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A Manage Project Risks

Section A – Skills Activity
1. The piece of legislation that is selected here is the Fair Work Act 2009. This legislation is
maintained at our workplace and it is one of the most important legislation of Australia which
emphasizes protecting rights including workplace rights, as well as engaging in industrial
activities and being free from unlawful discrimination. The Fair Work Act 2009 also provides
the legal framework for the employer as well as employee relations at the workplace
(Golding, 2021).

2. The next step is to consult with stakeholders – Meeting with stakeholders
The meeting will be conducted on 30-03-2022 and the time of the meeting will be 10:30 AM.
The location decide for the meeting is Conference Hall, and attendees of the meeting will be
HR Manager, Project Manager, Risk Manager, Marketing Manager and all the employees of
the organization, CEO.
Risk Manager – Good Morning Sir and all the staff members of our organization!
CEO – Good Morning, so what we are going to discuss today?
Risk Manager – Today we are going to discuss the most important legislation of our
organization and what are the possible risks that are incurred, how these risks can be
eliminated as well as what are the risk priorities, and risk management strategies.
Marketing Manager – Okay great, so we can start now and discuss in brief.
Risk Manager – yes, so we know that a lot of workplace hazards are incurring at our
workplace so we need to prepare for them and identify the risk management strategies as well
as risk priorities. Also, we need to ensure that all the risk management strategies will be
implemented and communicated all the strategies. Also, I have prepared the work breakdown
structure which will directly show the duration in what time what activities will be conducted
and implemented in the organization.

CEO – Okay great, so you can show what activities are added in the Work Breakdown
Risk Manager – The activities include identifying risks, assessing risks, analyzing the risks,
evaluating them, and determining different ways to eliminate the risks.
CEO – Okay and what is the time duration you gave to all these activities?
Risk Manager – For Identifying risks – 2 weeks are required because in that we analyze and
identify what are the risks coming in the organization, 1 week for assessing the risks, 2 weeks
for analyzing the risks, 1 week for evaluating the risks, and 2 weeks to eliminate the risks.
Also, the most important legislation is the Fair Work Act 2009 and which focuses on
implementing fair work strategies at our workplace and ensuring that all the objectives are
achieved fairly. Also, I want to ask whether any legislation you want to add or any of the
suggestions you want to give for the risks that can be beneficial in the organization, and how
can we eliminate those risks.

3. Adhere to organizational policies and procedures
It is essential to identify all the risks that are occurring in the organization for adhering to
organizational policies and procedures as well as making sure that all employees are safe at
the workplace and they are not facing any kind of risks, also if any risks are incurred at the
workplace, then determine that what actions to be taken to reduce the risks and their impact
on the working of operations of the organization(Golding, 2021).
I was a risk manager ensuring that all the risks are identified and taking every possible action
to reduce or eliminate the risks and ensuring that risk management strategies that are
implemented must be properly communicated to all the staff members in the organization.
Also, my responsibilities include inspecting the machinery and all the equipment that is used
at the workplace that whether all the machinery is working properly or not, and providing full
information to all the employees that how their safety will be maintained.
Different Communication methods are used to communicate with all the team members
including meetings will be conducted with all the team members, and training sessions will
be conducted for all the employees where they will be getting training of eliminating the
risks. Also, if any new machinery or technology is introduced at the workplace then they
must get the proper training that how to install and use the technology or machinery without
any risks.
For implementing the method of communication, workers and employees in the organization
are getting aware of all the information, and the method that is very suitable for assessing the risks, risk assessment, and risk management plan will be prepared for ensuring that workers
are safe in the organization, and provide them a safe working environment, and the risks
should not be of any type including financial risks, market risks or no any hazards must be
incurred at the workplace.
For implementing this method, proper information must be communicated and hazards must
be monitored and the risks must be mitigated as well as transferred so that its impact will be
reduced(Rane, et al., 2019).


Section B – Knowledge Activity
Question 1
1. Health and Safety:
It Refers to the industrial safety and health hazard is that an individual might be injured and
hurts opposing healthiness disturbs if unprotected to a hazard. Reductions, Mistakes, and
outings are mutual risks at all workplaces.
Dangerous constituents, Asbestos, Physical management, and spiritual health are properties
of health and safety. Occupied from height is one of the main damages including falls from
rooftops and ladders.
2. Human Resources:
It identifies probable operative connected risks to your corporate so you can diminish any
difficulties previously they rise. The several hazards related to human resources as Staff are
not getting spaces arranged by the regulation, some personnel occupied additional than their
decided-upon times, and they are being waged less than their colleagues.
3. Project assumptions:
A project assumption is an effect that we can trust to be accurate for the project at a
workplace. The various types of risks that can assumable as main project staff obtainability,
employee's presentation for the project, exactness of the development agenda times,
salespersons distribution time, and also comprised operate associates' action or knowledge
services (Rane, et al., 2019).
Question 2
The key components of a Risk management plan are:
1. Monitoring the risk – It refers to the frequent assessment of the hazards recognized in the
organization's risk record. It is the procedure of which paths and estimates the stages of
hazard in an association(Jacobson, et al., 2020).

2. Identify the risk – It is the method of influencing the hazard that might evade the database,
creativity, or outlay from accomplishing its purposes.
3. Evaluation of risk – It is the progression that is used to compare the valued hazard against
the specified hazard conditions, therefore, to regulate the implication of the danger.
4. Treatment of risk – The procedure of risk treatment is to execute and choosing of events to
adjust the hazards. Its actions comprise improving and recollecting the hazard.

