ASSESSMENT 1: CONDUCT A MEETING WITH THE SITE SUPERVISOR
- KNOWLEDGE OF THE RISK CONTEXT, INCLUDING RELEVANT LEGISLATION AND REGULATIONS
In the given case study Metharom Construction (MC) they have their job in southeast Melbourne area thy are the leading provider of the construction as the new client has move towards the area of Northcote, Victoria to adjust their family at the Australia along with his wife and family. The Kavi Albif had contacted the contractor to construct a 4-bedroom home and when they had discussed the cost the cost had arrived around the dollar 188000 excluding the land which has already purchased and also mentioned about the other things like risk and air pollution and the construction that takes place how it affects with the outside environment etc.
While constructing a residential building there is a few legislation and regulations that are-
The aspects of the house that the residential building construct by the builders for the family of Kavi Albif he recently brings the engineer who observe that the Italian concrete absorbs the air pollution, protect the family form the air pollutants that will be budgeted to dollar 225000.
They had decided that the construction shall be completed with the period of 39 to 52 weeks including the source of material that will be utilize including the waste of and the budget shall be remain under budget not over budget (Hopkin, 2018).
- ABILITY TO CLASSIFY RISKS ACCORDING TO LIKELIHOOD AND SEVERITY
The Australian government has department has develop some of the risk based classification while doing inspection that while constructing the residential building they need to meet out the demands and the risk that shall be mentioned while construction with the ease of doing business and the orders that shall be developed by the state government shall also be taken into consideration and also follow up the policies and procedures which is in favour of the risk assessment specially in favour of the residential shall be taken and keep in mind because before that further will take the inspection of building (Hopkin, 2018).
- The orders that shall be passed by the government and the classification that shall be enables for the introduction for the low risk building that shall be constructed will put a mechanism whether they allow the local area or urban are the officials shall take more time in investing and constructing the risk free and public safety building from the residential category point of view.
- Justification of your answers
In the justification will mention that being a risk identification consultant the clarity of the constructed building that the constructor becomes successful in opening the residential housing branch to protect the future of the client to afford the substantial collateral benefit that allegedly believed that the building will be completed and augmented in setting up the extension of the 4 bedroom of the residential houses and shall full fill in the setting along with detract the preferred design of original house.
TASK 2 – Appendix B – Risk register template
|Risk Title||Risk Description||Risk Owner||Likelihood (High/ medium/ low)||Impact/ Consequence||Severity (High/ medium/ low)||Risk category||Risk treatments|
|Cost||Cost in opening of branch||Metharom Construction||High||Increase in expenses||High||Finance||Increase in cost result in increasing expenses and decrease in profit margin.|
|Labor||Increase in labor requirement||Human resource management||Medium||Increase in labor cost of training||Medium||Human resource||The training is properly given to every employee within the organization to reduce high cost.|
|Labor||Distribution of labor between both the branch||Human resource management||High||Not able to do better productivity.||High||Human resource||The labors are not distributed in both branches and new labor is hired.|
|Cost||Promotional cost||Metharom Construction||High||Increase in overall organizational cost.||High||Finance||Promotional budget is prepared by proper planning.|
|Customers||Convey to customers and their demand||Metharom Construction||Medium||Customer is the key. The profit is depending on customers and their demand.||High||Operational||Proper advertisement and convey to customers is necessary.|
TASK 2 – Appendix C – Job safety analysis template
Opening of new residential branch
8th February 2021
|PPE required:||Boots, safety toed footwear, gloves, Safety glasses, Wear hard hats, and chemical splash goggles.||
Task Analysis completed by:
Date: 10th February 2021
|Plant required:||Bituminous mixing and laying plant, Breakers, Bulldozers, Cherry pickers, construction ship, concreting plan, cranes, excavators and dumpers|
|SEQUENCE OF BASIC STEPS||POTENTIAL SIGNIFICANT HAZARDS||HAZARD CONTROL METHOD|
|List 4-5 steps required to complete the job
|List the potential SIGNIFICANT hazards beside each step. Focus on what can cause harm and what can go wrong||List the control methods required to ELIMINATE, ISOLATE or MINIMISE each SIGNIFICANT hazard|
|Step Number||Activities||Step Number||Activities||E/I/M||Activities|
|1.||Identification of risk||1.||Cost in opening of branch||1.||Increase in cost result in increasing expenses and decrease in profit margin.|
|2.||Analysis of risk||2.||Increase in labor requirement||2.||The training is properly given to every employees within the organization to reduce high cost.|
|3.||Evaluation of risk||3.||Distribution of labor between both the branch||3.||The labors are not distributed in both branches and new labor is hired.|
|4.||Treatment of risk||4.||Promotional cost||4.||Promotional budget is prepared by proper planning.|
|5.||Monitoring of risk||5.||Convey to customers and their demand||5.||Proper advertisement and convey to customers is necessary.|
Assessment task 3
A consultation process with the client for deciding the risk related matter involved in their build and operation.
