This assignment uses information from Topics 2,3,4, and 5 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). (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) B. 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) For your selected risk, explain and fully justify: • level of consequences; • level of probability 3. RISK TREATMENT- For your chosen risk: • Describe 3 possible treatment strategies , fully assess each treatment then select/reject these treatments • Fully explain and reflect on the level of residual risk based on the application of the selected treatment(s) • 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 (This can be a different project to Part A) 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 Date due – See unit outline Marking Sheet 1. Identification description of risk event (and context) 5 description of 2 key causes 5 2. Analysis Consequence Table – Create and explain criteria used 10 Justifications for level of likelihood 10 Justifications for level of consequence 10 3. Treatment Treatment strategies diversity/appropriateness/description, 5 evaluation/selection 15 Residual risk level 10 One Secondary risk & one treatment 10 4. Risk Register 5 5. Critical Analysis Major risk 15 Length 2500 words approximately.
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