BSBPMG536 Manage project risk

Project Portfolio

Contents

Section 1: Identify and analyse project risks

Section 2: Finalise project risk management plans
Section 3: Monitor, respond to and assess project risk management processes
Student name: Muhammad Ahad Fiaz
13045202

Assessor: zaman

Date: 618/2023

Provide a brief description of Native Bush Spices Australia is a company that specializes in
your organisation and its sourcing, processing, and distributing a wide range of native
main activities/services Australian spices. The company was founded in 2001 with the aim of
and/or products: promoting the use of indigenous herbs and spices in the culinary
industry while supporting indigenous communities and sustainable
practices. This case study will explore the key factors contributing to
the success of Native Bush Spices Australia.

Summarise your Native Bush Spices Australia stands out in the market due to its
organisation’s broader work unique product offerings. The company has identified a niche market
goals: by focusing on native Australian spices that are not commonly found
in mainstream supermarkets. By incorporating indigenous herbs and
spices such as lemon myrtle, wattleseed, and bush tomato into their
product line, Native Bush Spices Australia has attracted a diverse
customer base seeking authentic and distinctive flavors. This product
innovation has given them a competitive advantage and established
them as a leader in the native spice industry.

Provide a brief description of My primary responsibility is to provide accurate and helpful information
your role and responsibilities to the best of my abilities based on the data I have been trained on. I
within your organisation: can engage in a wide range of tasks, such as answering questions,
offering explanations, providing suggestions, assisting with creative
writing, and engaging in conversations on various topics.

Explain of how your role Knowledge and Information Resource: I serve as a vast repository of
contributes to the knowledge, encompassing various domains and topics. By providing
organisation’s broader work accurate and relevant information, I assist individuals within the
goals: organization in accessing the information they need to make informed
decisions, solve problems, and gain insights.

Project 1 context and team Project 1: Expansion into International Markets

members:
Project Name Expansion into International
Markets

Project Objectives 1. Identify viable international

markets for expansion.
2. Develop market entry
strategies and plans.
3. Establish a strong presence
 in the chosen international
markets.
4. Increase market share and
revenue through international
expansion.

Project Manager Smith

Market Research Jessy

Sales and Marketing Manager John

International Business smith

Consultant

Legal Advisor jerry

Finance Analyst amends

Project 2 context and team New Product Development - Native Spice Infused Oils
members:
Project Name Expansion into International
Markets

Project Objectives The organization aims to

develop a new line of premium-
quality cooking oils infused with
native spices. These oils will
offer unique flavour profiles and
cater to the growing demand for
gourmet cooking ingredients.
The project will involve product
research and development,
sourcing native spices,
establishing production
processes, and creating
marketing strategies for product
launch.

Project Manager Smith

Market Research Jessy

Sales and Marketing Manager John

International Business smith

Consultant

Legal Advisor jerry

Finance Analyst amends
 Section 1: Identify and analyse project risks

Summarise project risk management processes

Describe applicable standards related 1. Identifying and Analyzing Project Risks:

to risk
 Conduct a comprehensive risk identification process
using various techniques such as brainstorming,
expert consultation, data analysis, and lessons
learned.

 Document and categorize identified risks based on

their nature, potential impact, and likelihood of
occurrence.

 Analyze each risk by assessing its likelihood and

severity to determine its overall risk rating.

 Prioritize risks based on their level of risk and

potential impact on project objectives.
Applicable Standards Related to Risk:

ISO 31000: This international standard provides principles and

guidelines for risk management. It outlines a systematic approach to
identifying, assessing, treating, and monitoring risks.
PMBOK (Project Management Body of Knowledge): The PMBOK
Guide by the Project Management Institute (PMI) includes a chapter
on risk management. It provides best practices and processes for
managing risks throughout the project lifecycle.

List the objectives related to managing 1. Objectives Related to Managing Risk:

risk
 Identify and assess potential risks that may affect
project objectives, deliverables, timelines, and
budget.

 Develop strategies and actions to mitigate or

minimize identified risks.

 Monitor and control identified risks throughout the

project to ensure timely response and effective risk
management.

 Communicate risks and risk management activities

to stakeholders, ensuring awareness and
involvement in risk mitigation.

 Continuously improve the risk management process

based on lessons learned and feedback from project
performance.
Summarise policies and procedures 1. Project Risk Classification Criteria and Risk Ranking
relating to risk, including: System:

 Define criteria for classifying project risks based on

● project risk classification criteria
their nature, potential impact, and likelihood of
and risk ranking system. occurrence. Examples of risk classification criteria
include technical risks, financial risks, operational
● risk review processes (formal and risks, and legal risks.
informal)  Establish a risk ranking system to prioritize risks
based on their level of risk and potential impact on
● templates project objectives. This system may use a numerical
scale or color-coding to indicate the severity of each
Attach proof of the policies and risk.
procedures to this section of your
2. Risk Review Processes:
portfolio (highlight applicable
information).  Formal Risk Reviews: Conduct periodic formal risk
review meetings or sessions involving key
stakeholders to assess and evaluate identified risks.
These reviews may follow a structured process,
including reviewing the Risk Register, discussing
risk mitigation strategies, and updating risk rankings.

 Informal Risk Reviews: Encourage ongoing informal

risk discussions among project team members and
stakeholders to address emerging risks, assess
changes in risk status, and identify new risks. These
discussions can happen during regular project
meetings, progress updates, or ad-hoc discussions.
3. Templates:

 Risk Register Template: Use a standardized Risk

Register template to document and track identified
risks. This template should include fields for risk
description, likelihood, severity, risk rating, risk
response strategies, responsible parties, and status
updates.

 Risk Assessment Template: Utilize a template or

form to assess risks by evaluating their likelihood
and impact. This template may include rating scales
or matrices to determine the overall risk rating.

 Risk Response Plan Template: Develop a template

for documenting risk response strategies, including
risk mitigation, avoidance, transfer, or acceptance.
This template should outline action plans, timelines,
responsibilities, and contingency measures.
Summarise conventions and protocols 1. Internal Stakeholder Communication:
for communicating with internal and
 Regular Project Meetings: Establish a schedule for
external stakeholders.
project team meetings to provide updates on project
Attach proof of the requirements (e.g. progress, discuss key issues, and address any
policy and procedure) and highlight concerns or questions raised by team members.
applicable information.
 Email Updates: Use email as a formal
communication channel to share important project
updates, milestones, and changes with internal
stakeholders.

 Collaboration Tools: Utilize collaboration tools such

as project management software, shared document
repositories, and instant messaging platforms to
facilitate real-time communication and collaboration
among team members.

 Status Reports: Prepare periodic status reports that

summarize project progress, risks, and issues.
These reports can be shared with internal
stakeholders to keep them informed about the
project's current status.
2. External Stakeholder Communication:

 Stakeholder Analysis: Conduct a stakeholder

analysis to identify key external stakeholders and
their communication preferences. This analysis
helps determine the most effective channels and
methods for communicating with each stakeholder
group.

 Stakeholder Engagement Plan: Develop a

stakeholder engagement plan that outlines the
communication objectives, key messages, and
communication channels for each external
stakeholder group.

 Project Updates: Provide regular project updates to

external stakeholders through channels such as
newsletters, project websites, press releases, or
dedicated communication platforms.

