BSBRSK501 Manage Risk Assignment - Richmond School Of Business, Australia
ASSESSMENT - CASE STUDY & PRACTICAL DEMONSTRATION
This assessment requires the completion of the Town and Country case study and participating in a role play meeting.
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Part 1 - Manage risks in a range of contexts across Town and Country Services and complete a number of written documents.
Answer -
Stage one: establishing the risk content and identifying the risks
1) Research about political, economic, social, technological and policy context of the project: town and country services have the political support on their project as the council is appreciative to work with the company with its specified customer facility timeframe values. Economically the project would have profit as the place has a huge population so that it has an employment opportunity (Raziq and Maulabakhsh, 2015). The construction is socially accepted by the inhabitants of the city for employment opportunity and the local government also supports the project. The office is planned to make a high spec fit-out and high in technology to reflect the company's quality value.
These all factors are supportive in nature to the project. The office wants to improve the quality of the company. Besides this it also has a weak point as the new plans are expensive to accomplish.
2) Scope of risk management required: the main objective of this project is to offer a variety of architectural facilities. They want to provide a group of consultants who can help the people by drawing plans, supervising constructions, leading argument intercession between individuals and local authority about preparation and structure substances. It also is going to launch its advanced approach about the techniques of building.
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SCOPE:
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The project intended to facilitate meetings with the visiting consultants. It also desired to develop video conferencing capability for a substitute communication with the remote clients. Office is intended to high its quality to make it suitable for TCS.
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OBJECTIVES:
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Objective of this project is to give proposal of architectural facilities. They want to provide consultancy meetings which can help the people in drawing plans, overseeing buildings, leading dispute intervention between individuals and local authority about groundwork and construction materials in return the consultants charge fees from people.
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CRITICAL SUCCESS FACTORS:
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The office needs four full time and four half time employees with the knowledgein architectural amenities and local government. Also they need an office at street level with enough of space to conduct meetings. These are principal needs to get success.
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3) Roles of internal and external stakeholders: Stakeholders are those who can impact the project both positively and negatively. Stakeholders can be external and internal. Human resource Officer and Marketing Manager are the internal stakeholders. External stakeholders are owner of Orange building supplies and owner of Orange City Real Estate.
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Stakeholder
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Internal/External
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Role in process
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Stake in process
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Human resource officer
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Internal
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Recruiting new staff
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Without staff the project cannot be completed.
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Marketing manager
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Internal
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Responsible for media campaign for the launch of the new advanced building method.
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Without publicity the project cannot be known to all people.
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Owner of Orange Building Supplies
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External
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Contracted to deliver all building materials for TCS for first 12 months.
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Without fluent delivery of the materials the construction cannot be completed timely.
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Owner of Orange City Real Estate
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External
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Contracted to locate proper locations and arrange agreement documents.
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Without this good network source the project cannot find the proper places.
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4) PESTL and SWOT analysis for risks of the project: This is an analysis based upon political, economic, social, technology, and legal analysis.
Political: Local government is very supportive in this project and plays a role as a political support.
Economic: As per the economic analysis the company would be established in an economical city which can provide it large number of employee.
Social: Socially this project would have approved by the inhabitants of the area. So the analysis shows that the project would have profited in the Orange city.
Technological: As per the technological analysis this office would also have a facility of video conferencing so that the clients can communicate even from a distance.
Legal: As per the legal analysis local council of this city is grateful to function within its specified client facility timeframe morals.
SWOT analysis or SWOT matrix is a method that has applied to identify the risks related to the project by its Strength, Weakness, Opportunity and Threat (Allison et al. 2015).
Strength: this company offers a group of architects with whom people can consult. They will also help to supervise the contractions.
Weakness: TCS launches a new approach but it is 20% more expensive than old-style approaches.
Opportunity: besides the new approach is expensive but it also reduces the time of construction by 35%.
Threat: the whole construction needs to be complete in five months as the company has to meet their deadlines.
5) Review and summary of the research: A research summary is a piece of writing which defines the research made. It makes available for the reader a brief summary of the whole work. In the given project a project is planned on provide architectural services in the Orange city (Schaltegger et al. 2016). The main goals of the project are: offering a board of adviser architects who visit the office every week, helping the local people by making appointments so that the people can meet them and consult, offering drawing plans for both the possessors and builders, providing some supervisors to supervise the project properly, they help to stand interference between the local people and the individuals, the office gathers the fees and charges for the facilities which are offered.
Orange city is selected as it is large with population and also employees. In this city the local government supports the new projects.
