Knowledge Assessment
1. Identify at least 2 project risks for each of the following risk categories:
Risk Category
Operational Risks
Schedule Risks
Budget Risks
Information Security Risks
Quality and Process Risks
Technology Risks
Supplier Risks
Human Resource Risks
Business Environment Risks
2. List and describe the key components of a risk management plan:
3. Research the industry sector risk classifications for three (3) of the industry sectors listed in the table below and relate them to different risk contexts:
4. Choose an organisation that you are familiar with and summarise their organisational and industry standard risk frameworks.
5. Identify and describe the characteristics, techniques and appropriate applications of at least two qualitative and two quantitative risk management techniques and approaches.
Practical Assessment
Candidate Instructions
This assessment is a portfolio of evidence designed to assesses your ability to facilitate stakeholder engagement.
You are required to:
- Develop a project Risk plan
- Design a project Risk execution and evaluation
- Address a case study
To develop your assessment, you can work on either of the following scenarios:
- Scenario 1:
Choose an organisation and industry that you are familiar with. For example, a company you have worked for or are working for now.
- Scenario 2:
Choose the case study provided by your trainer
This assessment comprises of the following sections:
Section 1: Project Risk Plan
Section 2: Project Risk Execution and Evaluation
Section 1: Project Risk Plan
| Task 1: Risk Management Approach | |||||||||||||||||||||||||||||||||||
| Describe how the project risk plan has been developed, Address:
- Major inputs into the plan - Establish the project risk context to inform risk management processes - How risks were identified in consultation with stakeholders (specify the stakeholder) - Provide a high-level summary to indicate how risks where assessed and prioritised (include any specific risk standards and methodology considered in your approach) - Indicate if any specific project or company client personnel oversees risk management - How stakeholders have been communicated to in regards to the agreed plan All points MUST be addressed. |
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| Task 2: Risk Identification | |||||||||||||||||||||||||||||||||||
| Describe how the project risks were identified. Address:
- What stakeholders participated in risk identification activities - What inputs where considered in the risk identification process - What risk identifications tools and techniques were used All points MUST be addressed. |
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| Task 3: Risk Breakdown Structure (RBS) | |||||||||||||||||||||||||||||||||||
| · Add your RBS here | |||||||||||||||||||||||||||||||||||
| Task 4: Risk Analysis and prioritisation | |||||||||||||||||||||||||||||||||||
Provide a short paragraph to introduce your risk analysis and risk prioritarisation.
4.1 Qualitative Risk AnalysisProvide a summary of the qualitative risk analysis that was undertaken to include: · Inputs into the qualitative analysis · Output |
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4.2 Quantitative Risk AnalysisProvide a summary of the quantitative risk analysis that was undertaken to include: - Inputs into the quantitative analysis - Outputs - Tools and techniques that were used |
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4.3 Risk Analysis LogComplete a risk analysis log for your project
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| Task 5: Response to risk |
| Write an introductory paragraph where you address:
- How the response to risks was agreed with relevant stakeholders (name them) - How the risks where prioritised Determine how to address the risks that you have identified, analysed and rated for your project. Please note that you should provide a detailed risk management strategy. Use the table below to record your risk management strategy against each risk that you have identified. |
| Task 6: Risk Monitoring and Controlling |
| Describe how risks will be monitored and controlled in your project. Address:
· What good practices have been employed · What tools and techniques are used to control and monitor risks · When risks are monitored · How risk plans will be update |
Section 2: Project Risk Execution and Evaluation
Making appropriate reference to your project Risk plan, address each section covering all points. Discuss what you would do if the following happened at the execution phase:
Task 1: Project Risk Execution and Evaluation
- Consider the following scenarios at the execution phase:
Scenario 1: One of the risks that has the highest ranking in your risk log occurs
Scenario 2: One of the risks that have the lowest rating in your log occurs
Scenario 3: A risk that you did not identify in your risk plan could potentially occur
Refer to your project plan and discuss the following (ALL points MUST be discussed):
- Indicate what risks you have chosen to discuss for scenario 1 and for scenario 2:
- Analyse the impact of the risk in scenario 1 and 2 occurring on your projects progress. Consider risks, resource requirements, interdependencies, cost, quality and so forth.
- Discuss what process would you follow when faced with the possibility that a previously unidentified risk may occur (scenario 3).
- Discuss how you would implement your risk management strategy for scenario 1 and 2. Record your answer in the table below:
- Discuss how you would modify your risk plans if scenario 1, 2 and 3 happened.
- Discuss how you are informing relevant stakeholders (mention which ones based on your project) about the risks in scenario 1 occurring. Record your answer in the table below:
2. Consider that you have now completed your project and you are preparing your project review report.
Write an evaluation report on the schedule plan (to include lessons learned and recommendations for future projects) addressed to your client. (Minimum 100 words)
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