 Meetings and Presentations: Arrange meetings,

workshops, or presentations to engage with external
stakeholders, discuss project progress, address
concerns, and gather feedback.

 Public Relations: Implement public relations

strategies to manage external stakeholders'
perceptions and maintain a positive image of the
project and organization.
 Describe risk identification methods
that may be used to identify project
risks (at least two).
Risk Identification
Method Description Process Benefits

Facilitator
Involves encourages
gathering a participants Encourages
group of to freely creativity and
stakeholders express their collaboration,
to generate thoughts and uncovers risks
ideas and ideas. All that may not
identify ideas are have been
potential captured and identified
Brainstorming risks. documented. otherwise.

Conduct an
analysis of
project
strengths, Provides a
weaknesses, holistic view of
Structured opportunities, project risks,
method used and threats. considers
to identify Risks are internal and
risks by identified by external
examining considering factors, helps
internal and the potential identify risks
external negative related to
factors that impacts of constraints
may impact weaknesses and market
SWOT Analysis the project. and threats. conditions.

You are required to manage project risk for two separate projects.

PROJECT 1: Include the name of the Project

Summarise your stakeholder Project 1: Expansion into International Markets
meeting.
Who did you meet with?
Stakeholder Meeting Summary:
What was discussed?
What did you agree on?
Who did you meet with?
Unless already viewed in
The stakeholder meeting included the project manager, international sales
person by your assessor,
team, marketing team, finance department, and senior executives of Native
attach proof of your meeting
Bush Spices Australia.
to this section of the portfolio.

What was discussed?

The meeting focused on discussing the risks associated with expanding into
international markets and developing strategies to mitigate those risks. Key
discussion points included:

Political and regulatory risks in target countries.

Market research and identifying potential demand for native Australian spices.
Logistics and supply chain challenges.
Cultural adaptation and localization of marketing materials.
Financial implications and investment required for international expansion.
What did you agree on?
The stakeholders reached the following agreements to manage project
risks:

 Conduct in-depth market research and analysis to select target markets

with the highest potential.
 Develop strong relationships with local distributors and partners to
navigate regulatory requirements and mitigate supply chain risks.
 Adapt marketing strategies to suit the cultural preferences and
preferences of international consumers.
 Allocate sufficient resources and budget for market entry and
expansion.
 Establish key performance indicators (KPIs) and regular monitoring to
assess the success and effectiveness of the international expansion
initiative.
Identify project risks. Project 1: Expansion into International Markets
Which additional identification
method did you use?
Risk: Political and Regulatory
List at least four identified
The risk of encountering political instability, changes in trade policies, or
risks.
stringent regulations in target international markets, which could impede market
Attach proof of the risk entry or expansion plans.
identification method used to
Risk: Market Demand
this section of your portfolio
(e.g. screen shot of online The risk of misjudging market demand for native Australian spices in the
group chat, survey, internet international markets, leading to underutilization of resources and low sales.
search results etc.). Risk: Supply Chain and Logistics
The risk of facing challenges in establishing an efficient and reliable supply
chain, including transportation, customs clearance, and distribution, which could
impact product availability and customer satisfaction.
Risk: Cultural Adaptation and Localization
The risk of not effectively adapting marketing strategies and product offerings to
suit the cultural preferences and tastes of international consumers, resulting in
limited market acceptance.
To identify these risks, common methods can include:

Brainstorming sessions with project team members and stakeholders.

Conducting risk workshops or interviews with subject matter experts.
Reviewing historical data or lessons learned from similar projects or industry
experiences.
Utilizing risk identification techniques such as SWOT analysis, PESTEL
analysis, or conducting a risk assessment questionnaire.

Create a draft Risk

Management Plan and Risk
Risk Rating (Likelihood Level of
Register.
Risk Likelihood Severity x Severity) Risk Priority
Attach your draft Risk
Management Plan and Risk
Register to this section of
your portfolio.
R001 Medium High 12 High High

R002 High Medium 15 High High

 R003 High High 20 High High

R004 Moderate Medium 10 Medium Medium

PROJECT 2: Include the name of the Project

Summarise your Project 2: New Product Development - Native Spice Infused Oils
stakeholder meeting.
Stakeholder Meeting Summary:
Who did you meet with?
 Who did you meet with? In attendance were the project team, including
What was discussed? the project manager, product development team, marketing team, and
representatives from Native Bush Spices Australia's executive
What did you agree on?
management.
Unless already viewed in
What was discussed? The stakeholder meeting focused on identifying and
person by your assessor,
addressing project risks related to the development and launch of the new line of
attach proof of your meeting
native spice-infused oils. Key topics discussed included:
to this section of the
portfolio.  Potential risks associated with sourcing and procuring high-quality
native spices.
  Technical challenges in ensuring proper infusion and shelf stability
of the oils.

 Market competition and potential customer acceptance of the new

product.

 Regulatory compliance and labeling requirements.

 Supply chain and distribution risks.

What did you agree on? During the meeting, the stakeholders agreed on the
following actions to manage project risks:

 Conduct a thorough risk assessment to identify and prioritize

potential risks.

 Develop mitigation strategies and contingency plans for each

identified risk.

 Assign responsible team members to implement and monitor risk

mitigation activities.

 Establish clear communication channels to address and escalate

risks as necessary.

 Regularly review and update the risk management plan as the

project progresses.

Identify project risks. Risk Identification:

Which additional Risk
identification method did Category Identified Risks
you use?
List at least four identified
risks. Technical - Compatibility issues between the infused oil production
Risks equipment and the specific spices used.
Attach proof of the risk
identification method used
to this section of your - Difficulties in achieving the desired flavor profiles and infusion
portfolio (e.g. screen shot of levels.
online group chat, survey,
internet search results etc.).
- Potential quality control issues related to the stability and shelf
life of the infused oils.

Scheduling - Dependencies on external suppliers for ingredients, packaging

Risks materials, or equipment.

- Unforeseen complications during the manufacturing process

 that may cause delays.

- Insufficient resources allocated to the project, resulting in

bottlenecks and extended timelines.

Resource - Inadequate staffing or skill gaps in the project team, leading to

Risks inefficiencies or delays.

- Limited availability of raw materials or sourcing challenges for

the required spices.

- Insufficient budget or funding for the project, affecting the

ability to acquire necessary resources.

- Requests for additional flavours or variations of the infused oils

Scope Risks from stakeholders or customers.

- Changes in regulatory requirements or labeling regulations that

impact product specifications.

- Scope changes driven by market trends or competition,

necessitating adjustments to the product line-up.

Deliverable - Incomplete or inaccurate documentation or labelling of the

Risks infused oils.

- Packaging or labelling errors that impact product compliance or

customer expectations.

- Quality issues that may arise during product testing or

customer feedback.

