PM0016 –PROJECT RISK MANAGEMENT

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ASSIGNMENT

DRIVE	SUMMER 2014
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM 0016 –PROJECT RISK MANAGEMENT
BK ID	B1345
SEMESTER	4
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q.1. Define Risk Management. Explain the seven step process in risk management planning.

Answer: - Risk Management:- Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack from an adversary, or events of

Q.2. The risk mitigation methodology describes the approach to control implementation. Explain the steps of the methodology.

Answer: - Risk mitigation methodology:- Risk management takes place at all levels and in all areas of QM, using the same  methodology and reporting through the use of Risk Registers. These are essentially the same at each level, although additional reports are produced at the Strategic Level, for reporting to Audit and Risk Committee, and Council.  Risks from the Strategic Register which are specifically relevant to a particular department, faculty, or school will be cascaded down to the lower level risk register by the representative of that area on the SRMG. Similarly, risks on school, department, or faculty risk registers which are considered to have a

Q.3. Write short notes on:

·         Keane’s Risk Process :- The Keane Organization’s Business Risk Management Solutions (BRMS) division recently unveiled its latest updates to its compliance and risk management software-as-a-service (SaaS) product, SCORE. Keane SCORE™ is a patent-pending integrated risk and compliance process management tool. SCORE collaboratively automates and interlinks the three key processes common to enterprise-wide governance, risk and compliance (GRC) management: Measure, Manage and Monitor.

“Our most recent version of SCORE illustrates one of the primary benefits of our SaaS – flexibility”

Q.4. what is a fishbone diagram? Explain the various tasks involved in constructing a Fishbone diagram.

Answer: - fishbone diagram:- A fishbone diagram, also called a cause and effect diagram or Ishikawa diagram, is a visualization tool for categorizing the potential causes of a problem in order to identify its root causes. Dr. Kaoru Ishikawa, a Japanese quality control expert, is credited with inventing the fishbone diagram to help employees avoid solutions that merely address the symptoms of a much larger problem.

Q.5. Benchmarking is considered as a component of Total Quality Management (TQM). Write a note on benchmarking.

Answer:- Benchmarking:- Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. Dimensions typically measured are quality, time and cost. In the process of best practice benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compares the results and processes of those studied (the "targets") to one's own results and processes. In this way, they learn how well the targets perform and

Q.6. What are the tips to remove the top three project estimating risks? Explain

Answer: - Project estimating risks:- Projects typically involve many dynamic aspects, yet they're often constrained by finite conditions. These contradictory forces make it very difficult to determine with pinpoint accuracy the time and effort required. By using a set of proactive estimating techniques to scope, plan, and constrain your project conditions, you can dramatically improve your estimating practices, reduce and mitigate risks, and increase your project success rate. Projects typically involve many dynamic aspects, yet they're often constrained

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Send your semester & Specialization name to our mail id :

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