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Project Risk Management

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Assignment 1 Special instructions 1. Answer all questions, and ensure that your answers have the coverage, and are in the format, requested. 2. Present your own ideas. 3. Your answers should be properly referenced and reflect that you have undertaken research outside the study material. 4. It is expected that your answers will be produced using electronic word processing. Answers to numerical questions may be produced with an electronic spreadsheet, but all steps in any calculation should be clearly explained. Handwritten work may be accepted in exceptional circumstances, but such work must be neat and legible. 5. Please note that if plagiarism or cheating is detected in this assignment it will result in no marks for the assignment. Students should ensure they clearly understand the meaning of plagiarism and cheating. In particular, students should understand that while they may collaborate with other students on the conceptual ideas in their assignments, the final written report submitted by each student must be unique, and must not contain the written material of (a) any other student in the course, or (b) by any other person without due acknowledgement. Question 1 (200 marks) Project risk management Risk management is an integral part of managing technological projects. Examples of risks that require management are risks arising from the project management process itself (such as risks in completion time, project cost, delivery quality, and scope creep), environmental risks, safety risk, legal risks and a range of other risks. Similarly, in asset development and management there is the risk of failure of assets because of poor quality construction and lack of maintenance. Conversely, effective management of risks may lead to the development of opportunities. Risks can lead to consequences like: • financial loss • loss of life, or injury • heath impacts • damage to property • environmental damage • loss of image They can also lead to benefits. While some risks associated with technological projects (such as those arising from unforeseen events like certain natural disasters) may need to be accepted, most risks can be managed. The risk management process is basically one of establishing the context of the risk, and then identifying, analysing, evaluating and treating risks in an integrated process. These tasks are supported by communication and consultation, and monitoring and review activities. The effective and efficient management of risks has the potential for considerable savings in project time and cost and for the achievement of considerable benefits to the project and its participants. Yo u r t a s k Using an example real or fictitious project (for example, civil infrastructure project, building or property development, development of manufacturing or power generating plant, design project, maintenance project), write a structured report on the management of risk in the delivery of major technological projects. Your report should have a short abstract, followed by introduction, main and secondary headings, conclusions (recommendations) and references. Areas to consider include: 1. discussion of the technological project management process and the risks in managing technological projects, including a discussion of the main risks that can arise and the likely source of those risks. 2. expected consequences arising from the occurrence of those risks. 3. an outline of the risk management process as it would be applied to a large technological project, including a discussion on how you would identify, assess, evaluate and treat risks. 4. strategic and operational aspects of managing project risk. 5. examples of how you would apply this process to selected risks. 6. how you as a manager would minimise the adverse effects of these risks, or maximise opportunities arising from their effective management. 7. the role of management

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