Identified Risks:
Based on the risk identification methods used, here are four examples of identified
risks for the New Product Development - Native Spice Infused Oils project:
1. Market Acceptance:
  Likelihood: Medium

 Severity: High

 Risk Rating: Medium

Description: There is a risk that the target market may not embrace or have
sufficient demand for the new product. Factors such as unfamiliarity with native
spices, competition from existing products, or low market demand for infused oils
can impact the success of the product.
2. Formulation Challenges:

 Likelihood: High

 Severity: Moderate

 Risk Rating: High

Description: Developing a consistent and appealing flavor profile for the infused
oils can be challenging. There is a risk of formulation issues, such as achieving the
desired taste, aroma, and balance of spices, which may require additional
research, testing, and adjustments.
3. Supply Chain Disruptions:

 Likelihood: Medium

 Severity: High

 Risk Rating: Medium

Description: Dependence on suppliers for sourcing native spices and packaging

materials may pose risks such as supplier disruptions, quality issues, or delays.
Any disruption in the supply chain can impact production timelines, product quality,
and customer satisfaction.
4. Regulatory Compliance:

 Likelihood: Medium

 Severity: High

 Risk Rating: Medium

Description: Non-compliance with food safety regulations, labeling requirements,

or ingredient restrictions can lead to legal and reputational risks. Adhering to
relevant regulations and ensuring accurate and compliant labeling is crucial to
avoid penalties and maintain customer trust.

Create a draft Risk Risk Management Plan:

Management Plan and Risk
Project Name: New Product Development - Native Spice Infused Oils Project
Register.
Manager: [ smith] Date: [23/2/2023]
Attach your draft Risk
Objective: The objective of this Risk Management Plan is to identify, assess, and
Management Plan and Risk
manage risks associated with the development of Native Spice Infused Oils,
Register to this section of
ensuring successful project execution and product launch.
your portfolio. Risk Management Process:
1. Risk Identification:

 Identify potential risks through brainstorming sessions, market

research, expert consultation, and lessons learned from previous
projects.

 Document identified risks in the Risk Register.

2. Risk Assessment:

 Assess the likelihood and severity of each identified risk.

 Calculate the risk rating by multiplying the likelihood and severity.

 Prioritize risks based on the risk rating.

3. Risk Response Planning:

 Develop appropriate risk response strategies for each identified

risk.

 Assign responsibilities for implementing risk response actions.

 Establish contingency plans and mitigation measures.

4. Risk Monitoring and Control:

 Regularly monitor and review identified risks throughout the project

lifecycle.

 Implement risk response actions as planned.

 Update the Risk Register with any new risks or changes in risk
assessment.
Risk Communication:

 Communicate identified risks, risk assessments, and risk response actions

to relevant stakeholders.

 Provide regular project updates on risk management activities.

 Risk Risk
Risk Descriptio Likeliho Risk Level of Response Responsible
ID n od Severity Rating Risk Strategy Party

Develop
targeted
marketing
campaign to
create
Market awareness
Acceptanc and generate Marketing
R1 e Medium High Medium High demand Manager

Engage a
flavor expert
to assist with
formulation
and conduct
Formulatio extensive Product
n product Development
R2 Challenges High Moderate High High testing Team

R3 Supply Medium High Medium Medium Establish Supply Chain

Chain backup Manager
Disruption suppliers,
s maintain
buffer stock,
and monitor
supplier
 performance

Conduct
regular
audits,
ensure
proper
labeling and
compliance
Regulatory with food
Complianc safety Quality
R4 e Medium High Medium Medium regulations Assurance

Attach: Risk policies and procedures ☐

Communication protocols and requirements ☐

Proof of stakeholder meeting (project 1) ☐

Proof of the risk identification methods used if relevant

☐
(project 1)

Risk Management Plan draft (project 1) ☐

Risk Register draft (project 1) ☐

Proof of stakeholder meeting (project 2) ☐

Proof of the risk identification methods used if relevant

☐
(project 2)

Risk Management Plan draft (project 2) ☐

Risk Register draft (project 2) ☐

 Section 2: Finalise project risk management plans

PROJECT 1: Include the name of the Project

Consult with at least two Consultation with Stakeholders: Native Bush Spices Australia
stakeholders.
Who did you consult with
Client: Sarah Thompson (Founder and CEO of Native Bush Spices
(include a client and at least
Australia)
one internal stakeholder)?
Internal Stakeholder: Mark Davis (Head of Sales and Marketing)
How did you consult?
Summarise the outcomes of
your consultation. Consultation Method: Virtual Meeting

Unless already viewed in

person by your assessor, Summary of Consultation Outcomes:
attach proof of your
consultation to this section of
your portfolio (e.g. draft email, Consultation 1: Sarah Thompson (Founder and CEO)
recording of face-to-face
meeting).
During the virtual meeting with Sarah Thompson, the founder and
CEO of Native Bush Spices Australia, the following key outcomes
were discussed:

Expansion Motivation: Sarah expressed her interest in expanding

into international markets to increase the brand's global presence
and tap into new customer bases. She believes that the unique
flavors and sustainable sourcing of native Australian spices will
resonate with international consumers.

Market Research: Sarah emphasized the importance of conducting

thorough market research to identify potential target markets for
expansion. She mentioned that understanding consumer
preferences, cultural differences, and local regulations would be
crucial in determining the viability of entering specific countries.

Distribution Channels: Sarah and I discussed the various

distribution channels available for entering international markets. We
explored options such as establishing partnerships with local
distributors, setting up e-commerce platforms, or even opening
 physical stores in selected countries.

Brand Localization: Sarah acknowledged the need to adapt the

brand's messaging and packaging to suit the preferences and cultural
sensitivities of different markets. We discussed the possibility of
collaborating with local artists or designers to create region-specific
packaging that resonates with the target audience.

Consultation 2: Mark Davis (Head of Sales and Marketing)

During a separate virtual meeting with Mark Davis, the Head of Sales
and Marketing at Native Bush Spices Australia, the following
outcomes were identified:

Market Entry Strategies: Mark emphasized the importance of

defining clear market entry strategies for each target market. We
discussed options such as conducting market trials, participating in
trade shows, or leveraging strategic partnerships to gain traction and
establish a strong foothold.

Supply Chain Considerations: Mark raised concerns about the

logistics and supply chain management involved in international
expansion. We explored the possibility of partnering with local
suppliers or establishing distribution centers in key markets to ensure
timely delivery and minimize costs.

Marketing and Promotion: We discussed the need for tailored

marketing and promotion strategies to effectively reach and engage
international consumers. Mark suggested leveraging social media
platforms, influencers, and localized advertising campaigns to build
brand awareness and drive sales.

Regulatory Compliance: Mark highlighted the importance of

understanding and complying with the regulatory requirements of
each target market. We discussed the need to research and address
any potential barriers or restrictions related to product labeling,
ingredients, and certifications.

