Please have a look at the files.
Assessment 2 - Sample of structure and content (1)-converted Risk Assessment Report Assessment 2 – Part B Team members | Student Ids | Courses Learning facilitator Date Executive Summary In a ES, one should allow the reader to quickly understand all the information in the report without having to read the entire report. It should be in the same order as presented in the work. Purpose / Aim of the work Methodology and techniques used to conduct this work Limitations and Findings should be summarised and requesting approval to proceed, if applicable. Provide recommendations, if applicable Table of contents 1. Introduction 1 2. Risk identification 2 3. Risk assessment 3 3.1. Probability & Impact Matrix 3 4. Risk response 5 5. Risk communication Strategy 6 6. Conclusion 9 References 10 Appendix 11 (with the Complete Risk Register) 1. Introduction General Statement Background of the Case Study and Context of what it is being discussed: You can use this introduction to explain what Risk Management is about, what’s the process? This will support what you will be delivering in this assessment. Outlines the direction and each session of the report Usually a page long – do not create subheadings here 2. Risk identification Use this part to explain what Risk Identification is. How is the process? Key components? Outputs? You can provide the Categories used for the risk management, eg; Provide the initial stage of your risk register with detailed description of risks (cover root-causes/effects on the project). Example below: Table 1 – …….. Risk Identification ID CATEGOR Y TYPE RISK NAME Risk Description 1 Technical Negative Re-engineering Risk incidence is related with lack of control over change incorporation requests into piping and instrumentation diagram (P & ID), thus some connections among pipes and equipment (pump, turbine, reactor, etc) probably will be incompatible in some parts of the plant. 2 Completio n Negative Man-hour overrunning Risk related with high volume of documents (such as drawings, purchase orders and engineering requisitions) in need of review or approval causing delay on deadlines. 3 Financial Negative Discount loss Purchasing process got started without the determination of total required material volume, which affects discount opportunity, as possible deductions increase when purchasing high volume of material in a single move. Etc .. … …... … … … … Source: Created by the authors based on (original source for risk register) 3. Risk assessment Use this part to explain what Risk Assessment is How is the process? Key components? Outputs? 3.1. Probability & Impact Matrix Explain what a P&I Matrix is. Provide the definitions used by the team, example: Table 2 - ….. Scale Probability Impact Definition Low Unlikely Minor Explain what each level means in terms of impact and probability: Minor impact on overall project performance and deliverables. Would require a combination of special circumstances to occur… Moderate likely Medium … High very likely tohappen significant …. Source:…… Provide the probability and impact matrix used by the team, example: Table 3 - …… IMPAC T Minor Medium Significan t PROBA BILITY Unlikely Low Moderate Moderate Likely Moderate Moderate High Very likely Moderate Hig h High Source: Provide the continuation of your risk register with key information to trace risks and the assessment, according to the previous matrix, as example below: Table 4 – ….. Risk Assessment ID RISK NAME Probability Impact Risk Level Risk Owner 1 Re-engineering Likely Significant. High Harold Mont (VP. Engineerin g) 2 Man-houroverrunning Very Likely Significany High Fred Wilson (VP of Operations) 3 Discountloss Very Likely Medium High … 4 … Very Likely … Moderate … 5 … … … High 6 … . .. High Sources:… The team can further explain the assessment of each risk. You can provide an overview what key actions the team would recommend for each risk level / priority, which will link with the next session. 4. Risk response Use this part to explain what Risk Response Strategy is about. How is the process? Key components? Outputs? Explain what possible strategies can be used for threats and opportunities Provide the continuation of your risk register with key information to trace risks and the response strategies + course of action, according to the assessment, as example below: Table 5– …. Risk Response ID RISK NAME Risk Level Response Strategy Course of Action 1 Re- engineeri n g High Mitigate 1) Implementation of change management control over P & ID 2) Review of P & ID diagram 2 Man-hour overrunni n g … High Mitigate 1) Elaboration of strategy to reduce man-hour overrunning 2) Approaching within client towards getting approval for extra man-hour allocation 3 Discountloss High Mitigate …. 4 Moderate Exploit …. 5 High Avoid …. … 6 High Escalate …. Source: The team can further explain the actions taken/recommended for each risk. 5. Risk communication Strategy Use this part to explain the relevance of communication of risks and reporting How is the process? Key components? Outputs? Explain what possible methods can be used to communicate with stakeholders You can provide a stakeholder register and/or a communication matrix to exemplify strategies: Table 6 - ….. STAKEHOLDER REGISTER Name Position Organisatio n Communicati on method Frequenc y Communicati on strategy Fred Frank s Manager of project managers Atlay project team Pus h Fortnightl y Face to face meeting Weekly Summary and variance reports Do n Jun g Project manager Atlay project team Interactive Weekly Variance and current period report Weekly Face to face meeting Fred Wilso n VP of Operations