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BSBOPS501 - Assessment Task 1 Written Questions Template

This document provides instructions for a risk management assessment task. It includes 9 questions requiring descriptions of information sources, resource requirements, budgetary control, cost management, risk minimization procedures, and how legislation and standards relate to risk management. Responses are to be in the form of tables and explanations. The task examines key concepts for planning, acquiring, and managing resources, costs, risks, and compliance for business operations and projects.

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455 views

BSBOPS501 - Assessment Task 1 Written Questions Template

This document provides instructions for a risk management assessment task. It includes 9 questions requiring descriptions of information sources, resource requirements, budgetary control, cost management, risk minimization procedures, and how legislation and standards relate to risk management. Responses are to be in the form of tables and explanations. The task examines key concepts for planning, acquiring, and managing resources, costs, risks, and compliance for business operations and projects.

Uploaded by

bea
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 7

Assessment Task 1 Instructions

Provide answers to all of the questions below:

1. Complete the table below to describe information sources necessary when planning for
resources. The first row has been completed as an example for you to follow.

Information source Description Examples (provide 1)


Colleagues/Employees Colleagues may be part of the Team member
same team, or from another
CFO
team.
Manager of a different team

External consultants

Strategic plan

Budgets and forecasts

Legislation and
regulatory authorities

Organisational policies
and procedures

ECA College RTO 45012 v21.0 Page 1 of 7


2. Complete the table below to describe the requirements for resources included in operational
plans:

Resource Description of the How to acquire the resource


Type resources and 2 examples
Physical How do you acquire physical resources
and/or services?

What does a procurement process include


(list at least four considerations)?

Relevant organisational policies and


procedures (at least one):

Financial What workplace documents provides


information about financial resources?
(describe at least one):

How does the budgeted and actual finances


influence profitability and productivity of the
operational plan?

Explain how to obtain additional finances:

Human How do you recruit staff?

List at least two induction strategies:

Relevant organisational policies and


procedures (at least one):

ECA College RTO 45012 v21.0 Page 2 of 7


3. Explain the importance of budgetary control.  

4. Explain how a cost plan can assist in managing costs and its use over the project life cycle

5. List two organisational policies and procedures that may apply to cost management in relation
projects and resources.

ECA College RTO 45012 v21.0 Page 3 of 7


6. Explain four procedures that a company could use to minimise risk.

7. Explain how legislation and its related regulatory requirements relate to risk management. In your
answer:

 identify two different legislative and regulatory requirements that may apply to risk
management.

ECA College RTO 45012 v21.0 Page 4 of 7


 for each legislative requirement, explain how it relates to risk management.

 provide one example of how regulations support one of the legislation.

ECA College RTO 45012 v21.0 Page 5 of 7


8. The broader environment impacts on a business. Provide one example of how potential changes
in government priorities can impact a business and the risk management strategies that can be
put in place.

9. Discuss the purpose of risk management standards. Include an example of a risk management
standard in your answer.

ECA College RTO 45012 v21.0 Page 6 of 7


ECA College RTO 45012 v21.0 Page 7 of 7

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