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BSBRSK501: Risk Management Assessment Answer

BSBRSK501_ Risk Management Assessment Answer

It is obvious to deal with multiple assignments when you are enrolled in Australian universities to study management courses. One of them is BSBRSK501 in which you are required to complete four different tasks, i.e. answering questions, preparing a template for report about the risk related to business expansion, a project to implement the identified risk and evaluate the processes of risk management.

Dealing with BSBRSK501: Manage Risk assignment can be quite a difficulty if you do not have a complete understanding of the assignment requirement. Therefore, our risk management assignment experts suggest knowing what exactly the assignment is about and then prepare an outline so that you can be on the right track while writing the assignment. Failed to understand the requirement of the assignment? Take help from assignment help experts!

However, the BSBRSK501: Risk Management Assessment is comprised of different tasks such as answering questions, developing risk management project, preparing a project illustrating how risks can be implemented effectively, and evaluating risk management processes. Further details about these tasks are explained below.

Assessment Task 1: Written Questions

It is an open-book test conducted by the university which should be completed in the classroom. The maximum time allowed to answer the questions is 1 hour. Once you are done with the assessment task 1, you must send the word-processed file to your assessor via email.

Assessment task 1 asks you to provide answers to the following questions:

BSBRSK501 Risk Management Assignment Task 1

How to correctly provide answers for assessment task 1 questions?

These questions ask you to use different instructional words like explain and identify which clearly explain the ways to answer the questions. You can use the below-given definitions to provide your response against the questions.

Analyse – When it comes to analysing questions, the first thing you must do is to find out the key features and points. Generally, your response should be provided in not more than two paragraphs.

Discuss – If you are required to discuss something in your question, it becomes essential for you to highlight the key features and issues and express a critical judgment. More details about can be acquired with online assignment help services.

Compare & Contrast– If you are asked to compare two or more things, then it is necessary to show how the given things different or similar to each other. Make sure to list all the relevant consequences.

Outline – At the time of creating an outline,you must highlight the major points. The outline is generally created to visualise, clarify thoughts, find a weakness in argument, and save time.

Summarise – When you are asked to summarise something, then you must showcase all the important points, arguments, and other points precisely and clearly. Your response should be completed in a few sentences.

Assessment Task 2: Risk Management Project

In this assessment task, you are asked to report discussing the risks briefly. Before that you must have a look at the case study given below:

Based on this case scenario, you must analyse the risk management policy of the company and the procedures required to identify the risks. To correctly finish this task, you should know risk management standards, if not you may use the internet to find some or take help from risk management assignment experts.

Include Following Things in Your Report

  • Include an introduction part discussing why analysing risks is important.
  • Explain the risk management process possibility, success factors & objectives for the areas covered, and the risks implemented to the scope.
  • Develop the risk management processes outline followed by the policy and procedures of a company, and how the risk management standards should be aligned.
  • Use the PESTLE analysis method to determine key factors affecting the environment and consumer needs.
  • Include at least 5potential risks related to business expansion and 1 risk treatment option.
  • Find and examine both the external and internal stakeholders and their issues.
  • Evaluate the important goals, objectives, and factors related to a company’s expansion project.

Tips to Write the BSBRSK501: Risk Management Assignment

Students who are unable to complete their assignment can refer to the details given below. Here you will know the skills and knowledge required to solve this question.

1. Create risk context

Under this section, you will come to the review of the process of organisation undertaken to manage risk, identify the internal and external stakeholders and their issues, review social, economic, legal, technology, political, and legal context. Moreover, you must analyse the weaknesses and strengths of current arrangements and collect support materials for risk management activities.

2. Find out key risks

Identify the major risks with the help of relevant parties and know these risks may be applied to scope. You may also use techniques and tools to identify and apply risks to scope.

3. Risk analysis

The main task to perform here is to understand the risk and prioritise accordingly for treatment. Also, explain what could be the impact of these risks.

4. Identify and implement treatments

Being a writer, you must have the skills to determine and choose the best-fit option to treat risks. As per the management assignment experts, you can create an action plan to effectively implement risk treatment.

Few more tasks are covered in the BSBRSK501: Finance Management assignment experts i.e. developing risk management project and evaluation the report prepared. To know more about BSBRSK501: Manage Risk assessment tasks, you are free to reach us anytime as we are serving nonstop assistance to students. You will be helped by an experienced and proficient academic writer who is well-versed in managing risks and providing accurate answers for the questions.

Author: Charles Hill

Charles writes blogs and articles for students who are facing problems with their management assignments. His articles have been featured on several websites. He has contributed to the academic enhancement of students from the University of New South Wales, Central Queensland University, Edith Cowan University, etc. He joined the team of My Assignment Services as a consulting expert and now is a full-time academic help provider. His expertise in the field of management covers topics like leadership management, human resource management, business management and several others. His blogs focus on solving the most complex of the queries and simplifying the processes.

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