Hello, good morning, I hope you are doing well, this discussion and meeting are basically focusing upon the level of risk that has associated with the business and operation.
As I have analysed your business prospectus and evaluate the potential risk that has may hazardous for your business. The risk that has been identified for your business is- financial risk, technological risk, and external risk that can harm the business performance and decline the sales of the company. The risk hazard that has been highly affected by your business is financial risk. The other diagnosed risk has moderate and low effect on the business. These can be controlled and eliminate by the manager itself by taking appropriate action.
Client- Yes, you are right it is necessary to illustrate the measure and action for diagnosed risk. I have adhered toward your strategy for better amendment of the risk. Please help me in this context.
Yes, I make sure to deliver a better line of action and tips to manage the concurrent risk. Well, can you elaborate your budget for the risk allocation and embedment?
Client- yes, I am ready to invest around $100,000 to resolve the hazards and risk management. So, can you manage all the hazard according to estimate budget?
Ok, we make sure this will not overlap and provide an efficient and effective strategy for your analyses risk.
Client- It’s being a pleasure to take your service you are very proactive and polite in managing the risk and conveying better suggestion on this. I am ahead toward the risk assessment plan because it is important to eliminate risk as soon as possible to stabile the action and operation.
Thank you for the compliment and we are always in your services
ASSESSMENT 4: MONITOR AND CONTROL NEW RISKS BY UPDATING RISK PLAN
- New risks- the risk factors that will be included in the construction site that will be incomplete and scope of errors, design errors, unknown site conditions and the written contracts that will be having an unexpected increase in material cost and poor project management.
- Changes to already established risks- when the construction takes place several unskilled labor works there at site along with the tools and equipment that shall be taken towards the risk factor like when they are working they work without wearing the safety kit, without managing the risk and the factors that affects their lives by damaging the certain things and their lives also have in danger like in the above case study when the construction shall be started the workers and the engineers already stuck among the risk and hazards like biological hazard, chemical hazard etc.(Tupa, et al., 2017).
- A minimum of two risk treatments- there are two types of risk that are systematic an unsystematic. The systematic risk treatment shall ensure that the portfolios included the variety of treatment like cash, fixed income, real estate which brings a major havoc and change in the treatment of risk.
- Unsystematically risk treatment shall covers the specific risk that shall be diversified to mitigate the risk of factors that shall covers the investors that are related to the like such as investment stock risk.
- Who is responsible for managing the new risk- the president shall be liable to mitigate and handle the responsibilities that are attached with the risk that reviewing and sourcing the risk management principles to investigate the reason of risk?
RISK REGISTER TEMPLATE
|Risk Title||Risk Description||R risk Owner||Likelihood (High/medium/low)||Impact/Co nsequence (||Severity (High/medi um/low)||Risk category||Risk treatments|
|Delay in design delivery||Web component of the application depends upon the designing that relates to external to the external design team||vendor||High||10||High||Programmatic risk||Delivery via collaboration system|
|Quality may suffer due to multi -tasking||Resources for the construction development||HR||Medium||8||Low||Operational risk||Develop cross project HR plan together|
|Poor performance||New functionality may require||Quality manager||Low||10||Medium||Operational risk||Performance team regular quality checking|
|Delivery not accepted||Changes in- infrastructure||Quality manager||Low||10||Low||Budgeted risk||Infrastructure team (Tupa, et al., 2017).|
Assessment task 5
Report for the risk management process
Risk management process is the step in that a manager in engages in identifying, monitoring and managing potential risks to minimize the negative impact they may have on an organization.
Suggestion for improving the risk management process
The suggestion that has been identified to improve the risk management process is as follows-
Create the right culture and environment that support and establish risk assessment measure, it also helps in maintaining and identifying the risk in an order to control the operation stability. If the culture and employee are engaging in the risk management plan.
Focuses upon business objective before planning, evaluating, summarizing and identifying the risk management process. The risk management process will be more improved if planning is being aligned with business objective and goals.
Clarification of responsibility and rules will lead to better implementation of the risk management process. If senior authority involves delegation of authority and control, as well as a responsibility to control the accessed risk, will help in steady working, clear communication and performance measures, as well as control misunderstanding and overlapping.
A list of at least 5 risks that affect Metharom’s future
- Technological risk
- Environmental risk
- Financial risk
- Security and fraud risk
- Operational risk
A suggestion for a process that would improve all future projects
The suggestion that has been aligned with the process that would help in improving all future projects-
Risk management is the process that has been used in an alliance project for better movement, cash flow, accessed financial risk and operation risk related to a future project.
