown Structure in Task 2.1B  Program risk levels in Task 2.1C  Risk management plan in Task 2.1D  Contingency plans x 2 in Task 2.1E  Risk register in Task 2.1F ☐ ☐ ☐ Demonstrated ability to:  Select and modify program risk methodology to match the context for risk This is evidenced by:  Risk management approach in Task 2.1A  Risk management plan in Task 2.1D ☐ ☐ ☐ Demonstrated ability to:  Consult with relevant stakeholders and identify, document and analyse program level risks This is evidenced by: See feedback provided by trainer and assessor on this marking sheet about consultation. ☐ ☐ ☐ Demonstrated ability to: ☐ ☐ ☐

Task 2 – Direct planning of program risk management Task summary and instructions What is this assessment task about? Please refer to the program scenario and the simulated work environment provided for the course. You are the Program Manager engaged by the sponsoring organisation to:  Direct planning of program risk management  Manage program risk  Assess program risk-management outcomes Task 2 focuses on the first point above. You will collaborate with the relevant stakeholders in a simulated work environment to carry out your role as a Program Manager. Although you will collaborate with relevant stakeholders, your assessment's work must be individual, and it will be marked as such. This task comprises of the following assessment methods: o Product-based ☒ o Direct observation of Role-Play ☒ o Case Study ☐ o Other (specify) ☐ It has been designed to evaluate your ability to/competency in:  Identify potential, actual and residual risks  Select and modify program risk methodology to match the context for risk  Consult with relevant stakeholders and identify, document and analyse program level risks  Support and mentor project managers in the analysis, evaluation and treatment of risks  Confirm risk management is transparent and dynamic across the program so that risks are assigned and managed in a timely manner  Develop and maintain a program risk-management system for effective management and communication of

Relevant stakeholders may include members of the program team, including project managers, internal stakeholders such as departmental managers and external stakeholders such as subject matter experts. Please note, although the task requires group collaboration to simulate a work environment, the assessment submission is individual, and it will be marked as such. Student Name Student Name Student Name Student Name Task 2.1 Risk Plans A) Risk Management Approach Develop a planning document to define the risk management approach for the program . In the form of personal planning notes, address the following.:  Outline what risk methodology was selected for the program and why  Describe if and how the risk methodology was modified to match the context for risk  Describe what stakeholders were consulted to identify, document, and analyse program risk levels and individual risks. Be specific when mentioning the stakeholders and the risks. It is recommended to use a table where each risk category is matched with the stakeholders involved in their identification and analysis.  Describe what support and mentoring you have planned to support the project managers in managing risks at their program level. Be specific and detailed, taking into consideration the different risks in individual projects.  Describe how: o Risk management is made visible and dynamic across the program so that risks are assigned and managed promptly. o The program risk-management system was developed to enable effective management and communication of risks, controls, treatments, and outcomes to stakeholders across the program. Be detailed, focusing on the government framework for the program, the stakeholder engagement strategy and the communication strategy applied to risk management.

2. Operational Risks  Technical Dependencies  Quality Assurance Failures  Supply Chain Disruptions 3. Organizational Risks  Team Dynamics  Stakeholder Management  Organizational Change Resistance Level 3: Task/Activity Level 1. Strategic Risks  Stakeholder Conflicts  Strategic Decision Reversals  Unrealistic Expectations 2. Operational Risks  Task Dependencies  Technology Implementation Issues  Data Security Breach 3. Organizational Risks  Team Member Turnover  Inadequate Training  Communication Breakdown C) Program risk levels Review your RBS. Populate the table below by identifying key risks for each program level. (two at the business level, five at the program level and ten at the project level) Business level 1. Market Shifts: Modifications to consumer tastes or business trends that have an impact on program objectives. 2. Regulatory Shifts: Unexpected modifications to regulations that affect how a program operates. Program level 1. Process failures: Inefficiencies in the program's workflow that

Risk management plan 2. Risk Manager/Analyst: Role: Expert in identifying and analyzing risks. Responsibilities:Carrying out risk analyses, keeping track of risks, and giving the project management information. 3. Project Team Members: Role: Participants who actively identify and mitigate risks. Responsibilities: Identifying possible hazards, participating in risk evaluations, and carrying out risk-reduction strategies. 4. Stakeholders: Role: People or organizations impacted by the project Responsibilities: Considering risks, contributing to decision-making, and keeping up with risk-reduction techniques. 5. Quality Assurance Team: Role: Confirming that project procedures adhere to quality requirements. Responsibilities: Examining and confirming the results of risk management procedures. Probability/Impact matrix Note: you could copy and paste here the part of your risk register where you have documented the probability/impact analysis for each risk. In risk management, a Probability-Impact Matrix, sometimes referred to as a Risk Matrix, is a visual tool that is used to evaluate and rank risks according to their likelihood of occurring and potential consequences. Making a matrix with influence on one axis and probability on the other is required. Next, each risk is assigned a position in the matrix according to its estimated impact and probability. To show the degree of risk, the crossings and cells in the matrix are frequently numbered or color-coded. 1. High Probability, High Impact: This quadrant's risks are deemed high priority and call for quick response and mitigation measures. 2. High Probability, Low Impact or Low Probability, High Impact: Based on the organization's risk tolerance