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6) Risks related with the scenario by checklist, diagram or flowchart: In the scenario a project is planned in the city named Orange to make an office of architectural consultant (Kolk, 2016). This project is planned to help the people who needs architectural advices. Like any other project in this also many risks occur. These risks are identified by PESTL and SWOT methods of analysis. Any project risks can be represented by the below flowchart:
Stage Two: Analyzing the risks
1) Developing a risk management plan:
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Risk Matrix
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Likelihood
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(1)Rare
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(2)Unlikely
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(3)Possible
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(4)Likely
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(5)Almost Certain
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(1)Insignificant
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1
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2
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3
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4
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5
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(2)Minor
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2
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4
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6
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8
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10
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(3)Moderate
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3
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6
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9
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12
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15
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(4)Major
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4
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8
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12
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16
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20
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(5)Extreme
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5
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10
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15
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20
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25
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RISK ASSESSMENT:
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Risk/Priority
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Risk Rating
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Action Plan
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1.time management
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2
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To mitigate the time for any work more employee should be included
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2.technological issues
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4
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To reduce the technological issues many professionals in technology should be hired.
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3.lack of space
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1
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To accomplish the desired project an office should be need with enough space so that all the facilities can be provided simultaneously.
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4.costing
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6
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To complete the project the fluency of fund is needed. So it is important to call more investors.
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5.lack of employee
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5
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To decrease these problem efficient employees should have hired. The employees should be appointed in the department in which they are experienced.
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2) Feedbacks from colleagues and stakeholders: By gathering feedbacks from the colleagues and stakeholders the development of the project can be improvise.
Stage Three: Identifying measures to treat the risk
1) To make risk management plan:
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Risk
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Assess Risk
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Controls
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Monitoring
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Timelines
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Responsible
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Time management
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To reduce the work time
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By appointing more workers
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Observing the work of the team
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Around one month
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Team head
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Technological Issues
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To make the office high tech
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By appointing sufficient IT workers
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Observing the work of the professionals
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Around 2 weeks
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IT professionals
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Lack of space
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To provide all services under one roof
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By selecting a proper space for the office
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Selecting a space that has enough space
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6 months
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Manager
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Costing
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To run the project fluently
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By calling more investors
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Calling trustworthy investors
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1 year
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Investor
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Lack of employee
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To run the office without any halt
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By appointing sufficient workers
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By offering the employee a good reward
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6 months
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Employees
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To overcome time management the managers of the teams are to be responsible for their work. To handle the technological part IT professionals should be appointed and they would run the department. To mitigate the risk of space, fund and employee proper investors and places and employees should be founded. And also all the risks should be observed in a particular timeline.
2a) to develop a plan the resources are required first. According to the resources the plan could have made.
2b) all documents should be ordered so that in future there would no problem to access any info.
2c) detecting, analyzing, evaluating, treating and monitoring the risk are the steps to develop a risk management.
3) To display the action plan the background jobs should be completed. Then the objectives developed, designed and implementing. Then after extracting extra things the efficient actions are displayed.
Stage Four: display the risk treatment plan
1) Report of plan: after the flood in the new office the carpet and meeting room furniture have to be replaced that is expensive. Though insurance can heal this but it not covers the storm damages. Lack of full time staff without knowledge of architecture services and local government creates problem. The solution of it can be to second people from the head office but they are not staying more than one week. Suitable staffs could not be found. Because of these problems the local council may not approve the project (vom Brocke et al. 2016). Because of current delay 2 certifiers have to wait for long and they are not able to work another 5 weeks.
To overcome all these risks a consultancy meeting would have needed with the manager and the stakeholders. There is need of an experienced project manager who can handle all these.
2) Document process to backing future tactics: all the documents related to the risks and their solutions are to be submitted and stored in the office so that it can be saved for future needs.
Part 2 - You are required to participate in a meeting, during which you must demonstrate your ability to communicate details of, invite participation in, and obtain support for the risk management process. Your assessor will place you into a project team of a minimum of five people, comprising the Risk Manager (you) and the four stakeholders.
Answer -
1) Consulting the group members: discussing about the risks which were identified in the project with the group is making the process easy to get the solutions for the risks.
2) Risk management processes: From several processes any one method of risk management can be taken to list the effective risks that are probably to be handled in future.
3) Engagement of members in risk management: if the members are enthusiastically contribute their opinion to get the risks in every stages of the project then to manage the risks would get easy.
4) Protocols to communicate to stakeholders: involvement of the stakeholders in each step of the project, make the project appropriate. So standard protocols should be used to communicate with them and get the requirements.
5) Using appropriate tools: to communicate with the stakeholders appropriate tools should be used like meeting, email, conference calls.
6) Outcomes: after going through all the process of risk management the effective outcomes are to be displayed.
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