Posted: September 15th, 2022

Assessment 1 – Knowledge Questions

Assessment 1 – Knowledge Questions
Assessment task description:
• This is the first (1) assessment task you must successfully complete to be deemed competent in this unit of competency.
• The Knowledge Test is comprised of nine (9) written questions
• You must respond to all questions and submit them to your Trainer/Assessor.
• You must answer all questions to the required level, e.g. provide an answer within the required word limit, to be deemed satisfactory in this task
• You will receive your feedback within two (2) weeks, and you will be notified by your Trainer/Assessor when your results are available.
Instructions for answering the written questions:
• Complete a written assessment consisting of a series of questions.
• You will be required to answer all the questions correctly.
• Do not start answering questions without understanding what is required. Read the questions carefully and critically analyse them for a few seconds; this will help you to identify what information is needed in the answer.
• Your answers must demonstrate an understanding and application of the relevant concepts and critical thinking.
• Be concise, to the point and write answers within the word-limit given to each question. Do not provide irrelevant information. Remember, quantity is not quality.
• You must write your responses in your own words.
• Use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender-inclusive language should be used.
• When you quote, paraphrase, summarise or copy information from other sources to write your answers or research your work, always acknowledge the source.
Purpose of the assessment:
• This assessment task is designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:
• review the advice to students regarding answering knowledge questions in the Business Works Student User Guide
• comply with the due date for assessment which your assessor will provide
• adhere with your RTO’s submission guidelines
• answer all questions completely and correctly
• submit work which is original and, where necessary, properly referenced
• submit a completed cover sheet with your work
• avoid sharing your answers with other students.

Task instructions:
• This is an individual assessment.
• To ensure your responses are satisfactory, consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.
• To be assessed as Satisfactory in this assessment task, all questions must be answered correctly.

Provide your response to each question in the box below.
1.1 Answer the following questions:
Identify at least two project risks for each of the following risk categories:
• Scope risk
• Scheduling risk
• Resource risk
• Technology risk

1.2 Answer the following questions:
Outline three examples of tools or techniques that could be used to identify risks as part of a risk assessment process.

1.3 Answer the following questions:
Outline three sources of information that can be used to gather information on potential risks within the workplace.

1.4 Answer the following questions:
Explain each of the key components of a risk management plan.

1.5 Answer the following questions:
Summarise the purpose of Australia/New Zealand Standard for Risk Management (AS/NZS ISO 31000:2009) and identify the key principles underlying this risk management standard.

1.6 Answer the following questions:
Describe the characteristics, techniques and appropriate applications of both quantitative and qualitative risk analysis.

1.7 Answer the following questions:
Outline the key steps involved in a risk management process.

1.8 Answer the following questions:
Explain five options for controlling risk.

1.9 Answer the following questions:
Complete the table below to provide examples of risk classification and risk context for a variety of industries. The first row has been completed as an example.
Industry Risk context examples (at least two each) Risk classification
(Environmental, Geopolitical, Societal, Economic, Technological, Operational, Resource, Security)
Politics New Labour policies implemented Societal risks, Economic risks

Industry Risk context examples (at least two each) Risk classification
(Environmental, Geopolitical, Societal, Economic, Technological, Operational, Resource, Security)
Education

Mining

_______________________________
1.1 Project Risks in Different Categories:

Scope Risk:

Changes in Requirements: Unclear or frequently changing project requirements can lead to scope creep, impacting project timelines and budget.
Inadequate Stakeholder Involvement: Insufficient engagement with key stakeholders may result in missed requirements, leading to project scope gaps.
Scheduling Risk:

Resource Constraints: Insufficient availability of resources, such as skilled labor or equipment, can cause delays in project schedules.
Dependencies on External Factors: Reliance on external entities or suppliers may introduce uncertainties that affect project timelines.
Resource Risk:

Skill Shortages: The unavailability of skilled resources required for the project can impact its execution and success.
Resource Overallocation: Poor allocation of resources may lead to burnout or reduced productivity, impacting project deliverables.
Technology Risk:

