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Elements and Performance Criteria

  1. Identify project risks
  2. Analyse project risks
  3. Establish risk treatments and controls
  4. Monitor and control project risks
  5. Assess risk-management outcomes

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential

effective risk management for a project of sufficient complexity to demonstrate the full range of performance requirements

applying riskmanagement techniques strategies and tools

Context of and specific resources for assessment

Assessment must ensure

access to workplace riskmanagement documentation

consideration of feedback from project stakeholders as to how risks were managed

Method of assessment

A range of assessment methods should be used to assess practical skill and knowledge The following examples are appropriate for this unit

direct questioning combined with review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the candidate

oral or written questioning to assess knowledge of the riskmanagement framework

analysis of responses in addressing case studies and scenarios that present issues and problems in project risk management

review of riskmanagement plans

evaluation of monitoring of progress against project plans

assessment of identified and documented risk issues and recommended improvements

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector workplace and job role is recommended for example

other units in the Diploma of Project Management


Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Standards may include:

Australian and international standards

enterprise and industrial agreements

industry codes of practice

industry standards

organisational and industrial agreements

organisational policies, systems and procedures

regulations and legislation.

Project risk context may include:

legislation and regulation controls

nature of project

organisational risk policies and procedures

project environment

stakeholder expectations.

Project risks may include:

predicted future events

threats

opportunities

hazards.

Risk-identification methods may include:

conducting or supervising qualitative and/or quantitative risk analysis, such as schedule simulation, decision analysis, contingency planning and alternative strategy development

lessons learned from previous projects

personal experience input

previous risk registers

risk workshops

subject matter experts

using specialist risk-analysis tools to assist in the decision-making process.

Risk categories may include:

communications

compliance

consultative

environmental

finance

health and safety

human resources

legal

organisational brand

physical

political

project assumptions

project constraints

project process risks

quality

social

technology.

Risk-ranking system may include:

classification rankings from low to high

consequence of risk scale

impact of risk scale

manual or software-based systems

organisational risk policies and methods

predetermined ranking criteria

target and trigger settings.

Delegated authority refers to planning and activities that may:

be conducted routinely or as changing circumstances dictate

be done independently within broad guidance

involve consultation with other project members, teams and internal stakeholders

involve taking a lead role in a team where required

involve the selection, use and supervision of appropriate risk-management methods, tools and techniques.

Risk-management plan may include:

audit trail for risk management over project life cycle

format of information

organisation systems and risk methods

manual and computerised systems

risk register

summary outcome of risk processes.

Risk controls may include:

accepted industry practice and codes of conduct

existing risk planning actions

legislation or regulation over processes

modifications to plans and processes

organisational risk policies and procedures

quality systems

work methods.

Risk-treatment options may include:

accept risk

mitigate risk

transfer or share risk

avoid risk.

Risk-review processes may include:

ad hoc due to emergency events

gateway or stage transition reviews

ongoing through team member assigned responsibility

regular risk discussions at project meetings

scheduled formal reviews.

Risk responses may be made:

in consultation with project team members, section heads, project managers and stakeholders

independently or with endorsement of higher project authority if necessary

regularly throughout the project life cycle

taking into account internal organisational change and external environmental change.