BSBRSK501 Manage Risk

SUMMATIVE ASSESSMENT 2 

Project 1

Design, develop and document a risk management plan related to:

• The reduction of accidents, illness or incidents relating to worker or general public safety.
• The prevention of operational discontinuity
• The need for new or innovative improvement/ changes in processes or procedures (and the associated risks)
• Environmental impact issues—including resource use and management

You might choose another risk area relevant to the organisation for which you work. If you do you will need to describe the organisation and the risk being addressed in terms of industry sector requirements. If you are not working the risk management process might apply to a fictional organisation that you describe in detail.

Explain why and how you would initiate and implement the risk management plan and:

• Develop the context and scope of the plan.
• Identify the risks.
• Analyse the risks.
• Select, plan and document risk management treatments.
• Explain the implementation monitoring and assess processes.

Format your risk identification, analysis and improvement plan/ proposal (or action plan) in a manner that would be accepted by senior management. Ensure that all risk scenarios are addressed and catered for.

Submit:

• The plan.
• Research results and tools used in the assessment process and in the plan design.
• Any relevant support information, charts, graphs, statistics etc

The plan must clearly describe the risk/s, proposed actions, resource needs, responsible persons, time frames, deadlines, expected outcomes and success metrics.

Background

Currently there is a business trend presenting a more dynamic pace at which market opportunities transcend time zones and areas. As a result, to take into account of their market demands, labour forces need to become more movable wherever businesses are setting a view to greater competitiveness in the global economy. Therefore, it is important to instigate tools and applications that give access the data properly and safely at any time and place.

With the continuous advancement of mobile technologies such as smartphones and laptops, in their computing capabilities and communication features, has increased the input of these devices in various industries running desktop platforms activities or activities where they cannot be. Such mobile character is directly related to new aspects of productivity. And as a result, there are several opportunities emerging in the business sector.

When it comes to tools that handle with human resources work, CRM solutions (Customer Relationship Management) and EPM (Enterprise Project management) are the most popular in this segment. CRM tools are used to boost sales force of a company, in addition to dealing with all processes involving the company and the customer.

Status

The growth in development of technologies on portable devices, in processing power, coming to perform tasks previously only made for desktops, however mainly the advances of wireless communication technologies have attracted the interest of companies to enter this computational element as a key agent for increasing productivity. It is true that that many industries where the projects require a mobile workforce, could favour solutions that promote mobility.

The number of employees in various trades in the field of technologies on portable devices is about 330 million worldwide. Meanwhile some sectors such as health, transport and retail have already begun to adopt wireless solutions, other industry such as construction industry have yet to explore how mobility can improve or even reinvent the way business is done. For example, in the construction industry it is estimated that up to 35% of the cost of the projects are created by mistakes caused by misinformation, lack of training or out of deadline and lack of communication. The access time to the right information, increasing communication and improved collaboration provided by a mobile solution would have the potential to create significant production benefits.

In spite of the availability of wireless media and development platforms on smartphones, there are still many barriers due to the complexity of the technology and its scalability. In addition to the technological barriers exist adhesion barrier technology by investors mainly for small and medium enterprises. Even so there is still a large market where current technologies have not yet supplied efficiently especially in areas where these mobile workers need communication processes and more complex collaboration and training.

PESLT Analysis

In accordance with the risks that we are looking for and the action in the industry, the following scenarios are applicable:

• Political: No relevant topic concerning to this topic is relevant in this risk assessment.
• Economic climate: Australia is one of the best economies in the world and has a free and liberal economic policy. This is a key for entrepreneurships and the development of new ideas, knowledges and technologies. The environment for the organisation is considerably good. Although there is an economic downturn in China and Australia depend on China in trades. This may lead to a downturn in Australia in future.
• Social factors: The use of marketing activities and analysis and the relationship with digital devices is on the top in the History of Humanity and the organisation is using this as an advantage to look for the target market in Australia.
• Legal factors: Future legislation. The most popular law is the Privacy Act and the treatment given with the information provided by the users of the platform as a whole. Safety standard and labelling for the batteries and chargers’ performance and composition.
• Technology: Technology incentives. This is the primary advantage for organisations that depend of the technology and their improvement such as updates during the years to be on the top. In addition, it is essential that a very competent team can stay during the years for the continuous improvement process.

Tools and techniques

Even though the availability of wireless media and development platforms for mobile phones, there are still many obstacles due to the complexity of the technology and its scalability. In addition to the technological barriers exist adherence barrier technology by investors mainly for small and medium businesses. Even so there is still a large market where current technologies have not yet supplied efficiently especially in some areas where these mobile workers need communication processes and more complex collaboration.

Stakeholder’s communication

Manage Stakeholders: Manage communication between the parties and consider their interests and possible conflicts.

