BSBPMG517 Assessment Task 1-

docx

School

TAFE NSW - Sydney Institute *

*We aren’t endorsed by this school

Course

517

Subject

Management

Date

Jan 9, 2024

Type

docx

Pages

Uploaded by AdmiralPheasantPerson135

COURSE CODE: BSBPMG517 Last Updated: April 2018, V. No. 1.1 Page 1 of 10

BSBPMG517 – Assessment Task 1 (Research and Questioning) Submission details The Assessment Task is due on the date specified by your trainer. Any variations to this arrangement must be approved in writing by your trainer. Students will use their online study time to prepare for answers to the following questions and submit both hardcopies and softcopies of the answers. You must submit soft copy of your answers in a word document. Upload the softcopy on the link provided in the eLearning site. See instructions below for details. Instructions: • To be prepared on an individual basis. • Assessment will only be accepted if they have an assignment cover sheet on them signed by the student. • Students must provide detailed answer for every question along with relevant examples. • There is no word limit, but answer for every question should be reasonable in size, preferably ½ a page. For the MCQ write the correct option/s only. • The Trainer/Assessor will also ask these questions and the students must adequately explain them according to their submitted answers. • The Trainer/Assessor may further prompt and question in order to receive answers of appropriate quality and to verify the authenticity A SSESSMENT QUESTIONS You are required to do research and type answers for following questions in a word document: Answer the following questions: 1. Describe what is involved in identifying project risks. Documentation Reviews; Information Gathering Techniques - Brainstorming, Delphi Technique, Interviewing, and Root cause analysis; Last Updated: April 2018, V. No. 1.1 Page 2 of 10

Checklist analysis - previous similar project, lowest level RBS; Assumption analysis; Diagramming Techniques - cause and effect diagram, system and process flow chart, influence diagrams; SWOT Analysis; Expert Judgment; Source analysis and problem analysis. 2. How are project risks analysed? The risk analysis process is what follows the identification of r isks procedure and is distinguished by two clear categories: Qualitative and Quantitative Risk Analysis. Qualitative Risk Analysis is the process during which one prioritizes risks for further action by assessing their probability of impacting project development. For example, there are risk probability and impact assessment, impact risk rating matrix, and risk urgency assessment. Quantitative Risk Analysis Process aims to numerically analyse the possibility of every risk and its effect on project objectives, as well as the degree of overall project risk. This procedure uses several techniques and methods such as data collection and representational techniques to determine the probability of achieving project objectives, to quantify the exposure to risks and develop a size and cost assessment schedule, such as interviewing stakeholders, sensitivity analysis and modelling and simulation. 3. Outline the steps taken to establish risk treatments and controls. Elaborate a risk management plan to identify management process, each stakeholder's role in the project; Identify global risks for the whole project; Analyse risks to determine which ones are the most important; Elaborate strategies to handle the most important risks effectively; Estimate costs and benefits of the strategies to determine if they're viable; Implement the strategies; Assess the results and document them to increase the level of knowledge for these risks. Last Updated: April 2018, V. No. 1.1 Page 3 of 10

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4. What is your experience with monitoring and controlling project risks? In my company, we often conduct the risk rating process during the workshop used for risk identification. However, sometimes it is preferable to analyse the risks at another time using subject matter specialists, and then reconvene the original workshop team to agree and verify the ratings. We always analyse the risk in terms of how the organisation currently operates, and in particular taking into account existing controls and their effectiveness. We use control effectiveness to take into account both the adequacy and effectiveness of the controls for a particular risk. We also determine a measure of potential exposure that represents the total plausible maximum impact on the organisation arising from a risk without regard to controls. This is estimated by considering the consequences that could arise if all existing controls were ineffective or missing. This measure is use to identify the key controls that should be subject to assurance and, in particular, monitored continuously for effectiveness. 5. Explain how you assess risk-management outcomes. The risk management context sets out a framework within which to identify and analyse risks associated with the impacts of relevant cases. It places the assessment on a clear foundation so that everyone works from a common understanding of the scope of the assessment, how risks are to be rated and how the analysis is to be approached. The framework was consistent with the general risk management framework being used in other risk management activities within the company. The framework consists of four parts: Scope – establishes the scope of the assessment including activities to be covered, geographic boundaries and the time horizon; Stakeholders – sets out whose views need to be taken into account, who can contribute to the analysis and who needs to know its outcomes; Evaluation framework – defines how risks will be evaluated by clarifying the objectives and success criteria for the organisation and establishing scales for measuring consequences, likelihoods and risk priorities; Last Updated: April 2018, V. No. 1.1 Page 4 of 10