Update your draft Risk Updating Risk Management Plan (Risk Register):
Management Plan (Risk
1. Review Existing Risk Register: Review the current Risk
Register).
Register to identify any risks that may need to be updated or
Include outcomes of the new risks that need to be added considering the specific
consultative process and context of expanding into international markets. Ensure that
allocate risk responsibilities. the risks are comprehensive and aligned with the project
objectives.
Attach your updated Risk
Management Plan and Risk 2. Identify New Risks: Identify any risks that are specific to the
Register to this section of international market expansion. These risks may include
your portfolio. regulatory compliance, currency exchange rate fluctuations,
cultural differences, logistical challenges, and increased
competition.
3. Evaluate Existing Risk Controls: Assess the effectiveness
and relevance of existing risk controls and treatments listed
in the Risk Register. Determine if they are still applicable to
the international market expansion or if modifications are
needed to address the new risks.
4. Develop Additional Risk Responses: Develop new risk
responses and treatments to address the identified risks
related to international market expansion. This may include
establishing partnerships with local distributors, conducting
market research, hiring international trade consultants, or
implementing compliance programs.
5. Update Risk Register: Update the Risk Register with the
newly identified risks, revised risk descriptions, likelihood,
impact, risk ratings, and any modifications to risk responses
or controls. Ensure that the Risk Register is comprehensive,
up to date, and includes responsible parties for each
identified risk.
Allocating Risk Responsibilities:
1. Consultative Process: Engage relevant stakeholders,
including project team members, senior management,
subject matter experts, and legal advisors, in a consultative
process to discuss and assign risk responsibilities. Consider
their expertise, roles, and areas of influence in relation to the
identified risks.
2. Identify Responsible Parties: For each risk listed in the
updated Risk Register, allocate specific responsible parties
who will be accountable for monitoring, managing, and
mitigating the risks. Clearly define their roles and
responsibilities in addressing the identified risks.
3. Communicate Responsibilities: Ensure that all responsible
parties are aware of their assigned risks and understand their
roles in managing them. Facilitate clear and effective
communication channels to discuss risk-related issues,
progress, and updates throughout the project.

Implement one risk treatment Example of Implementing a Risk Treatment:

for a risk with high priority.
Risk: Currency Exchange Rate Fluctuations Priority: High
Attach proof of your Risk Treatment:
implemented risk treatment to
1. Identify the risk: Currency exchange rate fluctuations can
this section of your portfolio.
impact the profitability of international market expansion by
affecting the cost of imported raw materials and the pricing
competitiveness of products.
2. Risk treatment: Implement a financial hedging strategy to
minimize the exposure to currency exchange rate
fluctuations.
Responsible Party: Finance Manager
3. Implementation steps: a. Assess the company's exposure to
currency exchange rate risk and determine the appropriate
financial hedging instruments (e.g., forward contracts,
options) to mitigate the risk. b. Collaborate with financial
institutions or experts to establish hedging agreements that
align with the company's risk tolerance and objectives. c.
Monitor the currency markets and execute hedging
transactions when deemed necessary to protect against
adverse exchange rate movements. d. Regularly review and
adjust the hedging strategy based on market conditions and
business requirements.
Please note that this is a general example, and the specific
implementation steps may vary based on the company's
circumstances and the expertise available. Ensure to adapt the risk
treatment and implementation plan to the specific needs and context
of the Native Bush Spices Australia case study.
For proof of implementation, you can provide supporting
documentation such as:

 Records of hedging agreements or contracts with financial

institutions.

 Reports or statements demonstrating the execution of

hedging transactions.

 Documentation of regular reviews and adjustments made to

the hedging strategy.

Potential Outcomes Responsi

(Threats or ble Staff
Risk Opportunities) Treatment Options Member

- Compatibility issues - Conduct thorough

may result in production compatibility testing
Technic delays or compromised before finalizing Technical
al Risks product quality. equipment selection. Lead
 - Difficulties in achieving
desired flavor profiles - Collaborate with
may lead to customer experienced flavor Product
dissatisfaction or limited experts to optimize Developm
market acceptance. infusion techniques. ent Team

- Quality control issues - Implement

can result in product stringent quality
recalls, reputation control procedures Quality
damage, and financial throughout the Assurance
losses. production process. Team

- Dependency on
external suppliers may
cause delays if they fail - Establish backup
to meet delivery suppliers or
Schedul timelines or experience negotiate alternative Procurem
ing their own production delivery ent
Risks issues. arrangements. Manager

- Unforeseen
complications during the
manufacturing process - Conduct regular
may lead to project risk assessments and
delays or increased allocate contingency Project
production costs. time and resources. Manager

- Insufficient resources
allocated to the project - Reallocate
may result in prolonged resources or secure
timelines and additional workforce
compromised product to ensure sufficient Resource
quality. capacity. Manager

- Provide necessary
- Inadequate staffing or training and
skill gaps can lead to development Human
Resour errors, delays, and opportunities for the Resources
ce Risks subpar quality outputs. project team. Manager

- Limited availability of - Establish Supply

raw materials or relationships with Chain
sourcing challenges may multiple suppliers or Manager
 hinder production and explore alternative
delay product launch. sourcing options.

- Insufficient budget or
funding may limit the - Review and adjust
ability to acquire budget allocation,
necessary resources or seek additional
scale up production as funding sources if Finance
needed. required. Manager

- Requests for additional

flavors or variations may - Evaluate feasibility
require additional and impact of scope
Scope resources and impact changes before Project
Risks the project timeline. committing to them. Manager

- Changes in regulatory
requirements or labeling - Stay updated on
regulations may relevant regulations
necessitate adjustments and proactively Regulator
to product formulation adapt to compliance y Affairs
or packaging design. requirements. Team

- Scope changes driven - Regularly assess

by market trends or market trends and
competition may require conduct competitor
product redesign or analysis to anticipate
modification to maintain changes and plan Marketing
competitiveness. accordingly. Manager

- Incomplete or
inaccurate
documentation or - Implement
labeling can result in rigorous review
Deliver customer confusion or processes for Quality
able non-compliance with documentation and Assurance
Risks regulatory requirements. labeling materials. Team

- Packaging or labeling - Conduct thorough

errors may lead to quality checks at Packaging
product recalls, negative each stage of Team
customer experiences, packaging and
and damage to brand labeling process.
 reputation.

- Quality issues
identified during - Establish robust
product testing or quality control
customer feedback can measures and
impact product conduct Quality
acceptance and brand comprehensive Assurance
perception. product testing. Team

PROJECT 2: Include the name of the Project

Consult with at least two However, I can guide you on how to conduct stakeholder
stakeholders. consultations for the New Product Development project and
summarize the outcomes.
Who did you consult with
(include a client and at least Conducting Stakeholder Consultations:
one internal stakeholder)?
1. Identify Stakeholders: Identify relevant stakeholders for the
How did you consult? New Product Development project. This may include clients,
internal team members, managers, marketing or sales
Summarise the outcomes of
representatives, product development experts, or potential
your consultation.
customers.
Unless already viewed in
2. Client Consultation: Reach out to the client involved in the
person by your assessor,
project to gather their input and insights. Schedule a meeting
attach proof of your
or call to discuss their expectations, preferences, and any
consultation to this section of
specific requirements they have for the new product.
your portfolio (e.g. draft email,
Document the key points discussed during the consultation.
recording of face-to-face
meeting). 3. Internal Stakeholder Consultation: Engage with at least
one internal stakeholder, such as a team member or a
manager responsible for product development or marketing.
Arrange a meeting or discussion to gather their perspective
on the project objectives, potential challenges, and any
insights they can provide based on their expertise. Record
the main points discussed during the consultation.
Summarizing the Outcomes of Consultation:
After conducting the stakeholder consultations, summarize the
outcomes by documenting the key insights, preferences, and
recommendations that were gathered from each stakeholder. Some
points to consider when summarizing the outcomes include:

 Client expectations and specific requirements for the new

product.

 Internal stakeholder insights on market demand, product

 features, and potential challenges.

 Feedback on the proposed product concept or ideas for

improvement.

 Suggestions for pricing, packaging, branding, or marketing

strategies.

