PM0016 –PROJECT RISK MANAGEMENT

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DRIVE –Fall 2014

PROGRAM/SEMESTER- MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2)

SUBJECT CODE & NAME-PM 0016 –PROJECT RISK MANAGEMENT

Q1. Mention the steps followed in the risk identification process.

(Explain the five steps followed in the risk, identification process)   10

Ans-

Steps followed in the risk identification process

The identification of the risks can be done by following the below steps.

Step 1: Identifying the right project manager for the risk management task forms the first step. The project manager is the chief anchor of any project. The person must be capable of handling the entire project and must be aware of all possible risks. The choice of the project manager should be based on not just eligibility but also the person’s availability (dedicated time to be allotted) to handle the task.

Q2. What are the strategies used in risk response planning process.

(Explain the strategies for negative risks, Explain the strategies for positive risks) 5,5    

Ans-

Strategies for negative risks

The first three strategies mentioned are used to deal only with risks that have negative impacts on project objectives. The fourth strategy can be used for both negative as well as positive risks and opportunities.

Avoid: This plan involves making alteration in the project management plan that eradicates the threat completely from the project. This also involves making changes to the project objectives. Most of the organisations plan to shut down the project to avoid risk.

Q-3. What are the steps to balance short term and long term plans? What are the risk impacts? Give examples.10

A. Listing of the steps to balance short term and long term plans-5

B. Examples of risk impact 5

Ans-

A. Steps to balance short term and long term plans

There are various steps to balance short-term plans with long-term plans.

This balancing also helps the risk management of such goals. Some of them include:

·         Discussing with a higher authority to determine how much time you and your team should be allocating towards short-term issues versus longterm plans along with their respective risk management plans.

 Q-4. Explain contract management? List the differences between a program and a project in business.

(Explanation of contract management including types of contracts-5, Listing the differences between a program and a project in business -5) 10

Contract management

There are many things involved in a project risk policy. One of them is contract management. Various kinds of contract can have an impact on the success of risk management strategies. As shown in the figure, the buyer and a seller risk is associated with a variety of contract types. For Example fixed price contracts create risk for the seller, while cost reimbursement contract creates risk for the buyers. Time and materials (T&M) Contracts fall in between.

Q-5. Pavan Misra is a project manager in Latitude Software Pvt Ltd Company. Pavan attended the seminar conducted annually in HCF convention centre, Lucknow. One of the managers portrayed the following situation at a company at which he had worked: In any organisation the project managers were remunerated for rectifying the problems in troubled projects. A manager who took a project that was not in good shape had refurbished it to good shape and it was appreciated by the customers. He could foresee a sizable bonus at his next performance review. The management analysed it to be a proper way to encourage their employees to outstanding performance.

One project manager at this company analysed this incentive system and, as should have been expected by upper management, employed it in his own best interest. He would secretly allow his projects to worsen slowly until they were on the edge of cancellation, then, with obvious, evident, heroic effort, would revive them. His actions – of which he made certain that his managers were aware – earned him considerable bonuses time and again. The higher management finally came to know that he was the cause of the problems that his projects suffered, and he was immediately dismissed. Pavan’s response to this presentation was twofold:

Good for the Manager

Top management at this company made it apparent to the project manager that it was his interest to save a troubled project. If top management didn't analyse to provide him with a troubled project, he had to provide it for himself. The manager showed discernment and cleverness in supervising his projects in such a way that he could concurrently attain the company's goal and his own (financial reward).

Shame on the Company

Top management at this company failed to guarantee that the project manager's best interest overlapped with the company's best interest. If the company wanted to have projects that were in good shape throughout their lifetimes, then their incentives to the project managers should have been focused toward keeping projects healthy. Managers whose projects never weakened should have received greater bonuses than managers whose projects suffered and later recovered. Furthermore, they failed to distinguish the apparent skill that this manager had; rather than firing this manager the company should have changed its incentive system and let this manager grow in a situation that would simultaneously benefit the company.

What could have the company done to avoid such situation? Do you think that Risk mitigation is a useful approach for this company? Justify.10

A. evaluation of what the company could have done(relate it to evidence from the case) 5,  statement whether risk mitigation is useful 1, state the reasons for this stand 4

Ans.

Work done to avoid such situation

Employee motivation is probably the most important single manageable factor for success and profitability of all the facets of specialty store retailing. It is too vital to be handled on a hit or miss basis, depending on the whim or spirit that stirs the store owner or manager from time to time. To be effective, employee motivation must be promoted on a day-to-day, month-to-month basis. Most companies give lip service to the importance of good employees, but they don’t actually treat them as though they’re important. So companies should keep most of their great people, at every level, treat them like valued partners in the business’ success.

Q-6. Explain the need for documentation? 10

A. Why documentation is vital 1 ,Aspects of project to document 7, Benefits 2

Ans.

Need for Documentation

Documentation is a vital need in project management. There are many benefits in having proper documentation in place. Accurate documentation provides easier usage and is the best reference point to know the processes and procedures. It helps to standardise processes and facilitates reviews. It is very useful for new employees during their knowledge-transfer. Hence, creating a well-structured and well-written document makes things simple.

Dear students get fully solved  SMU MBA Fall 2014 assignments

Send your semester & Specialization name to our mail id :

  “ help.mbaassignments@gmail.com ”

or

Call us at : 08263069601

These are just questions for reference . To check samples see our latest uploads in blog archive or search assignments .

(Prefer mailing. Call in emergency )