Key elements – creates a framework that will assist in identifying risks by breaking down the organisation’s concerns into a number of areas of focus and relating them to the relevant scenarios. 6. Which of the following is true about risks? a) Risk impact should be considered, but probability of occurrence is not important b) The risk register documents all the identified risks in detail c) Risks always have negative impact and not positive d) Risk Response Plan is another name for Risk Management Plan. 7. Which of these is a valid response to negative risks and not positive risks? a) Exploit b) Mitigate c) Enhance d) Share 8. Which of these is accurate regarding risk management? a) It has its origins in the uncertainty present in all projects b) Organizations are not likely to perceive risk as a threat to project success c) It is a passive activity in project management d) The attitudes of individuals and organizations must not be a factor affecting risk management 9. Which of these statements about Risk in a project is correct? a) A risk is always induced external to the project. b) Risk responses reflect an organization's perceived balance between risk taking and risk avoidance c) Risks are always negative in nature and are threats that need to be managed well d) Risks need not be planned for in all projects Last Updated: April 2018, V. No. 1.1 Page 5 of 10

10. As the project manager, of a project to construct a city park, you have yourself identified 39 risks on the project, determined what would trigger the risks, rated them on a risk rating matrix, tested the assumptions and assessed the quality of the data used. You now plan to move to the next step of the risk management process. What have you missed? a) Overall risk ranking for the project b) Involvement of other stakeholders c) Risk Mitigation d) Simulation 11. Which of these is an input of the Control Risks process? a) Work performance information b) Change requests c) Risk audits d) Work Performance Reports 12. The Manage Communications process belongs to which of the following process groups? a) Executing b) Planning c) Monitoring & Controlling d) Closing 13. Your project sponsor has asked you to present your project’s high-level risk register to him in the next project update meeting. Which of the following processes must be started to have your high level risk register? a) Control Risks Last Updated: April 2018, V. No. 1.1 Page 6 of 10

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

b) Plan Risk Management c) Perform Qualitative Risk Analysis d) Identify Risks 14. During which stage of risk planning are risks prioritized based on their relative probability and impact? a) Perform Quantitative risk analysis b) Plan Risk Responses c) Identify Risks d) Perform Qualitative risk analysis 15. If a project has a 60% chance of a U.S. $100,000 profit and a 40% chance of a U.S. $100,000 loss, the expected monetary value of the project is? a) $60,000 loss b) $40,000 loss c) $20,000 profit d) $100,000 profit 16. Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called? a) Risk Management Plan. b) List of risks. c) Monte Carlo diagram. d) Risk Breakdown Structure. 17. Which of the following statements is true about risks? a) When evaluating risks their impact should be considered, however probability of occurrence is not important. Last Updated: April 2018, V. No. 1.1 Page 7 of 10

b) Risks if they happen always have negative impact and not positive. c) Risk register documents all the risks in detail. d) Risk response plan is another name for Risk Management Plan. 18. Beta is the Project Manager of a Road construction project. During a project review, Beta realizes that one particular risk has occurred. To take appropriate action against risk that has happened, Beta needs to refer to which document? a) Risk response plan b) Risk management plan c) Risk breakdown structure d) Risk register 19. During which stage of Risk planning are risks prioritised based on probability and impact? a) Identify Risks b) Plan Risk responses c) Perform Qualitative risk analysis d) Perform Quantitative risk analysis 20. During which stage of Risk planning are modelling techniques used to determine overall effects of risks on project objectives for high probability, high impact risks? a) Identify Risks b) Plan Risk responses c) Perform Qualitative risk analysis d) Perform Quantitative risk analysis 21. Andrew is a Project Manager for Green Valley project. A risk management plan has been prepared for the project. Which of the following should Andrew do next? a) Perform Qualitative risk analysis b) Perform Quantitative risk analysis Last Updated: April 2018, V. No. 1.1 Page 8 of 10

c) Identify Risks d) Plan Risk responses 22. Which of the following processes has risk register as the primary output? a) Plan Risk Management b) Identify Risks c) Monitoring and Control Risks d) Perform Qualitative Risk Analysis 23. Five of the processes in Project Risk Management are from which process group? a) Initiating b) Planning c) Executing d) Monitoring and Control 24. John Strauss is a Project Manager for a reforestation project. To identify the risks involved, John sends a questionnaire to gather inputs from experts. Which technique is John using? a) Delphi technique b) Interviews c) Brain storming d) Documentation review 25. Mathew is a Project Manager for software migration at a bank. A major risk that has been identified is attrition of resources. As a strategy to respond to this risk, Mathew, with support from Senior Management, provides good increments to his team members. What type of risk response is Mathew following? a) Accept b) Avoid c) Transfer Last Updated: April 2018, V. No. 1.1 Page 9 of 10

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

d) Mitigate Last Updated: April 2018, V. No. 1.1 Page 10 of 10

BSBPMG517 Assessment Task 1-

Related Documents