Project Risk Management Assessment Answer

MAS474

Risk Analysis Assignment:

Question:

PART A – APPLICATION
For Part A, you are to select ONE project, which can be either a project that you are presently involved with in 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
A. Select and fully explain one risk event Provide any relevant contextual information
B. Fully explain two key causes only for your selected risk event

2. QUALITATIVE RISK ANALYSIS
A. Create a 5-level Consequence table (insignificant, minor, moderate, major, catastrophic). Explain why you have selected the criteria/objectives in your table (e.g. why is cost in your consequence table).
B.Qualitative Risk Analysis requires the use of 3 tables. Using Likelihood table .
For your selected risk, explain and fully justify:
a. level of consequences;
b. level of probability;

3. RISK TREATMENT- For your chosen risk:
A. Describe 3 possible treatment strategies , fully assess each treatment then select/reject these treatments
B. Fully explain and reflect on the level of residual risk based on the application of the selected treatment(s)
C. Identify and analyse one possible secondary risk from your selected treatment(s), and one treatment

4. Produce a RISK REGISTER, containing details for your selected risk and reflecting ALL the above.

PART B Reflection

5. CRITICAL ANALYSIS – 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