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[Solved] Project Risk Management Process

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[Solved] Project Risk Management Process

This paper revolves arounf Project Risk Management Process. You are to create a risk management process, you must be creating a process that can be applied to any project that your organisation undertakes, that would have been more successful in the management of the risk 

In the pre-workshop assignment students were tasked with reflecting upon a past project and the risk management that was undertaken. Students will now apply their knowledge in the creation of a project risk management process that would have been more successful in managing the risk that was examined in their first assignment. Students should use a combination of texts in completing this assignment including, but not limited to: ISO 31000, PMBOK, the recommended texts in the subject outline, and/or other literature the student deems fit. Additionally, students should explore incorporating concepts like anchoring, bias, risk communication, decision tools, attitude, and other concepts from the in class lectures.


Project Risk Management Process


When creating the risk management process you should draw on the knowledge that you have obtained through your study in this course as well as this subject. You should also draw on your own past experiences. As you create the process, you will need to specify which tools that you are going to use for each step in the process and justify why you are incorporating those particular tools.


The process that you create should be comprehensive in that it will be utilised from conception of the project to the completion/delivery of the project. The process should be designed so that it would have better managed the risk that eventuated in Assignment 1 – Pre-Workshop Assignment. As each risk and project are unique, some of you may have chosen a risk that could not have been prevented, but was poorly managed leading up to and after the risk occurring. Some may have chosen a risk that was preventable, but the plan that was in place was not appropriate or executed appropriately. Some students may have selected a risk in which they felt that risk management process was excellent, yet it still eventuated. Regardless of how well you felt the risk from Assignment 1 was originally managed, the intent is to design a process that would have better managed said risk.


You should be creating a process that can be applied to any project that your organisation undertakes, that would have been more successful in the management of the risk you used for Assignment 1. You may base this process of existing models (ISO, PMBOK, etc.) and customise to fit your needs.


Assignment Structure


Part 1) Provide the context for your risk that occurred. This can be largely taken from assignment one. Describe what project was, the organisation, stakeholders, risk itself, and the impact of the risk.


Part 2) Create a step by step written project risk management process in the format of a figure to help those who will use the process to better understand the steps and relationship between the steps. The process should identify which tools are to be used at each step and provide some support as to why that tool was selected. You do not need to fully explain each tool, but rather explain why you chose the tool. Supporting your decisions with references will provide credibility for the inclusion of the tools you have selected. Consideration for topics covered in class is highly encouraged.


Part 3) Separate written section that explains how the project risk management process you created would have been more successful in the management of the risk from Assignment 1. This can be at any stage in the risks lifecycle, such as identification, analysis, treatment, etc. This can focus in depth on one particular area (tool) in which your process would have improved upon the risk management or provide a look at several areas where the combined effects of your process would have led to the better management of the risk.


Assistance with writing


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Marking Criteria



Assessment Criteria



Ability to effectively communicate in writing in project environments

(Written Communication)



Ability to source and apply tools and techniques to meet contextual

demands (Technique Application)



Ability to apply foundational PM knowledge (Foundational Knowledge)



Ability to reflect on, and improve practice (Practice Improvement)



Ability to think critically (Critical Engagement)



Total 50%




Following is the marking criteria that will be used to assess your individual assignment:

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