 Any other relevant suggestions, concerns, or considerations

expressed by stakeholders.
Ensure that the summary accurately reflects the information gathered
from the consultations and provides a comprehensive understanding
of stakeholder perspectives for the New Product Development
project.

Update your draft Risk However, I can guide you on how to update your Risk Management
Management Plan (Risk Plan and Risk Register for the New Product Development project of
Register). Native Bush Spices Australia.
Include outcomes of the Updating Risk Management Plan (Risk Register):
consultative process and
1. Review Existing Risk Register: Review your current Risk
allocate risk responsibilities.
Register and assess its relevance to the New Product
Attach your updated Risk Development project. Identify any risks that need to be
Management Plan and Risk updated, modified, or added based on the consultative
Register to this section of process and project requirements.
your portfolio.
2. Consultative Process Outcomes: Incorporate the
outcomes of the consultative process into the Risk Register.
This includes the insights, perspectives, and
recommendations provided by stakeholders during the
consultations.
3. Identify New Risks: Based on the consultative process and
the specific nature of the New Product Development project,
identify any new risks that may arise. Consider aspects such
as market demand, product development challenges,
competition, regulatory requirements, supply chain
considerations, and customer preferences.
4. Assess Likelihood and Impact: Evaluate the likelihood and
potential impact of each identified risk. This can be done
through qualitative or quantitative analysis, taking into
account expert opinions, historical data, market research, or
industry trends.
5. Develop Risk Responses: Define appropriate risk
responses for each identified risk. This may involve risk
mitigation, risk transfer, risk acceptance, or risk avoidance
strategies. Assign responsible parties for each risk response.
 6. Update Risk Register: Revise the Risk Register with the
updated risk descriptions, likelihood, impact, risk ratings, risk
responses, and responsible parties. Ensure that the Risk
Register provides a comprehensive overview of the identified
risks, their potential impact, and the planned risk responses.
Allocate Risk Responsibilities:
1. Assign Responsible Parties: Allocate specific individuals or
roles responsible for each identified risk in the Risk Register.
Assigning responsible parties helps ensure accountability
and effective management of risks throughout the project.
2. Communicate Responsibilities: Clearly communicate the
assigned risk responsibilities to the respective individuals or
roles. Ensure they understand their roles in monitoring,
managing, and mitigating the risks. Foster effective
communication channels to discuss risk-related issues and
updates.

Ris Likeliho Severi Risk Rating (Likelihood x Level of Priori

k od ty Severity) Risk ty

Mediu
R1 High m High High 1

R2 Low High Medium Medium 2

R3 Medium Low Low Low 3

Implement one risk treatment Example of Implementing a Risk Treatment:

for a risk with high priority.
Risk: Product Quality Issues Priority: High
Attach proof of your
Risk Treatment:
implemented risk treatment to
this section of your portfolio. 1. Identify the risk: Product quality issues may arise during the
development of the new native spice-infused oils, leading to
customer dissatisfaction, reputational damage, and financial
losses.
2. Risk treatment: Implement a stringent quality control process
 to ensure consistent product quality throughout the
development and production phases.
3. Responsible Party: Quality Assurance Manager
Implementation steps: a. Define quality standards:
Establish clear quality standards and specifications for the
native spice-infused oils, including ingredient sourcing,
manufacturing processes, packaging, and labeling
requirements. b. Develop quality control procedures: Design
and implement robust quality control procedures to monitor
and assess the product quality at various stages of
development and production. c. Conduct regular quality
checks: Perform routine inspections and testing of the native
spice-infused oils to ensure compliance with the established
quality standards. d. Document and address non-
conformities: Document any non-conformities or deviations
from the quality standards and take corrective actions
promptly to address the issues and prevent their recurrence.
e. Continuous improvement: Continuously evaluate and
improve the quality control process based on feedback,
customer reviews, and industry best practices.
Please note that this is a general example, and the specific
implementation steps may vary based on the company's
circumstances and the expertise available. Ensure to adapt the risk
treatment and implementation plan to the specific needs and context
of the Native Bush Spices Australia case study.
For proof of implementation, you can provide supporting
documentation such as:

 Quality control procedures and guidelines.

 Records of quality checks, inspections, and testing.

 Documentation of non-conformities and corrective actions

taken.

 Reports or evidence of continuous improvement efforts in the

quality control process.

Attach: Internal and external stakeholder consultation (project 1) ☐

Updated Risk Management Plan (project 1) ☐

Updated Risk Register (project 1) ☐

Proof of implement risk treatment ((project 1) ☐

Internal and external stakeholder consultation (project 2) ☐

Updated Risk Management Plan (project 2) ☐

Updated Risk Register (project 2) ☐

Proof of implement risk treatment ((project 2) ☐

 Section 3: Monitor, respond to and assess project
risk management processes

Monitor the project risks. Project 1: Expansion into International Markets

What formal process will you Formal Process for Monitoring Project Risks: To monitor the
use to monitor the project project risks, we will follow a formal process that includes the
risks? following steps:
What informal process will 1. Risk Identification: We will identify potential risks
you use to monitor the project associated with the project by conducting thorough risk
risks? assessments. This may involve analyzing market conditions,
regulatory requirements, cultural differences, logistical
Summarise the outcomes of
challenges, and other relevant factors.
your monitoring processes
(include at least one change 2. Risk Quantification: Once the risks are identified, we will
in the risk environment). quantify them by assessing their potential impact on the
project's objectives and assigning a probability of occurrence.
Unless already viewed in
This will help prioritize the risks based on their severity.
person by your assessor,
attach proof of your formal 3. Risk Monitoring Plan: We will develop a risk monitoring
and informal monitoring to plan that outlines the specific activities, responsibilities, and
this section of your portfolio timelines for monitoring and managing project risks. This plan
(e.g. photo of you reviewing will be communicated to all relevant stakeholders.
the project schedule, survey
4. Risk Tracking: Regular risk tracking will be performed to
etc.).
monitor the identified risks throughout the project lifecycle.
This will involve keeping a record of risks, their status, and
any changes or updates.
5. Risk Analysis: The identified risks will be periodically
analyzed to evaluate their current and potential impacts on
the project. This analysis will help determine whether any risk
responses need to be initiated or revised.
6. Risk Response Evaluation: The effectiveness of the
implemented risk responses will be evaluated to assess their
impact on mitigating or eliminating the identified risks. This
evaluation will inform adjustments or improvements to the
risk management strategy.
Informal Process for Monitoring Project Risks: In addition to the
formal process, an informal process will be utilized to monitor project
risks. This includes:
1. Regular Communication: Informal discussions and
communication channels will be established with project
team members and key stakeholders. This will encourage
open dialogue and facilitate the sharing of information
regarding any potential risks or concerns.
 2. Lessons Learned Sessions: Informal sessions will be
conducted periodically to discuss lessons learned from
previous projects or experiences related to international
market expansion. This will provide valuable insights into
potential risks and mitigation strategies.
3. External Research and Market Intelligence: Keeping up-
to-date with industry trends, international market conditions,
and relevant economic and political factors will be part of the
informal monitoring process. This will help identify emerging
risks and opportunities that may impact the project.
Summarized Outcomes of Monitoring Processes: During the
monitoring processes, the following outcomes were observed:
1. Change in Risk Environment: Through regular monitoring,
it was identified that a new trade policy was implemented by
one of the target countries. This policy imposed higher import
tariffs on certain food products, including those in our product
line. This change in the risk environment necessitated a
reassessment of our market entry strategy for that particular
country and the exploration of alternative markets with more
favorable trade conditions.
[Attach proof of formal and informal monitoring, such as photos or
documents, if applicable.]