Lyle project team Interactive …. ….. … … Source:…. You can specify what are major strategies in terms of communicating with key stakeholders regarding the risks, considering their impact, their assessment and their level. Provide the continuation of your risk register with key information to trace risks and the response strategies + course of action, now including the stakeholders and the communication strategy, as example below: Table 7 – …. Risk Communication Strategy ID Stakeholders Methods Strategy Frequenc y Justification Responsible 1 Raphael Begen (Lead process engineer) Interactiv e Meetings Fortnight As lead process engineer, Raphael must be included in decision-making process related to technical issues. PM Engineers from Atlay and Lyle teams. Interactiv e Meetings weekly …. PM Fred Franks (supervisor of PMs) Push Exception/Variance reports and emails. Fortnight … PM 2 Sponsor Interactiv e Interactive weekly Sponsor must be well informed about the need of additional resources and respective justification Fred Wilson (VP of Operations) John Mabby & Harold Mont Interactiv e Interactive weekly Both leaders of the two departments where man- hour allocation are exceeding must be included in the loop. Fred Wilson (VP of Operations) Fred Franks (supervisor of PMs) Push Exception/Variance reports and emails. Fortnight The supervisor o PM mustbe aware of any variances. Fred Wilson (VP of Operations) 3 Engineers from Atlay and Lyle teams. Interactiv e Meetings weekly Engineers must work together to review P & ID diagram and to implement change control process. PM … Push Exception/Variance reports and emails. Fortnight … Fred Wilson(VP of Operations) 4 … Interactiv e Meetings Fortnight … John Mabby (VP of Purchasing) 5 … Push Exception/Variance reports and emails. Fortnight …. Raphael Begen (Lead process engineer) 6 … Interactive and Push Meetings, Summary and Variance reports, and emails. Fortnight (Meetings), Weekly (reports) and ad hoc (email). …. Fred Franks (supervisor of PMs) 6. Conclusion Summary of the report and key findings Reference List …… Appendix Lyle`s project risk assessment Final..xl You my also choose to add the risk register in full in a A3 landscape format Assessment_2_Brief Subject Code and Title Assessment Task This assessment consists of a Group Report to demonstrate your understanding of risk and communication management. In groups, you will critically reflect and identify the risks in the Case Study provided using a probability and impact matrix for assessment of these risks. You will also assess and evaluate the impacts, propose response strategies and actions, and indicate how communication with stakeholders will be conducted regarding the risk management strategy. A complete Risk register should be provided as a Team output. The rationale of this assessment is that you undertake a practical and value adding approach by considering that this risk report will be presented to key stakeholders. Team responsibilities and negotiation skills within the group are an important part of this assessment. The word count per student and specifications should be incorporated in Point 5 of the file. Context Planning for risk management involves determining how to approach, plan and execute the various activities required for managing project risks. Because new risks may be introduced at any point in the Page 1 of 10 project management lifecycle, risk management is a continuous process: it begins at the project- planning phase and continues throughout the project execution phase. Effective communication is a key factor for managing project execution. However, project managers may face challenges as they communicate with their teams and other project stakeholders. Other factors such as developing, leading and managing project team members are also critical for successfully achieving project goals. Instructions To complete this assessment task, you must: 1. Form groups of three (3) people. ● Groups will be formed by students themselves or assigned by your Learning Facilitator in consultation with the students, if required. ● Only in exceptional situations may a different group size be approved by your Learning Facilitator. ● The deadline for team formation is 11:59 pm AEST/AEDT Friday end of Module 2 (Week 4). Please inform your Learning Facilitator in class or via email regarding your team formation for this assessment. 2. Read and analyse the given Case Study. ● Refer to your subject notes, lecture slides and any additional research you may conduct that may add value to your report. 3. Complete a Risk Identification and Impact Assessment, identifying the risks from the given Case Study, critically analysing their impact on the project. A. Risk Identification and Impact Assessment a) Identify possible risks for the Case Study and critically analyse the impact of these risks. b) Use a Risk Probability and Impact (P&I) matrix to rate and prioritise risks. c) Develop appropriate response strategies, including a proposed course of action, to effectively manage each identified risk. d) Create a complete Risk Register for the Case Study. B. Risk Communication Strategy e) Identify and explain how stakeholders will be communicated and engaged with on the project’s ongoing risk management activities. Note: Your Learning Facilitator will advise of a minimal number of risks to be managed throughout the report according to the group/class size. 4. Negotiate your written contribution focus ● As a team, negotiate and agree on which sections of the report will be answered by which team members. Page 2 of 10 5. Complete your report. The report should consist of the following structure: ●