Clarification of duties and responsibility is essential before organizing future projects and essentials for this. If the duties and responsibility would be clear, overlapping would be reduced.
Project objective and goals preparation is an important step to improve future project performance. As if the project objective would be clear, all the team member would know where the team needs to directed and monitored.
Justification of suggestion
The followed suggestion is associated with the project deliverable if the future objective and risk associated with the holding project would be clear. The time consumption will be reduced, financial stability will be enabling and the responsible team would engage in monitoring and reviewing project structure. Hence, this is the varied justification for the suggestion for the improvement of a future project.
Assessment task 6- written question
- List 4 pieces of information that must be included in a risk management plan.
The four-piece of information that has included in a risk management plan
Description of risk
Nature of risk
Probability of risk
Action plan for certain risk
- Explain the following:
The risk responsibility means that who is the person that is responsible for assertive risk that has been identified by the management. What action needs to take by the responsible person and whom does the person communicate the relevant measures to resolve the risk in an order to reduce the consequences and eliminate the level of risk for a certain period (Hudáková & Dvorský, 2018).
A risk register is a tool and framework in risk management and risk assessment that has been used for identifying the potential risk that has been associate with the relevant project. Sometimes, it is preparing for enabling better regulatory measure and compliances in the company to procure the intended outcomes.
The risk criteria are the standard, measures and expectation that is used in making judgement and strategy to deal with the significance of the accessed risk. The risk criteria would include legal and statutory action and accumulate cost and benefit (Hudáková & Dvorský, 2018).
- Outline the steps for developing a risk management plan.
The steps that have been involved in the risk management plan are as follows-
- Identification of risk
It is the step in that manager has been engaging in the process of identification of risk that can affect the flow of business.
- Risk description and level of risk
In this step, the accessed risk has been described and analyse the consequences of the risk and significance of risk would be in the management and operation.
- Risk mitigation
In this step, a manager would analyse the outcome of the risk and how it could be minimising and eliminate with the application of appropriate action.
- Risk responsibility
The risk responsibility is the step where a person has been allocated with the responsibility to handle the risk consequence and put the effort into the elimination of risk.
- Communicating the action
In this step communication method has been implemented to delegate the information related to the risk and its measure that is appropriate to minimise the identified risk.
- Prepare a risk management plan
It is the last step that has been engaged in the risk management plan, that is preparing the risk management plan for documentation purposes, in that all the steps have been included and submit to senior authority (Galli, 2017).
- Define the following:
Known/known risk is the risk that has been well understanding by the manager, these risks are well studied and relevant measures have been acknowledging.
The Known/unknown risk is the risk that is known by the organisation and management but does not aware of the effect and size of the risk on the operation and objective of risk
The Unknown/unknown risk is the risk that is not known by an organisation and does not know the size and level of effect of such risk upon the operation and sometimes this risk has been disregard by an organisation due to lack of knowledge of the risk.
- What is an unknowable risk?
The unknowable risk is the risk that is the potential threat for the company or an organisation as it is not known by the management and cannot be quantified or controlled by the management (Qazi & Akhtar,2020).
- Label this diagram appropriately
Scope, context and criteria-
- Risk identification
- Risk analysis
- Risk evaluation
Monitoring and review-
- What are 5 ways that you can consult with employees regarding risk?
The five ways that you can consult with employees regarding risk are as follows-
Organising meeting and discussion session
This is the first ways that a manager can consult with an employee with regarding the risk. The identified risk hazard can be communicating with the employee to take appropriate action.
Communicating change and update in policies
The consultation process can be organised with the employee to inform and get appropriate feedback for the changes and policies updated in the organisation to prevent them from the potential risk.
Consultation for the risk management process
For managing risk management process consultation will be organised with the employee for better action preparation and active engagement of the employee into it.
Measuring and mitigating risk process
In this process, an employer will organise a consultation process that initiates risk control action for the identified risk. With the consultation process, a better decision can be taken.
Consultation for monitoring and review process
The consultation process will be organising with the employee, to discuss the monitoring and review process. For better engagement, it is necessary to discuss it with an employee and take active action if anything has gone wrong.
- Why are stakeholders included in risk management processes?
The stakeholder includes in the risk management process because it helps in taking a better decision and efficient management related to accessed risk. By involving stakeholder in the process of risk management will deliver better control and mitigating toward identified risk (Demek, et al.,2018).
- Label this diagram of a risk matrix, including what the different shades of grey represent
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Galli, B. J. (2017). Risk management in project environments: Reflection of the standard process. The Journal of Modern Project Management, 5(2).
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
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Qazi, A., & Akhtar, P. (2020). A risk matrix is driven supply chain risk management: Adapting risk matrix-based tools to modelling interdependent risks and risk appetite. Computers & Industrial Engineering, 139, 105351.
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