BSBPMG517 - Manage Project Risk.pdf - Business Accounting...

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Chapter 13 / Exercise 26
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Business, Accounting and Finance BSBPMG517 - Manage project risk Learner Materials and Assessment Tasks
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Chapter 13 / Exercise 26
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1 | P a g e
2 | P a g e Table of Contents About BSBPMG517 Manage project risk ............................................................................................... 4 Determine risk objectives and standards, with input from stakeholders ............................................ 8 Activity 1 ............................................................................................................................................... 11 Establish project risk context to inform risk management processes ................................................ 15 Activity 2 ............................................................................................................................................... 17 Identify project risks using valid and reliable risk identification methods ........................................ 21 Activity 3 ............................................................................................................................................... 23 Classify project risks within agreed risk categories ............................................................................ 24 Activity 4 ............................................................................................................................................... 27 Determine risk analysis classification criteria and apply to agreed risk ranking system .................. 28 Activity 5 ............................................................................................................................................... 30 Use risk analysis processes, within delegated authority, to analyse and qualify risks, threats and opportunities ........................................................................................................................................ 32 Activity 6 ............................................................................................................................................... 39 Determine risk priorities in agreement with project client and other stakeholders ......................... 41 Activity 7 ............................................................................................................................................... 45 Document risk analysis outcomes for inclusion in risk register and risk management plan ............ 47 Activity 8 ............................................................................................................................................... 54 Identify and document existing risk controls ...................................................................................... 56 Activity 9 ............................................................................................................................................... 58 Consider and determine risk treatment options using agreed consultative methods ...................... 59 Activity 10 ............................................................................................................................................. 64 Record and implement agreed risk treatments .................................................................................. 65 Activity 11 ............................................................................................................................................. 69 Update risk plans and allocate risk responsibilities to project team members ................................. 70 Activity 12 ............................................................................................................................................. 70 Establish regular risk review processes to maintain currency of risk plans ....................................... 72 Regularly monitor risk environment to identify changed circumstances impacting project risks .... 72 Activity 13 ............................................................................................................................................. 74 Determine risk responses to changed environment ........................................................................... 76 Implement agreed risk responses and modify plans to maintain currency of risk treatments and controls ................................................................................................................................................. 76 Activity 14 ............................................................................................................................................. 77
3 | P a g e Review project outcomes to determine effectiveness of risk-management processes and procedures .............................................................................................................................................................. 79 Identify and document risk management issues and recommended improvements for application to future projects ...................................................................................................................................... 80 Activity 15 ............................................................................................................................................. 85 Assessmen t………………………………………………………………………………………………………………………………………88
4 | P a g e About BSBPMG517 Manage project risk Application This unit describes the skills and knowledge required to manage risks that may impact achievement of project objectives. It involves identifying, analysing, treating and monitoring project risks, and assessing risk management outcomes. It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication. Unit Sector Management and Leadership Project Management Elements and Performance Criteria ELEMENT PERFORMANCE CRITERIA Elements describe the essential outcomes. Performance criteria describe the performance needed to demonstrate achievement of the element.

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