BSBPMG517 – Assessment Task 2 (Project)

Submission details

The Assessment Task is due on the date specified by your trainer. Any variations to this
arrangement must be approved in writing by your trainer.
Submit this document with any required evidence attached. See specifications below for
details.
You must submit both soft copies and printed copies of your answers.
Soft copies-
Upload on the eLearning to the specific submission folder with a cover page clearly
indicating your name, student id, assessment no and the unit name or put those information
in the header and footer of your documents.
Printed copies-
Submit to your Trainer with the "Assessment Cover Sheet" (Filled out and signed
appropriately) attached on top of your documents.

Assessment description
Using the workplace scenario (Max Lionel Realty) information provided separately and also
in appendix 1, you will do/answer the tasks/questions regarding the project risk
management specified below. You will also need to discuss with your Operations General
Manager (the assessor) throughout the process for approval.
If you have workplace documents you wish to submit instead of using the all or part of the
tasks/questions:
 You must be the author of these documents
 You need to map the workplace documents to the Assessment criteria. This mapping
demonstrates your understanding of the assessment criteria.
 Your facilitator can provide you will details on the documentation you need to provide
to do this.
All tasks/questions in this assessment must be applied to your project (unless otherwise
stated) and specific answers (not just theory) are required to show you can apply what you
have learnt to your project – even if you do not currently undertake all aspects in your
workplace.
Your answers must be satisfactory for all tasks/questions.

Criteria for competency

To achieve competency in this Unit, you must demonstrate knowledge, skills and
experience to:
 determine risk objectives and standards with input from stakeholders
 establish project risk context to inform risk management processes
BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 1 of 10
 identify project risks using valid and reliable risk identification methods
 classify project risks within agreed risk categories
 determine risk analysis classification criteria and apply to an agreed risk ranking system
 use risk analysis processes, within delegated authority to analyse and quality risks,
threats and opportunities
 determine risk priorities in agreement with project client and other stakeholders
 document risk analysis outcomes for inclusion in risk register and risk management plan
 identify and document existing risk controls
 consider and determine risk treatment options using agreed consultative methods
 record and implement agreed risk treatments
 update risk plans and allocate risk responsibilities to project team members
 establish regular risk review processes to maintain currency of risk plans
 record and implement agreed risk treatments
 update risk plans and allocate risk responsibilities to project team members
 establish regular risk review process to maintain currency of risk plans
 regularly monitor risk environment to identify changed circumstances that impact on
project risks
 determine risk responses to changed environment
 implement agreed risk responses and modify plans to maintain currency of risk
treatments and controls
 review project outcomes to determine effectiveness of risk management processes and
procedures
 identify and document risk management issues and recommended improvements for
application to future projects.

BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 2 of 10
Appendix 1 – Scenario

Max Lionel Realty

Max Lionel Realty (MLR), in order to build customer goodwill and satisfy its legal and
ethical obligations, has decided to implement a program to:
● inform agents of legal and ethical obligations (particularly with respect to WHS and
anti-discrimination legislation) and any standards or codes of conduct followed by the
organisation
● promote high standards in professional conduct (see Real Estate Institute of Victoria
(REIV) Code of Conduct and relevant legislation)
● inform clients, tenants and potential tenants of MLR’s commitments
● achieve employee and client buy-in for initiative

You are an external consultant (from Ace Consultants) contracted to project manage
activities to achieve the objectives above.
Quality standards for deliverables:
● clearly communicate legal obligations and REIV obligations
● contain as content or support company strategic directions
● no grammar or spelling errors
● professional but friendly language
● fair and flexible delivery for intended audience
● meet audience requirements and sensitive to information needs, cultural diversity.

Previous needs analysis for the project has uncovered characteristics and requirements of
Residential and Commercial Agents and Clients:

BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 3 of 10
 Agents Clients Tenants

● under stress; time ● cynical: e.g. ‘why do I ● sometimes feel

poor have to pay attention discriminated against
● highly trained and to MLR’s internal on basis of:
competent in selling business? I just want ○ lifestyle
and managing real them to manage my
○ family status
estate property.’
○ cultural
● unaware of legal, ● time poor
background
ethical requirement. ● not sure of MLR
○ income, etc.
just want to please obligations and
clients commitment to
● even if aware, have best-of-breed client
no idea how to apply service and ethical
to daily client practice, REIV code
practice of conduct

● unclear on overall ● feel it’s the agent’s ● residential agents have

strategic aims of obligation to fill been rude or
MLR rental/lease insensitive on
● culturally diverse. properties according occasion: e.g. ‘you
to client wishes: e.g. wouldn’t treat your rich
‘I choose who lives clients or investment
in/leases my partners this way’
property’ ● do not feel they are
● culturally diverse. adequately consulted
● residential/commercial
agents/clients have let
themselves in without
consultation
● inspections are
sometimes
unannounced.