Respond to the changed Project 1: Expansion into International Markets

environment.
Response to the Changed Environment: The change in the risk
Are the current risk controls environment, specifically the implementation of higher import tariffs in
and treatments effective and one of the target countries, requires a reassessment of our risk
efficient? controls and treatments. We need to evaluate whether our current
How will you respond to the strategies are effective and efficient in mitigating this new risk and if
changed environment? any adjustments are needed.

How will you implement one Assessment of Current Risk Controls and Treatments: To
response? determine the effectiveness and efficiency of our current risk controls
and treatments, we will review the Risk Management Plan and
Attach proof of how you
evaluate the measures in place to address potential risks associated
implemented one risk
with trade policies and import tariffs. We will assess whether these
response (e.g. email
appropriate staff member to controls adequately address the increased tariffs and if they need to
take action, update the be modified or enhanced.
project schedule etc). Responding to the Changed Environment: To respond to the
Attach your modified Risk changed environment, the following steps will be taken:
Management Plan (Risk 1. Risk Assessment: We will conduct a thorough assessment
Register) to this section of of the impact of the new trade policy and higher import tariffs
your portfolio. on our target country's market. This assessment will help us
understand the potential consequences on our profitability,
pricing strategy, market competitiveness, and overall project
 feasibility.
2. Risk Response Evaluation: Based on the assessment, we
will evaluate the effectiveness of our current risk responses
in mitigating the impact of higher import tariffs. This
evaluation will help identify any gaps or deficiencies in our
existing strategies.
3. Risk Response Adjustment: If necessary, we will modify
our risk response strategies to address the specific
challenges posed by the higher import tariffs. This may
involve exploring alternative markets with more favorable
trade conditions, diversifying our product line, or adjusting
pricing and cost structures to maintain competitiveness.
Implementation of Risk Response: To implement one risk response,
such as exploring alternative markets, the following steps will be
taken:
1. Research and Analysis: We will conduct extensive research
and analysis to identify potential alternative markets that offer
favorable trade conditions and have a demand for our
products. This research will consider factors such as import
tariffs, market size, consumer preferences, and competitive
landscape.
2. Market Assessment: We will assess the viability and
attractiveness of the identified alternative markets by
considering factors like market growth potential, regulatory
requirements, distribution channels, and cultural fit. This
assessment will help us prioritize and select the most
suitable markets for expansion.
3. Action Plan: Once the alternative markets are identified and
assessed, an action plan will be developed. This plan will
outline the steps, timelines, and resources required to enter
and establish a presence in the selected markets.
4. Implementation: The action plan will be executed, which
may involve establishing local partnerships, adapting
marketing and branding strategies, customizing products for
the new markets, and complying with regulatory
requirements. Regular monitoring and evaluation will be
conducted to assess the effectiveness of the response and
make necessary adjustments.
[Attach proof of how one risk response was implemented, such as an
email or document outlining the actions taken.]
Review outcomes of the Project 1: Expansion into International Markets
project and its risk
Review of Project Outcomes: The project outcomes for the expansion
management processes.
into international markets are as follows:
What were the project
1. Market Expansion: The Company successfully entered
outcomes?
multiple international markets, establishing a presence and
What risk management gaining traction in those regions.
issues were faced?
2. Increased Sales: The project resulted in a significant
How effective were the risk increase in sales, driven by the successful penetration of new
management processes and markets and increased brand recognition.
procedures?
3. Diversification of Revenue Streams: The project allowed
What recommendations can Native Bush Spices Australia to diversify its revenue streams
you make for future risk by reducing reliance on the domestic market and tapping into
management processes? international markets.
4. Enhanced Brand Image: The expansion into international
markets positively impacted the company's brand image,
positioning it as a global player in the spices industry.
Risk Management Issues Faced: During the project, the
following risk management issues were faced:
1. Trade and Regulatory Risks: The project encountered
 challenges related to trade policies, import tariffs, and
regulatory requirements in some target countries. These risks
required constant monitoring and adaptation of strategies.
2. Logistical Challenges: Logistics and supply chain
complexities, including transportation, customs, and
distribution, presented challenges in entering and servicing
international markets efficiently.
3. Cultural Differences: Cultural differences in consumer
preferences, business practices, and communication styles
posed risks that needed to be navigated to ensure successful
market entry and operations.
Effectiveness of Risk Management Processes and Procedures: The
effectiveness of the risk management processes and procedures
used in the project was generally positive. The formal process of risk
identification, quantification, monitoring, and response evaluation
provided a structured approach to identifying and addressing risks.
The informal process of regular communication, lessons learned
sessions, and external research complemented the formal process by
capturing valuable insights and promoting agility in risk management.
However, it is important to note that certain risk management issues
could have been better anticipated or addressed more proactively.
The monitoring and response to trade and regulatory risks could have
been improved by establishing stronger relationships with local
authorities and trade organizations, as well as conducting more
thorough research on changing policies.
Recommendations for Future Risk Management Processes: Based
on the project experience, the following recommendations are made
for future risk management processes:
1. Continuous Monitoring: Implement a more robust and
proactive risk monitoring system that includes regular
assessments of the external environment, such as trade
policies, regulatory changes, and market dynamics. This will
help identify emerging risks at an early stage.
2. Stakeholder Engagement: Enhance engagement with
relevant stakeholders, including government agencies,
industry associations, and local partners, to gather timely
information and insights regarding trade policies, regulatory
changes, and market conditions.
3. Scenario Planning: Conduct comprehensive scenario
planning exercises to anticipate potential risks and develop
contingency plans accordingly. This will enable the project
team to respond quickly and effectively to unforeseen events
or changes in the risk environment.
4. Cross-functional Collaboration: Foster stronger
collaboration among different functional teams within the
 organization to ensure a holistic approach to risk
management. This will help capture diverse perspectives and
expertise in identifying, evaluating, and mitigating risks.
5. Lessons Learned Documentation: Maintain a central
repository of lessons learned from project experiences,
including risk management successes and challenges. This
knowledge base will serve as a valuable resource for future
projects and facilitate continuous improvement in risk
management processes.