Risk management plan environment. Monitoring facilitates anticipatory decision- making, averts possible emergencies, and aids in the accomplishment of project goals. Additionally, it helps with organizational learning since the knowledge gathered from tracking improves the overall resilience and success of projects by informing future risk management procedures. E) Contingency plans Develop two contingency plans . Develop a detailed contingency plan for two high priority risks that you have identified and assessed for the program. Use the tables below(Template 2) to document the contingency plans. Refer to your Learner Guide for guidance. Template 2 -Contingency Plan High-priority Risk 1: < Market Fluctuations> Contingency plan 1 Purpose To minimize the effect of inconsistent market swings on project costs, revenue, and performance. Triggers Substantial changes in the market, such declines in demand or glitches in the supply chain. Cost impact Reduction in revenue, rise in operating expenses, and modifications to the supply chain. Actions Use flexible supply chain management, smart alliances, and a variety of pricing strategies. Required resources Tools for market research, supply chain specialists, and financial analysts. Responsibilities The supply chain management team, project manager, and

This is the impact that follows because of the implementation of the risk response (if and once the risk occurs).No need to be completed at this planning stage but must be included in the register.  Residual risk Assessment of the residual risk (if and once the risk occurs). No need to be completed at this planning stage but must be included in the register.  Date closed Date risk was closed. No need to be completed at this planning stage but must be included in the register.  Notes Task 2.2 Role-Play Schedule a time with the trainer and assessor (20 minutes) in week 3 of class. Based on the scenario provided below, meet with a project manager (played by a classmate in this Role-Play) and provide support and mentoring. Scenario: One of the project managers is not confident with their risk management skills and knowledge. Direct, coach and mentor the project manager in the analysis, evaluation and treatment of risks. Before the meeting :  Prepare the coaching session  Select a risk from the risk register to use as a practical example to coach the project manager During the meeting :  Explain risk identification, analysis, evaluation and treatment  Ask the project manager how a WHS risk could be identified in their project  Use a practical example: select a risk from your register and ask the project manager to analyse and evaluate it  Ask the project manager to determine the best risk treatment approach for the risk used as an example  Outline what additional support may be offered to the project manager to assist them  Agree on how to follow up on the training (for example, weekly meetings) This is an assessable task, and the trainer and assessor will observe and evaluate your performance during the Role-Play.

If you are absent from class, it is your responsibility to make alternative arrangements with the trainer and assessor to perform the Role-Play. Answer: Role-Play Conversation: Coaching Session on Risk Management Mani (Coaching Project Manager - PM): Mani: Good morning, [PM's Name]. Thank you for taking the time to meet today. I understand you have some concerns about risk management, and I'm here to support you. Project Manager - PM: PM: Good morning. Yes, I've been feeling a bit unsure about my risk management skills, especially in terms of analysis and treatment. I appreciate your help. Mani: Mani: Of course, we're here to work together on this. I've prepared a coaching session focusing on risk identification, analysis, evaluation, and treatment. Before we delve into that, let me ask, how do you currently identify workplace health and safety (WHS) risks in your project? PM: PM: Well, I mostly rely on incident reports and inspections. But I feel there might be more proactive ways. Mani: Mani: That's a good starting point. We'll definitely explore some proactive strategies. Now, let's use a practical example from your project. I've selected "Quality Failure" from our risk register. Can you walk me through how you would analyze and evaluate this risk? PM: PM: Sure. For "Quality Failure," I would start by assessing the potential impact on project deliverables and timelines. Then, I'd look at the likelihood of it happening based on past performance and current project conditions. Mani: Mani: Excellent. Now, considering this risk, what treatment approach do you think would be most effective in mitigating "Quality Failure"? PM: PM: Well, we could implement more stringent quality control measures during the production phase and conduct regular quality audits. Mani: Mani: Great suggestions. Now, in terms of additional support, I propose we schedule weekly meetings to discuss any challenges, progress, or questions you may have regarding risk management. How does that sound? PM: PM: That sounds very helpful. I appreciate the ongoing support. Mani: Mani: Perfect. Finally, let's agree on our follow-up procedures. We'll have our first weekly meeting next week, same time. If you encounter any specific issues before then, feel free to reach out. PM: PM: Thank you for your guidance and support. I'm looking forward to improving my risk management skills. Mani: Mani: It's my pleasure, [PM's Name]. We're in this together, and I'm confident you'll make great progress. If you have any questions or concerns between our meetings, don't hesitate to contact me.

End of Role-Play Conversation Task 2.3 Communication Prepare an email to send to the project managers where you address the following:  Where the risk register is saved and how to access it  The process to update the risk register so that risks are identified, assigned and communicated promptly Use the template below (Template 3) to write the email. (50-100 words) Template 3 -Email template Email to Project Management Team To : Project Manager Cc : Relevant Stakeholder Bcc : Additional Stakeholder Subject : Access and Update Information for the Risk Register Date email is sent : 27/11/2023 Attachments : Dear Project Management Team, I hope this email finds you well. To streamline our risk management process, the risk register is saved on our shared drive at [Insert Location]. You can access it using the following link: [Insert Link]. To update the risk register promptly, please follow the process outlined in our risk management guidelines. Identify and assess risks, assign ownership, and communicate them promptly to the team. This ensures proactive risk management. Thank you for your cooperation. Best regards, Manikanta , (Coaching Project Manager)

References Please include your references below: 1. https://www.techtarget.com/searchsecurity/definition/What-is-risk-management-and- why-is-it-important 2. https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk- management/risk/ 3. https://www.auditboard.com/blog/10-risk-management-strategies/ 4. https://www.simplilearn.com/common-project-risks-article 5. https://www.simplilearn.com/financial-risk-and-types-rar131-article 6. https://www.techtarget.com/searchcio/feature/4-basic-types-of-business-risks-in-the- enterprise