Project Assessment Task 3.docx - Project Assessment Task 1 You are required to develop a risk management plan for a company of your choice or for an

Project Assessment Task 3.docx - Project Assessment Task 1...

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Project Assessment Task 1 You are required to develop a risk management plan for a company of your choice, or for an area of the Registered Training Organisation in which you are studying. Your risk management plan must include: - a detailed stakeholder analysis. - explanation of the risk context. - critical success factors. - identified and analyzedrisks. - treatments for prioritizedrisk. - details of the monitoring arrangements; and - an evaluation of the risk managements plan efficiency in treating risks - SWOT analysis - PEST analysis - all required forms for implementation within a workplace (to be developed by you) Your evaluation of risks must include - considering the likelihood of the risk occurring - considering the impact of the risk - determining which risks are most significant and are therefore priorities for treatment Your action plans should include - what actions are required - timelines - who is taking responsibility - monitoring processes Your risks may include those relating to: - commercial relationships - human behaviour - economic circumstances and scenarios - individual activities - legislation - management activities and controls - natural events - political circumstances - technology To perform this task, you will be required to submit a written risk management plan. Do your research. Find out what the business does, how it operates, and investigate the industry as a whole. Assessment Summary You are to submit the following evidence / perform the following tasks Develop and submit a written risk management plan as outlined above Include your stakeholder analysis Answer: Introduction Background Michael Enterprises is a national retailer of exclusive products. They have more than 150 retail, online and phone order outlets across Australia. Due to many factors and recent events Michael Enterprises is facing a huge crisis due to their poor risk management strategy. This report will define the current risk context the organization’s ability to address these risks. The report will also propose the implementation, monitoring, and evaluation strategy for new risk management measures. Seven risk management process o Communicate and Consult – The risk management process will involve frequent communication and consultation with all the stakeholders and participants. All
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information related to risk management activities will be discussed with the stakeholders to keep everyone up to date. o Establish goals and context – We will review the political, economic, social, legal, technological, and policy context to establish the goals and scope of the risk management. o Identify risks – Risks will be identified by reviewing the current risk management and review both internal and external factors that affect the company. o Analyze risks – After all the risks have identified, we will analyze the risks using risks analysis techniques.
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