Question 3
Industry-standard risk framework includes that risk assessment model will apply to the
organization where all the employees will be interacting together so that returns can be
maximized, also the risk management is focusing on institutions' growth and minimize the
incidents, as well as risks, can be reduced(Abdel-Basset, et al., 2019).
The Risk Management framework for the construction industry includes preparing the risk
management process for the construction industry where all the workers and employees are
involved in constructing a building, as well as the building of projects (Abdel-Basset, et al.,
Conditions that are affecting the construction project are such as –
1. Human resources and depending on their skills and availability,
2. Quality of the supply system
3. Quality and availability of the equipment will also be affecting the construction project

4. Site layout and the site location are the conditions that must be considered for the project
of construction of the building.
5. Another one is the financial resources of the project including the financial plan, and the
risk assessment model(Keers, et al., 2018).
The Risk Management process includes –
1. Evaluation of risks, and analyzing the probability as well as its implications.
2. Identification of risks that are preventing the organization and staff members from
preventing our objectives.
3. Another one is risk treatment, and determining the positive and negative effects of the

Question 4
Quantitative and Qualitative risk management techniques and approaches include-
1. Quantitative risk management is focusing on measuring the performance and data by using
quantitative techniques and the data that can be measured must be quantitative data.
2. Qualitative data must be based on subjectivity.
3. Examples of the quantitative risk management analysis technique are interviewing as well
as cost and time estimates, as well as Delphi technique, expert judgment the examples of the
qualitative risk management analysis, includes historical data, risk rating scales, as well as to
conduct the SWOT Analysis and brainstorming session. The qualitative risk analysis
technique can be SWIFT Analysis, Bow-Tie Analysis, Consequence matrix, Probability
matrix (Willumsen, et al., 2019).
4. Sensitivity Analysis, as well as expected monetary value, modeling, and simulation are the
quantitative risk analysis techniques.
Strategies to assess the risks include risk probability as well as determining the possibility of
risks, as well as how it is impacting the project, and what are the project goals, budget
productivity, budget schedule(Willumsen, et al., 2019).

Risk categorization includes risks that will be divided into categories as well as to reduce the
risks, and find all the solutions to the risks and problems that are incurring in the


Section C – Performance Activity
The project that is chosen here is the construction of the building and I am playing a major
role in the organization is Risk Manager Role, and carry the risk analysis for it.
Risk Analysis will be done and they can also be ranked as the high risks, moderate risks as
well as low risks.

Strategies that are taken to minimize the risks for all the workers who are working on the
construction of the project include –
1. Firstly take the consultation from all the employees, and workers for working on the
project and ensure that the schedule of the project must be proper which include all the dates
and deadlines that on which date the project will be completed as well as who has the roles
and responsibilities for completing the project and leads to proper communication between all
the workers and all the managers, contractors, builders, as well as investors who are investing
in the project.
2. The design of the building must be communicated properly so that no errors in the design
of the building occur as well as no omission made in the design of the building (Keers, et al.,
3. If employees are consulted along with the workers that whether they are willing to work on
the project then they must be using their ideas as well as there will be optimum utilization of
resources, and generating all the ideas as well as maintaining the costs of the organization.
4. Performance of workers will be regulated and monitored daily so that if any changes are
required then workers can make it immediately so that feedback can be communicated to
them, and it leads to organizational growth, and the design of building in which all the
employees and workers are working must be monitored regularly because once the design of
the building is done, major changes cannot be made in it, only a few changes can be made.
Also, monitoring of work and workers can reduce the delay in the project because when
monitoring is made, areas of improvement can be made, and the cost can also be monitored
while monitoring the project and resources(Birkel, et al., 2019).
5. It is very essential to provide training to employees so that their performance can be
improved and they get the information when any new technology is introduced at the
workplace as it will directly inform employees and workers that how this technology will be
implemented and how it will be beneficial to all the employees and workers (Birkel, et al.,

6. For managing the risks, the risk management plan, and risk assessment model can be
prepared as well as analysis of the environment can be done properly, and it includes the
internal as well as external environment analysis of the project on which all the workers are
working so that if there any issues are coming then they must be realized.
7. Contingency plan must be prepared for every project because it includes all the possible
risks as well as actions that can be taken to reduce those risks and provide training to all the
workers before working on the project so that they can work collaboratively and they can also
identify what are the possible risks that are coming in the project while they are working in
the organization and then they can directly report to their seniors as well as supervisors, and
possible actions can be taken immediately to reduce those risks.
7. Once the risks are identified, their assessment would be done properly, also the ratings and
consequences of the risks will be identified after the type of risk can be determined. Ratings
of the risks can be moderate, high, as well as low risks, and the actions can be taken
accordingly to reduce the risks.
8. After assessing the risks, mitigating of the risk can also be done and for that, the risk
management plan would be prepared as well as contingency plan can be used when there is
an emergency occur in the plan which can help minimize as well as eliminate the risks
(Wressell, et al., 2018).
9. After preparing the plans, they will be communicated to all the team members and workers
by conducting a meeting with them and telling them how this plan would be communicated
and ensure that there is no underutilization of resources, and also ensuring that all the
resources are used wisely, or simply means there is no wastage of resources.
10. After communicating the plans, they will be implemented in the organization, and after
implementing them, monitoring will be done so that deviations are found. Monitoring of
plans is important because it is necessary to find out whether they are successfully
implemented or not(Wressell, et al., 2018).
11. Also, after that monitoring of the site will be done and the next possible risk will be
identified that can be incurred at the workplace, and those risks will be communicated so that
awareness will be done.

12. Risk management strategy will be implemented at the workplace because construction
projects will be avoided at the risk-prone areas because it can harm the lives of workers as it
will directly affect their lives and the people who are living at the place will also be affected.



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