Identification and analysis

Risk Matrix table

Risk categorisation table

Risk control/Treatment Manage Risk Table

Understanding the issue

1. The risk is the failure in the compliance of the deadline and the failure in approval. This is likely to cause a domino effect in the company.
2. There will be an issue in performing promotional activities, impacting sales, then outcomes and profit of the period.
3. There has been a categorisation of risk to identify which is the appropriate treatment for it. They were identified in a risk assessment with all members of the organisation in order to identify potential threats for business process.
4. Actually, there has been only the monitoring step of the situations. Not a risk assessment and controled properly.
5. The intended context is to eliminate the risk completely.
6. The risks associated include possible harm in the market share, the consequences in the period and defeat in delivering the results that the Board is expecting.
7. There has been a categorisation of risk to identify which is the appropriate treatment for it. They were identified in a risk assessment with all members of the organisation in order to identify potential menace for business operations.
8. Even the most carefully intended project can run into difficulty. Does matter how well your plan is, your project can always encounter unexpected issues. Team members’ get sick or leave their job, resources that you were depending on turn out to be unavailable, even the weather condition can throw you for a loop. In this case, the act to reduce is the implementation of control measures.
9. Yes. Probably some issue with satisfaction in staff members when creating control measures that will affect directly their autonomy or create a workload to be implemented.
10. The plan will benefit the organization itself, but even more the marketing members to perform the promotional activities in a timely manner.
11. The organization must support all members related to the evaluation of risk and where the issue is more critical to be out of control. The efforts need to be effective to make things working very well.
12. Resources available for this situation are very low: schedule, roles and responsibilities, delegation of timelines. People concerned will include marketing members and operational (IT, financial and designers) members addressed to be part of the risk assessment and verify measures.
13. The cost factors will include more documentation records and methods to be created for it. Extra expenditures may include extra payment for staff to comply with different forms of checking.
14. By monitoring it correctly, setting documentation and efficient reports from the responsible personnel.
15. I will need the approval for the senior management to go ahead with the plan.
16. Develop KPI for each member related to the execution of the tasks is a form to tag individual performance. For collective actions, the common goal to reduce risk and deliver on time is the best way to do it in a general way. Separating this for evaluation methods, it is important to put the process in sections and design timelines for each section to verify compliance and what problems may arise.
17. I will train all staff members involved, according to the demonstration of the risk.
18. The senior manager and the marketing manager in accordance with responsibilities for each employee.
19. It is possible to measure the success of the operation by the compliance of the timelines design for each section, as described in the step 16 of this topic.

Implementation plan

It is important to cite the uniqueness of the project, therefore, even if there are several projects resulting in a product of the same description, each project is unique and has its uniqueness, is the manager, the location or the same team. Furthermore, another feature is that the effort should be employed as an incremental and progressive development. Thereby, we first describe the design in general to detail it in another step and so far, as it has a more precise understanding of the objectives and delivery.

To efficiently implement the plan. I would implement my action plan gradually and slowly to avoid higher impacts into organization. Making sure that all aspects are in place and also recording variations that may occur, these variations will assist to a better development through the next procedures into portable devices technology.

Processes are grouped according to criteria such as integration between them, interaction and common goals. According to standard PMBOK. 

There are five process groups:

• Group Initiating Process.

Defines and authorizes the project or a project phase.

• Group planning processes.

Develop Project management plan. Plan the scope management.

Collect Requirements Define scope. Plan schedule management. Define activities. Estimate Activities duration. Develop schedule. Plan quality management. Plan resources management. Estimate activities resources. Plan communication management. Plan risk management. Identify risks. Perform a qualitative risk analysis. Plan risk response. Plan stakeholder engagement.

• Group of running processes.

Manage project knowledge. Integrates people and other resources to carry out the project management plan for the project. Lead and manage project work. Acquire resources. Manage quality. Manage communications. Implement risk responses. Manage stakeholder Engagement.

• Group monitoring and control processes.

Measures and regularly monitors progress to identify variances from the project management plan so that they can be taken corrective action when necessary to meet project objectives. Monitor and control project work. Perform integrated change control.

• Group Closing Process.

Formalizes the acceptance of the product, service or result and brings the project or a project phase to an orderly end.

For the purpose of this paper the most relevant groups are implementing processes and the monitoring and control processes.

Firstly, the processes are those chosen to consider the project requirements, coordination of people and resources, and take care of the integration and implementation of the activities of tasks. Upon the occurrence of variations in performance as productivity and availability of resources, duration of activities and unforeseen risks, a new schedule for the generation of a new standard model will be required.

The execution group is very important, as they are in their processes occurring major project spending. The processes of this group are:

• Direct and Manage Project Execution: Enquire the current status of the project deliverables and the amount of work done.
• Perform quality assurance.
• Build Project Team: Look at to maximize the performance of the project for the development of skills such as training and the interaction of members.
• Distribution of information: Provides information to interested parties at the appropriate time.
• Request Seller Responses.
• Nominate suppliers

The second, monitoring and control groups, the selected processes are those that best match the right design in order to monitor and control the execution. Furthermore, it should enable the identification of issues and taking action to reduce them at appropriate times.

The main importance of this group is based on the fact that project performance is often evaluated to identify unevenness in the initial project plan. Among the processes are change control, which recommends actions to correct variations, and prevention actions, which could include a possible issue.

Due to the constant monitoring and control of the project, it can have an insight into the health of the project, areas that require extra attention, propose corrective and preventive actions, and to estimate correctly the defendant effort by the project.

A corrective and preventive action procedure is the process which a person or business takes when a specific task, activity, outcome or non-conformance has a problem which can be rectified or improved. Following the processes of this group:

• Monitor and Control Project Work.

The purpose is to ameliorate the process through constant collection and processing of data to check for possible deviations from the standard adopted for the project. Identify risk at baseline and create plans to manage them correctly. In addition to generating performance reports with information on scope, schedule, cost, resources, quality and risk.

• Integrated Change Control.

Make sure these changes are made in the most appropriate way possible. Must determine whether they occurred when they occur and manage those approved. This process occurs throughout the project. See details in the table bellow.

References

https://www.business-to-you.com/scanning-the-environment-pestel-analysis/

https://opentextbc.ca/projectmanagement/chapter/chapter-16-risk-management-planning-project-management/

https://en.wikipedia.org/wiki/Risk_management_plan

http://www.wikihow.com/Develop-a-Risk-Management-Plan

http://www.brighthubpm.com/risk-management/5141-risk-management-plan-examples/

http://www2.mitre.org/work/sepo/toolkits/risk/compliance/files/RiskProcessGuidelines.doc

https://www.visual-paradigm.com/guide/pmbok/what-is-pmbok/