1. BSBPMG508A Manage Project Risk Manage Project Risk Unit Guide Diploma of Project Management 17872 Qualification Code BSB51507 Unit Code BSBPMG508A

2. BSBPMG508A Manage Project Risk BSBPMG501A Manage Application of Project Integrative Processes BSBPMG502A Manage Project Scope BSBPMG503A Manage Project Time BSBPMG504A Manage Project Costs BSBPMG505A Manage Project Quality BSBPMG506A Manage Project Human Resources BSBPMG507A Manage Project Communication BSBPMG508A Manage Project Risk BSBPMG509A Manage Project Procurement Units of Study – Diploma Units in the Diploma of Project Management

3. BSBPMG508A Manage Project Risk Manage Project Risk On completion of this unit you will – –be able to manage risk within a project in order to avoid adverse effects on project outcomes –be able to assess risk management outcomes, review the effectiveness of risk management processes and procedures and make recommendations for risk management improvements for future projects. This unit is Ungraded which means that you will be found Competent or Not Yet Competent based on the completion of the assessment activities and the evidence of competency provided.

4. BSBPMG508A Manage Project Risk Elements of Competency Each unit of study is composed of elements of competency Manage Project Risk comprises 3 elements of competency – –Determine project risks –Monitor and control project risk –Assess risk management outcomes Elements of competency are further broken down into performance criteria, these can be found on the next slides

5. BSBPMG508A Manage Project Risk 1.Determine project risks 1.Contribute to identifying and prioritising potential risks throughout the project life cycle 2.Provide input, within delegated authority, to develop risk management strategies and risk management plans within established guidelines 3.Establish risk analysis methods, techniques and tools to assist in the analysis of risks 4.Ensure reporting mechanisms for risks are planned for and agreed to

6. BSBPMG508A Manage Project Risk 2. Monitor and control project risk 1.Undertake control activities in accordance with agreed project and risk management plans to achieve project objectives 2.Measure progress and act on perceived, potential or actual risks within authority or report to others for response 3.Contribute to the implementation of agreed risk approaches and the amendment of plans to reflect the changing environment 4.Identify and report opportunities for action in the same way as risks

7. BSBPMG508A Manage Project Risk 3. Assess risk management outcomes 1.Contribute to the ongoing review of project outcomes to determine the effectiveness of risk management activities by accessing project records and other available information 2.Report risk management issues and responses to others for lessons learned or application in future projects

8. BSBPMG508A Manage Project Risk Associated Readings Mandatory – PMBOK Chapter 11 – 11.1, 11.2, 11.3, 11.4, 11.5, 11.6 NEW - Risk Management Standard – AS/NZS ISO 31000:2009 Risk Management Companion- HB4360 Recommended – Diploma Skills Kit – Manage Project Risk Learning Guide 1 – Define Project, pages 7 to 9 Learning Guide 2 – Develop Project Plans, pages 10 and 11 Learning Guide 3 – Administer & Monitor Project, pages 8 to 12 Learning Guide 5 – Review project, pages 2 to 5

9. BSBPMG508A Manage Project Risk Team Assignment Criteria Team Assignment Components MarksBasic CompetencyHigher Competency Risk Rating Matrix5  Basic scales for likelihood and consequences (3 possible ratings)  Combined impacts of likelihood and consequences  Detailed scales for likelihood and consequences (5 possible ratings)  Quantification of impacts for each rating Risk Register10  Risk register covering major categories of project risk  Risk ratings and priorities  Summarised mitigation strategies  Concept of residual risk rating applied  More comprehensive coverage of risk categories Risk Action Plans5  Detailed risk action plans provided for 3 highest priority risks, including assignment of responsibility for plan execution  More comprehensive risk action planes including scope, cost and time impacts of the plan Risk identification and management tools and techniques 5  Basic understanding of tools and techniques  At least two methods used  Advanced understanding of tools and techniques  More than two methods used and experts consulted Total2519.5 to 2525.5 to 30

10. BSBPMG508A Manage Project Risk Individual Assignment Criteria Individual Assignment Components MarksBasic CompetencyHigher Competency Risk Rating Matrix 5  Basic scales for likelihood and consequences (3 possible ratings)  Combined impacts of likelihood and consequences  Detailed scales for likelihood and consequences (5 possible ratings)  Quantification of impacts for each rating Risk Register 10  Risk register covering major categories of project risk  Risk ratings and priorities  Summarised mitigation strategies  Initial log provided  Concept of residual risk rating applied  More comprehensive coverage of risk categories  Log during project execution provided Risk Action Plans 5  Detailed risk action plans provided for 5 highest priority risks, including assignment of responsibility for plan execution  More comprehensive risk action planes including scope, cost and time impacts of the plan Risk identification and management tools and techniques 5  Basic understanding of tools and techniques  At least two methods used  Advanced understanding of tools and techniques  More than two methods used and experts consulted Risk monitoring and reporting procedures 5  Risk monitoring and reporting procedures defined including escalation and approval mechanisms Risk response 15  Evidence of implementation of a risk action plan in response to the risk actually occurring, including approval, impacts to time and cost, and other project outcomes  Multiple risk response events and associated evidence Project Performance Reports 5  Multiple project status reports tracking changes in status of major project risks  Multiple project status reports showing changes to time and cost due to risk response activities Total 5032.5 to 4242.5 to 50

11. BSBPMG508A Manage Project Risk Best wishes for your studies Northern Beaches TAFE and the Business and Commerce Business Line of the Northern Sydney Institute wish you success in your studies!