Compatibility Issues: Integration challenges between existing and new technologies can hinder project progress.
Technical Failures: Unforeseen technical issues or malfunctions could disrupt the project timeline and output.
1.2 Tools or Techniques for Risk Identification:

Brainstorming: A group technique where team members generate ideas and potential risks related to the project.
SWOT Analysis: Evaluates project strengths, weaknesses, opportunities, and threats to identify potential risks.
Delphi Technique: Involves obtaining anonymous feedback from experts to reach consensus on potential risks.
1.3 Sources of Information for Risk Gathering:

Project Documentation: Analyzing project plans, scope statements, and historical data can reveal past risks and lessons learned.
Subject Matter Experts (SMEs): Consulting with experienced individuals in relevant fields can help identify domain-specific risks.
Industry Standards: Referring to industry-specific guidelines and best practices can highlight common risks in similar projects.
1.4 Key Components of a Risk Management Plan:

Risk Identification: Listing potential risks that may affect the project’s objectives.
Risk Analysis: Evaluating the identified risks in terms of their probability and potential impact.
Risk Response Planning: Developing strategies to address and mitigate risks.
Risk Monitoring and Control: Establishing methods to track identified risks and their effectiveness throughout the project.
1.5 Purpose of AS/NZS ISO 31000:2009 and Key Principles:

The Australia/New Zealand Standard for Risk Management (AS/NZS ISO 31000:2009) provides a framework for organizations to implement effective risk management practices. The key principles underlying this standard are:

Integrated Approach: Risk management should be integrated into all organizational processes and decision-making.
Inclusive Participation: Involving stakeholders at all levels ensures a comprehensive understanding of risks.
Structured and Systematic: Risk management should follow a structured and systematic approach to identify, assess, and treat risks.
Continual Improvement: Organizations should continuously improve their risk management processes based on experience and feedback.
1.6 Characteristics, Techniques, and Applications of Risk Analysis:

Quantitative Risk Analysis:
Characteristics: Uses numerical data and statistical methods to assess risks objectively.
Techniques: Monte Carlo Simulation, Decision Tree Analysis, Sensitivity Analysis.
Applications: Useful for complex projects with large datasets, where precise probabilities and impacts can be quantified.

Qualitative Risk Analysis:
Characteristics: Subjective evaluation of risks based on expert judgment and experience.
Techniques: Risk Probability and Impact Assessment, Risk Matrix.
Applications: Suitable for early-stage risk assessments or when limited data is available.

1.7 Key Steps in a Risk Management Process:

Risk Identification: Identifying potential risks that could affect the project’s success.
Risk Assessment: Evaluating the identified risks in terms of their likelihood and impact.
Risk Response Planning: Developing strategies to manage and mitigate identified risks.
Risk Implementation: Implementing the planned risk responses and risk control measures.
Risk Monitoring: Continuously monitoring identified risks and assessing the effectiveness of risk responses.
1.8 Options for Controlling Risk:

Avoidance: Eliminating activities or elements that pose high risks to the project.
Transfer: Shifting the risk burden to another party, often through insurance or outsourcing.
Mitigation: Implementing measures to reduce the probability or impact of identified risks.
Acceptance: Acknowledging the risk but choosing not to take specific actions as its impact is tolerable.
Contingency Planning: Developing plans to address potential risks if they materialize.
1.9 Examples of Risk Classification and Context for Various Industries:

Industry: Politics
Risk Context Examples: New Labor policies implemented, changes in political leadership.
Risk Classification: Societal Risks, Geopolitical Risks

Industry: Education
Risk Context Examples: Changes in curriculum requirements, faculty turnover.
Risk Classification: Operational Risks, Resource Risks

Industry: Mining
Risk Context Examples: Price fluctuations in minerals, environmental regulations.
Risk Classification: Economic Risks, Environmental Risks

References:

Hillson, D., & Simon, P. (2016). Practical Risk Management: The ATOM Methodology (2nd ed.). Management Concepts.
Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Project Management Institute.
Australian/New Zealand Standard AS/NZS ISO 31000:2009. (2018). Risk Management – Principles and Guidelines. SAI Global.
Ward, S., & Chapman, C. (2016). How to Measure Anything in Cybersecurity Risk. Wiley.

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