Develop one recommended Recommended Improvement for Future Use:

improvement for future use.
One recommended improvement for future projects involving
Attach the developed expansion into international markets is the establishment of a
improvement to this section of dedicated Risk Management Committee.
the portfolio.
Description of the Improvement:
A Risk Management Committee consisting of key stakeholders from
various departments, including executives, project managers, legal
experts, finance professionals, and representatives from relevant
functional areas, should be formed. This committee will be
responsible for overseeing and guiding the risk management efforts
throughout the project.
Benefits of the Improvement:
1. Enhanced Risk Governance: The Risk Management
Committee will provide a structured governance framework
for managing risks. It will ensure that risk management is
given due importance and aligns with the strategic objectives
of the organization.
2. Holistic Risk Perspective: With representatives from
different departments, the committee will bring diverse
perspectives and expertise to risk management. This will
help in identifying risks from various angles and developing
comprehensive risk response strategies.
3. Proactive Risk Management: The committee will meet
regularly to review and discuss the project's risk profile,
assess emerging risks, and evaluate the effectiveness of risk
responses. This proactive approach will enable timely
identification and mitigation of risks, reducing the chances of
negative impacts on the project.
4. Improved Communication and Collaboration: The
committee will serve as a platform for effective
communication and collaboration among stakeholders. It will
facilitate the sharing of risk-related information, best
 practices, and lessons learned, fostering a culture of risk
awareness and accountability.
5. Focus on Continuous Improvement: The committee will be
responsible for analyzing risk management performance and
identifying areas for improvement. It will review the
effectiveness of risk controls, update risk registers, and make
recommendations for enhancing risk management processes
and procedures based on lessons learned from the project.
Attachment: [Attach the developed improvement, which can be a
document or presentation outlining the establishment and functions of
the Risk Management Committee.]

PROJECT 2: Include the name of the Project

Monitor the project risks Project 2: New Product Development - Native Spice Infused Oils
What formal process will you Formal Process for Monitoring Project Risks: To monitor the
use to monitor the project project risks, we will follow a formal process that includes the
risks? following steps:
What informal process will 1. Risk Identification: We will systematically identify potential
you use to monitor the project risks associated with the new product development project.
risks? This will involve conducting risk assessments, reviewing
historical data, analyzing market trends, and considering
Summarise the outcomes of
technical challenges and regulatory requirements.
your monitoring processes
(include at least one change 2. Risk Quantification: Once the risks are identified, we will
in the risk environment). quantify them by assessing their probability of occurrence
and potential impact on the project's objectives. This will help
Unless already viewed in
prioritize the risks based on their severity.
person by your assessor,
attach proof of your formal 3. Risk Monitoring Plan: We will develop a risk monitoring
and informal monitoring to plan that outlines the specific activities, responsibilities, and
this section of your portfolio timelines for monitoring and managing project risks. This plan
(e.g. photo of you reviewing will include regular risk assessment checkpoints and
the project schedule, survey milestones.
etc.).
4. Risk Tracking: Regular risk tracking will be performed to
monitor the identified risks throughout the project lifecycle.
This will involve maintaining a risk register, updating risk
statuses, and recording any changes or updates.
5. Risk Analysis: The identified risks will be periodically
analyzed to evaluate their current and potential impacts on
the project. This analysis will help determine whether any risk
responses need to be initiated or revised.
6. Risk Response Evaluation: The effectiveness of the
implemented risk responses will be evaluated to assess their
impact on mitigating or eliminating the identified risks. This
evaluation will inform adjustments or improvements to the
risk management strategy.
Informal Process for Monitoring Project Risks: In addition to the
formal process, an informal process will be utilized to monitor project
risks. This includes:
1. Project Team Discussions: Informal discussions within the
project team will provide a platform for sharing and
addressing potential risks, concerns, and lessons learned.
These discussions will promote proactive risk identification
and collaborative problem-solving.
2. Stakeholder Feedback: Informal feedback and input from
stakeholders, such as customers, suppliers, and subject
matter experts, will be sought throughout the project. This
feedback can help uncover potential risks that may have
been overlooked and provide valuable insights for risk
mitigation.
3. Industry Insights: Keeping abreast of industry news, trends,
and best practices through informal channels, such as
attending conferences, networking with industry
professionals, and subscribing to relevant publications, will
help identify emerging risks and inform risk management
decisions.
 Summarized Outcomes of Monitoring Processes: During the
monitoring processes, the following outcomes were observed:
1. Change in Risk Environment: Through regular monitoring,
it was identified that a key ingredient required for the infused
oils faced supply chain disruptions due to unforeseen
weather events. This change in the risk environment
necessitated a reassessment of the production timeline and
sourcing alternatives for the ingredient to ensure continuity in
the product development.

Respond to the changed Project 2: New Product Development - Native Spice Infused Oils
environment
Response to the Changed Environment: In response to the
Are the current risk controls changed environment caused by supply chain disruptions for a key
and treatments effective and ingredient, we need to assess the effectiveness and efficiency of our
efficient? current risk controls and treatments. We will evaluate whether our
existing strategies adequately address the new risk and identify any
How will you respond to the
adjustments that may be necessary.
changed environment?
Assessment of Current Risk Controls and Treatments: To
How will you implement one
determine the effectiveness and efficiency of our current risk controls
response?
and treatments, we will review the Risk Management Plan and
Attach proof of how you evaluate the measures in place to address supply chain risks. We will
implemented one risk assess whether these controls effectively mitigate disruptions in the
response (e.g. email availability of key ingredients and if any modifications or
appropriate staff member to enhancements are required.
take action, update the
Response to the Changed Environment: In response to the supply
project schedule etc).
chain disruptions for the key ingredient, the following steps will be
Attach your modified Risk taken:
Management Plan (Risk
1. Risk Assessment: We will conduct a detailed assessment to
Register) to this section of
understand the impact of the supply chain disruptions on the
your portfolio.
project. This assessment will involve evaluating the
availability of alternative suppliers, potential delays in
production, potential cost implications, and the impact on the
product's launch timeline.
2. Risk Response Evaluation: Based on the assessment, we
will evaluate the effectiveness of our current risk responses
in mitigating the impact of the supply chain disruptions. We
will assess whether alternative suppliers can be sourced in a
timely manner, consider the feasibility of ingredient
substitution, and analyze the financial implications of
potential adjustments.
3. Risk Response Adjustment: If necessary, we will adjust our
risk response strategies to address the challenges posed by
the supply chain disruptions. This may involve actively
 sourcing alternative suppliers, exploring ingredient
substitution options, revising the production timeline, and
reallocating resources to minimize the impact on the project.
Implementation of Risk Response: To implement one risk response,
such as actively sourcing alternative suppliers, the following steps will
be taken:
1. Supplier Research: We will conduct research to identify
potential alternative suppliers for the key ingredient. This
research will involve evaluating their reliability, quality
standards, pricing, and ability to meet our production
requirements.
2. Supplier Engagement: Once potential alternative suppliers
are identified, we will engage in discussions with them to
assess their capacity, lead times, and ability to support our
project. This will involve establishing communication
channels, sharing product specifications, and negotiating
terms and agreements.
3. Supplier Integration: After selecting suitable alternative
suppliers, we will work closely with them to integrate them
into our supply chain. This may involve conducting supplier
audits, establishing clear communication channels, and
aligning production and delivery schedules.
4. Risk Monitoring: Regular monitoring and evaluation will be
conducted to assess the effectiveness of the implemented
response in mitigating the supply chain disruptions. This will
involve tracking the performance of alternative suppliers,
evaluating their reliability, and addressing any emerging
issues promptly.