Project conditions are as follows:

● Six to eight team members who must be utilised and budgeted for. Operations General
Manager (the assessor) may be consulted with to determine composition of project
team.
BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 4 of 10
 ● The structure of the work should include roles for project sponsor, technical experts,
quality assurance of deliverables, project manager (yourself) and roles and
responsibilities for each team member to achieve the deliverables according to
standards, etc.
● All resources must be costed and included in your budget.
● Budget: $15,000.
● You may determine your own specific deliverables so long as they are agreed with
stakeholders (the assessor at this stage), meet project objectives, and adhere to
budgetary constraints.
● Project timeframe to be determined by Operations General Manager (the assessor).
● Project should include design, development, implementation and evaluation stages
(with periodic quality review).
● Project status reports are due at 25%, 50% and 75% of allotted timeframe.

Assessment Tasks

Task 1: Identify, analyse project risks and establish risk treatments and
controls
1.1 Describe the risk context in which the project is operating. The risk context may include
legislation and regulation controls, nature of the project, organisational risk policies and
procedures, project environment and/or stakeholder expectations (including risk
appetite and tolerances)
1.2 Describe your approach to identifying the risks on the project.
1.3 Complete a risk register for the project (including both positive/opportunities and
negative risks) and two action plans for the top two priority risks using the templates
below.

BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 5 of 10
BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 6 of 10
Risk Register:
<The risk register should list all risks on the project – not just work health and safety risks. It should include both positive and
negative risks>

Ris Risk Risk Description including Mitigation Strategy/Response

Likelih

Likelih
Impact

Impact
Rating

Rating
kN Category existing risk controls

ood

ood
o#

Initial Residual

1 <See <A description of the risk and <Describe the strategy put in place and also whether
Legend outline any existing risk this is mitigation, acceptance, exploit etc.>
below> controls in place>

Legend for Risk Categories:

<Provide a list of all applicable categories>
Risk Rating Scales and Overall Rating:
<Provide the risk rating scales and overall rating for the above register>

BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 7 of 10
Risk Action Plans for top two risks:
<The risk action plans must allocate responsibilities to team members>

Risk Action Plan #1

Item No: <Risk Risk Description:

No.> <Risk description>

Risk Rating : <As Category: <Risk category> Risk Treatment:

per rating <Accept/Mitigate/Avoid/Transfer>
scales>

Action Plan:

Proposed Actions:
<risk response>

Resource Requirements:
<resource requirements to put the risk response into place>

Responsibilities:
<who will be responsible for putting the risk response into place>

Scope Impact:
<scope impact of putting the risk response into place>

Time Impact:
<time impact of putting the risk response into place>

Cost Impact:
<cost impact of putting the risk response into place>

Reporting & Monitoring Required:

<reporting and monitoring required for this risk response>

Prepared by: Date: Reviewed by: Date: <DD/MM/YY>

<Name> <DD/MM/YY> <Name>

BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 8 of 10
Risk Action Plan #2

Item No: <Risk Risk Description:

No.> <Risk description>

Risk Rating : <As Category: <Risk category> Risk Treatment:

per rating <Accept/Mitigate/Avoid/Transfer>
scales>

Action Plan:

Proposed Actions:
<risk response>

Resource Requirements:
<resource requirements to put the risk response into place>

Responsibilities:
<who will be responsible for putting the risk response into place>

Scope Impact:
<scope impact of putting the risk response into place>

Time Impact:
<time impact of putting the risk response into place>

Cost Impact:
<cost impact of putting the risk response into place>

Reporting & Monitoring Required:

<reporting and monitoring required for this risk response>

Prepared by: Date: Reviewed by: Date: <DD/MM/YY>

<Name> <DD/MM/YY> <Name>

BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 9 of 10
 Task 2: Monitor and control project risks
2.1 What activities did you undertake to monitor the risk environment to identify changed
circumstances that would or did impact on your project?

2.2 What was the outcome of this review and how did you manage the changed risk responses
to maintain the currency of your risk register and action plans and responses?

Task 3: Assess risk-management outcomes

3.1 Review your project performance in terms of risk management. Would your risk
management processes and procedures be considered effective? Why/why not?
3.2 List all risk management issues you may have experienced on the project (in the table
below) including a recommendation for future projects. Note: these are not issues with
your risks but how you managed the project risks.

Date Description of Recommended Action for Lesson Learnt

problem/opportunity next time/project Raised By

BSBPMG517 Manage Project Risk – Assessment: 2 Last Updated: December 2016, V. No. 1.1

Page 10 of 10