BSB40920 CERTIFICATE IV IN PROJECT MANAGEMENT PRACTICE

A20238 RISK MANAGEMENT TECHNIQUES

Scenario

Port Macquarie Summer Concert

You are a member of the Local Council Community Development Group Your group has agreed to sponsor a summer concert on the waterfront The motive behind the concert is to provide a local event for the region where local musicians can perform and to increase visitors to the region The lockdowns over the last 2 years due to COVID, have significantly impacted the local artists as they have not been able to perform and earn money Local businesses have also suffered in the region with a lack of visitors It is expected that running the summer concert over a weekend will attract visitors to the region and this will assist businesses and musicians to increase their revenue

Qualification

BSB40920 Certificate IV in Project Management Practice

Subject

Assessment method

Weighting

Unit of Competency

BSBPMG426 Apply project risk management techniques

Project Objective	To organise and deliver a 2-day summer concert, showcasing local musician, in the waterfront parkon the last weekend in January at a cost not to exceed $150,000
Deliverables	Regional advertising Concert security Separate Beer Garden Food venues 2 days of 8 hours of music and entertainment Souvenir concert t-shirts Secure all licences and approvals Secure sponsors COVID safe practices
Milestones	1 Secure all permissions and approvals by 12 November 2 Sign big-name musician by 1 December 3 Complete musician roster by 15 December 4 Secure vendor contracts by 20 December 5 Setup completed by 27 January 6 Concert on 29-30 January 7 Clean-up completed by 2 February
Technical Requirements	1 Professional sound stage and system 2 At least one big-name musician 3 At least 14 performing acts 4 Restroom facilities for 10,000 people 5 Parking available for 1,000 cars 6 Compliance with the City Council requirements

Question 1:

You have just finished a draft scope statement for the project (see above) You are now brainstorming potential risks associated with the project Complete the below table about the project and the potential risks for presentation to the project manager

Name of project:

Project objectives:xxxProject deliverables:xxxProject resources:xxx

Question 2: Risk Identification and Analysis

Identify and analyse at least three risks that could occur in this project Rate each using this risk matrix:

2) Overview of Project

Identify project deliverables, objectives and resources

Impact Likelihood	Negligible	Marginal	Critical	Catastrophic
Certain	High	High	Very High	Very High
Likely	Medium	High	High	Very High
Possible	Low	Medium	High	Very High
Unlikely	Low	Medium	Medium	High
Rare	Low	Low	Medium	Medium

Identify and prioritise potential and actual risks of project, and advise project manager PE - assist project manager in identifying and prioritising potential risks and developing risk- management strategies, plans and reporting mechanisms PE - apply project risk management techniques during at least two different projects

Risk Name

Risk Description

Consequence Description

Impact Rating

Likelihood Rating

Risk Rating Priority

Question 3: Risk Treatment

Develop a treatment strategy to mitigate each of the risks you identified above Assess what the new risk rating would be if you were to implement this strategy Detail an estimate of the implementation timeframe

14 Contribute to developing risk management strategies, approaches and plans according to organisational policies and procedures PE - assist project manager in identifying and prioritising potential risks and developing risk- management strategies, plans and reporting mechanisms

KE - risk management strategies, plans and approaches KE - collection methods for project risk records and other information according to organisational policies and procedures KE - risk-contingency measures