BSBPMG517 Assessment Answers – Manage Project Risk

Being a student of the Diploma of Project Management course at Victoria University Australia, you will come across a role to write BSBPMG517 Manage Project Risk Assessment Answers. This management course teaches the students about the challenges that are faced by a managing professional In their professional career and how to counter them. This course is designed for students who want to develop their career as team leaders, frontline managers, or commence their career in project management.

BSBPMG517 Assessment Answers – Manage Project Risk

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Learning Outcomes of BSBPMG517 Manage Project Risk Assessment:

Upon successful completion of BSBPMG517 Project Risk Assessment a student should be able to:

  • With input from stakeholders, a student will be able to determine the risk objectives and standards.
  • To inform risk management processes a student will be able to establish a project risk context.
  • Using valid and reliable risk identification methods a student will be able to identify risks.
  • Within agreed risk categories a student will be able to classify the project risks.
  • Risk analysis classification can be determined by a student and applied to the agreed risk ranking system.
  • Within delegated authority, a student will be able to use risk analysis processes, to analyze and qualify risks, threats, and opportunities.
  • Students need to determine Risk priorities in agreement with project clients and other stakeholders.
  • For inclusion in the risk register and risk management plan, a student will be able to document risk analysis outcomes.
  • A student will be able to identify and document existing risk controls.
  • To maintain the currency of risk treatments and controls, a student will be able to implement an agreed risk response and modify the plans.

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Tasks that a student has to complete in BSBPMG517 Manage Project Risk Assessment Answers:

Task 1: BSBPMG517

  • For each of the following risk categories, students have to identify at least two project risks:
    1. Scope risk
    2. Scheduling risk
    3. Resource risk
    4. Technology risk
  • To identify risks students have to outline three examples of tools or techniques that could be used.
  • Students have to explain every key component of a risk management plan.
  • For risk management (AS/NZA ISO31000:2009) students have to summarise the purpose of Australia/New Zealand standard.
  • Students have to describe the techniques, characteristics, and appropriate applications of both qualitative and quantitative risk analysis.
  • In a risk management process students have to outline the key steps involved.
  • For controlling risks students have to explain five options.

Task 2: BSBPMG517

An Australian company based in Brisbane, NatureCare products commenced its business in 1966. The NatureCare Company manufactures eco-friendly, high-quality beauty skin care products. The NatureCare company also uses and eco-friendly packaging.

Currently, the NatureCare Company deals in a small range of products that includes cleansing creams, multi-protection day moisturizing creams, etc. The company wants to expand its business in the market share by 20%. For this expansion, the CEO has decided to establish a chain of retail outlets in central Sydney and Melbourne.

Assuming you are playing the role of a project manager you have to complete the following activities.  Such as  You have to identify the project risks, review the Scenario Information.

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