Project Risk Management Process - Analyse Risks Qualitatively - Management Assignment Help

Assignment Task:

Aim of Assignment:

General - To understand and apply the project risk management process

Specific - To identify risks 

To analyse risks qualitatively

To treat risks 

To reflect on a risk that has eventuated

PART A – APPLICATION  

For Part A, you are to select ONE project, which can be either a project that you are presently involved within your professional work; or a social project. The risk selected for Part A must be for a FUTURE EVENT, not a risk that has already eventuated. NOTE: it must be a project, not operational, risk.

1. RISK IDENTIFICATION

1. Select and fully explain one risk event  Provide any relevant contextual information 

2. Fully explain two key causes only for  your selected risk event 

2. QUALITATIVE RISK ANALYSIS

1. Create a 5-level Consequence table (insignificant, minor, moderate, major, catastrophic). Then explain why you have selected the criteria/objectives in your table (e.g. why is a cost in your consequence table). (Reminder: the consequence table is used to analyse the consequence of all risks on your project, not just your selected risk). Note: Examples of consequence table provided in paper 4 – but you must create your own that is applicable to your specific project objectives). You are not asked to explant the descriptions within the consequence table. 

2. Qualitative Risk Analysis requires the use of 3 tables. Using Likelihood table (copy into your assignment- see next page)  Consequence table from 2A above, Likelihood-Consequence table (copy into your assignment- see next page) 

3. For your selected risk, explain and fully justify:  

• level of consequences (note: for EACH consequence objective) 

• level of probability

RISK TREATMENT- For your chosen risk: 

1. Describe 3 specific possible treatments. Then fully assess each treatment then select/reject these treatments 

2. Fully explain and reflect on the level of residual risk based on the application of the selected treatment(s)

3. Identify and analyse one possible secondary risk from your selected treatment(s), and one treatment 

RISK REGISTER

produce a risk register containing details for your selected risk and reflecting all the above information

PART - B REFLECTION (This can be a different project to Part A)

5.    CRITICAL ANALYSIS 500-700 words– Select a major risk event that has eventuated on a project that you have has involvement in. Reflect and Critically analyse (don’t just report the facts) the quality of the risk management.  e.g. what risk management occurred? Was it good or bad risk management? Why? What should have been done? Etc

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