PM0016 –PROJECT RISK MANAGEMENT

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Assignment

DRIVE	WINTER 2014
PROGRAM	MBADS (SEM 4/SEM 6)  MBAFLEX/ MBA (SEM 4)  PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM 0016 –PROJECT RISK MANAGEMENT
BK ID	B2012
CREDIT AND MARKS	4 CREDITS AND 60 MARKS

1 Describe the various type of project risks.

Answer:

1. Executive Support

Wavering, inconsistent or weak executive commitment is often a project's biggest risk. This can be difficult (but not impossible) to document. Ask for specific commitments. Where you are denied you can document it as a risk.

2. Scope

The quality of your estimates, dependencies and scope management. If an estimate is just a guess, that's a risk. Be sensitive to the comfort level of estimates. If your team is unsure about a particular estimate, you can document this as a risk.

2 Explain the different types of probability distributions in risk analysis.

Answer: Risk analysis is systematic use of available information to determine how often specified events may occur and the magnitude of their consequences.

Risks are typically defined as negative events, such as losing money on a venture or a storm creating large insurance claims. However, the

3 How is the impact of a qualitative risk assessed?

Answer: Risk analysis is systematic use of available information to determine how often specified events may occur and the magnitude of their consequences.

Risks are typically defined as negative events, such as losing money on a venture or a storm creating large insurance claims. However, the process of risk analysis can also uncover potential positive outcomes. By exploring the full space of possible

4 Explain the steps in risk management planning.

Answer: A Risk Management Plan is a document that a project manager prepares to foresee risks, estimate impacts, and define responses to issues. It also contains a risk assessment matrix.

A risk is "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives." Risk is inherent with any project, and project managers should assess risks continually and develop plans to address them. The risk

6 Write short notes on:

(a)Tools for analysing project constraints:

·         Strengths: As they relate to your organization or project’s value chain, strengths are what give your project team or product a distinct advantage over others in your same industry. For example, your project team members and the experience they hold may give you an edge over other organizations or consulting teams.

·         Weaknesses: Intuitively, to

(b)Project status report: The project status report is the project manager's billboard to the world as far as how things are going on his project. It starts clean at the beginning of the project, full of optimism predicting the future of the engagement and indicating what's coming up in the coming days and weeks.

Objectives

(c)Types of project audits based on method of conducting the audit:

·         Financial Audit:A historically oriented, independent evaluation performed for the purpose of attesting to the fairness, accuracy, and reliability of financial data.

·         Operational Audit: A future-oriented, systematic, and independent evaluation of organizational activities.

·         Department Review:A current

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