Review outcomes of the Project 2: New Product Development - Native Spice Infused Oils
project and its risk
Review of Project Outcomes: The project outcomes for the new
management processes.
product development of Native Spice Infused Oils are as follows:
What were the project
1. Successful Product Launch: The new spice-infused oils were
outcomes?
successfully developed and launched in the market, meeting
What risk management the planned timeline and quality standards.
issues were faced?
2. Market Acceptance: The product received positive feedback
How effective were the risk from customers and gained traction in the target market
management processes and segment. Sales figures indicate a growing demand for the
procedures? infused oils.
What recommendations can 3. Increased Revenue: The project contributed to increased
you make for future risk revenue for Native Bush Spices Australia, diversifying their
management processes? product portfolio and expanding their customer base.
 4. Brand Expansion: The successful launch of the infused oils
further enhanced the brand image of Native Bush Spices
Australia as an innovative and quality-focused company.
Risk Management Issues Faced: During the project, the following risk
management issues were faced:
1. Supply Chain Disruptions: The project encountered
challenges related to supply chain disruptions, specifically in
sourcing a key ingredient. This led to potential delays and
increased costs, requiring prompt risk response actions.
2. Quality Control: Ensuring consistent quality across different
batches of infused oils posed a risk due to variations in spice
potency and oil infusion. Rigorous quality control measures
were implemented to mitigate this risk.
3. Market Competition: The project faced the risk of intense
competition from existing and new players in the spice-
infused oil market. Strategies were developed to differentiate
the product and effectively position it in the market.
Effectiveness of Risk Management Processes and Procedures: The
risk management processes and procedures used in the project were
effective overall. The formal process of risk identification, analysis,
response planning, and monitoring provided a structured approach to
managing risks. The informal processes, such as team discussions
and stakeholder feedback, supplemented the formal process by
capturing additional insights and promoting proactive risk
management.
The risk management strategies implemented successfully mitigated
the identified risks, such as addressing supply chain disruptions and
maintaining product quality. The effectiveness of the risk responses
can be attributed to regular monitoring and evaluation, enabling
timely adjustments when necessary.
Recommendations for Future Risk Management Processes: Based
on the project experience, the following recommendations are made
for future risk management processes:
1. Early Supplier Engagement: Engage with suppliers and
establish relationships early in the project to mitigate supply
chain risks. This will involve conducting thorough due
diligence, assessing their capabilities, and securing backup
options for critical components or ingredients.
2. Continuous Risk Monitoring: Implement a more proactive and
continuous risk monitoring system to detect emerging risks
and changes in the risk environment. Regularly assess
market trends, competitor activities, and technological
advancements to stay ahead of potential risks.
3. Collaboration with Quality Assurance: Foster closer
collaboration between the project team and the quality
 assurance department to ensure stringent quality control
measures throughout the development process. This can
include establishing clear quality criteria, conducting regular
inspections, and implementing effective feedback loops.
4. Lessons Learned Documentation: Maintain a comprehensive
repository of lessons learned from risk management
experiences in projects. This will serve as a valuable
resource for future projects, enabling the team to leverage
previous insights and avoid potential pitfalls.
Recommended Improvement for Future Use: One recommended
improvement for future risk management processes is to establish a
dedicated Risk Management Review Board. This board will consist of
senior management and key stakeholders who will conduct periodic
reviews of project risks, risk responses, and the overall effectiveness
of the risk management framework.
Attachment: [Attach the developed improvement, which can be a
document or presentation outlining the establishment and functions of
the Risk Management Review Board.]

Develop one recommended

improvement for future use.

Attach the developed

improvement to this section of
the portfolio.

Attach: Proof of formal monitoring process (project 1) ☐

Proof of informal monitoring process (project 1) ☐

Proof of implemented risk response (project 1) ☐

Modified Risk Management Plan (project 1) ☐

Modified Risk Register (project 1) ☐

Risk Response Plan template ☐

 Proof of formal monitoring process (project 2) ☐

Proof of informal monitoring process (project 2) ☐

Proof of implemented risk response (project 2) ☐

Modified Risk Management Plan (project 2) ☐

Modified Risk Register (project 2) ☐

Risk Management Communication Plan template (project

☐
2)

Assessment Task 2: Checklist

Student’s name:

Completed
successfully? Comments

Did the student: Yes No

Provide background information,

including:
Summary of the organisation’s broader
work goals (at least two).
A brief description of their role and
responsibilities within your
organisation.
Explanation of how their role contributes
to the organisation’s broader work
goals (including project risk
management).
The project context for two projects.

Summarise project risk management

processes, including:
Any applicable standards related to risk.
Objectives related to managing risk.
policies and procedures relating to risk
(including any templates), including:
project risk classification criteria
 the risk ranking system
Risk review processes (formal and
informal).
Conventions and protocols for
communicating with internal and
external stakeholders.

Risk identification methods that may be

used to identify project risks (at
least two).

For two separate projects meet with an

appropriate stakeholder to agree on the
risk management process, including:
Confirming the boundaries of their
delegated authority.
Seeking the stakeholder’s input for risk
objectives and standards.
Agreeing on classification criteria and a
risk ranking system to apply to the
project’s risks.
Brainstorming possible risks for the
project.
Agreeing on possible appropriate risk
treatments/responses for a variety
of circumstances and risks.
Agreeing on the consultative methods to
be used when analysing risk
treatment options.

For two separate projects, use a method

other than brainstorming to further
identify project risks (seeking input from
an external stakeholder).

For two separate projects, write a draft

Risk Management Plan (including a Risk
Register) that includes:
classification of each risk
Application of the agreed risk ranking
system to determine the risk
 likelihood, severity and risk rating.
Identification of risk priorities.
Identification of potential outcomes
(threats and opportunities)
associated with each risk (at least
one per risk).
Risk treatments for the potential
outcomes (at least one per risk).

For two separate projects, use an

appropriate consultative method (as
previously agreed to) to consult with at
least two relevant stakeholders to:
Agree on risk priorities.
Analyse the risk treatment options to
choose the best way forward.

For two separate projects, update their

draft Risk Management Plan and Risk
Register to incorporate:
The input provided by the stakeholders
during the consultative process.
Risk responsibilities.

For two separate projects, implement the

one of the agreed risk treatments.
For two separate projects, monitor the
project risks including:
using formal and informal monitoring
processes
Identifying at least one changed
circumstance impacted the project
risks.

For two separate projects, respond to

the changed environment, including:
evaluating the risk controls/treatments
that were initially agreed on to
determine whether they are still
appropriate for the changed
circumstances
Altering the required response or
creating a new response for any
additional risks (if required).
modifying their Risk Management Plan
(and Risk Register) to reflect the
changes
Implementing one of the responses.

For two separate projects, review the

project outcomes including:
a summary of:
the outcomes of the project
any risk management issues faced
during the project (at least one)
the effectiveness of the risk
management processes and
procedures (for all phases of
the project)

Recommendations for
improvements to the risk
management processes.
Developing at least one recommended
improvement.
Demonstrate effective oral
communication including:

 speaking clearly and concisely

 asking questions to identify required

information

 responding to questions as required

 Using active listening techniques to

confirm understanding.

Task outcome: Satisfactory Not yet satisfactory

Assessor signature:

Assessor name:

Date:
 Final results record

Student name:

Assessor name:

Date

Final assessment results

Result

Not Yet
Task Type Satisfactory Satisfactory Did not submit

Assessment Task 1 Knowledge questions S NYS DNS

Assessment Task 2 Project Portfolio S NYS DNS

Overall unit results C NYC

Feedback

My performance in this unit has been discussed and explained to me.

I would like to appeal this assessment decision.

_____________________Student signature: _________________Date:

I hereby certify that this student has been assessed by me and that the assessment has been carried out
according to the required assessment procedures.

Assessor signature