Assignment: Apply risk management processes
Activity I:
A. Identify and explain the two different types of context for risk management.
B. List and describe the techniques for identifying and evaluating risks.
C. Describe organisational policies and procedures for risk management.
D. List the areas where risks are commonly identified in an organisation.
E. Identify the steps to take when referring risks that are beyond your scope of responsibility to relevant personnel.
F. Briefly describe the purpose and key elements of current risk management standards.
Activity II:
Refer to Case Study E - EPDL's Risk Assessment
Electric and Power Development Ltd. (EPDL) is one of the leading electric energy organisations responsible for electricity distribution in the country. The company has perceived the value of project risk management and settled as a goal to define and implement a project risk management methodology in a pilot project. The main objective of the project is to test the risk management methodology developed and extend the methodology to all similar projects in the organisation.
To attain this important goal for EPDL, an action research project was required, which had established the following objectives:
A. Design a risk management methodology adapted to the project characteristics, which includes risk management planning, risk identification, risk qualitative and quantitative assessment, and risk monitoring and control processes
B. Provide all the necessary templates for the risk management processes
C. Document the risk identification and assessment process
D. Adapt the risk management methodology to future similar projects.
EPDL has defined quality and scope as the most important project objectives since the variation of the budget and schedule is not acceptable. Therefore, the main concern about the project's risks is that they impact the project's quality. The quality is connected to the smart grid infrastructure or functionalities, and if something happens in this particular area, the project success becomes more difficult to achieve.
The Risk Management team has been given the task to assess the marketing opportunities for EPDL, with Melissa as the Project Manager.
Imagine you are working as the Project Manager in Case Study E. Lead a discussion with 2-3 of your peers playing the roles of the Risk Management team. Demonstrate that you can plan and discuss how to treat risks by answering the following:
A. Identify three different types of organisational risks for EPDL?
B. Analyse and evaluate the three risks by consulting with the stakeholders?
C. What control measure would you implement to treat the risk?
D. Identify and refer risks that are beyond your area of responsibility to others?
E. What would you use for risk management documentation?