PM0016 –PROJECT RISK MANAGEMENT

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ASSIGNMENT

DRIVE	SPRING 2015
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBA (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM 0016 –PROJECT RISK MANAGEMENT
BK ID	B2012
CREDITS AND MARKS	4 CREDITS AND 60 MARKS

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. What are the different risk categories? What is Risk Breakdown Structure (RBS)?

Answer:The risks faced by an organisation should be categorised in relation to what the organisation does. There are a number of commonly used categories which help to group risks according to the various aspects of the organisation and its activities which you need to consider.

Explain the 4 different risk categories:

Q. 2. What is Risk Opportunity and Management System (ROMS)? What are its benefits?

Answer:ROMS is based on 20 years of research and current best practice across a range of high risk industry sectors including construction, mining, security, nuclear power, defence, social and economic infrastructure, ports, health, emergency management, asset management etc. ROMS is designed to provide a consistent, systematic and integrated approach to risk and opportunity management across your entire business.

Q. 3. List the mitigation strategies/ideas for scope risks, schedule risks and resource.

Answer: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. Risk management’s objective is to assure uncertainty does not deviate the endeavor from the business goals.

Q. 4. What are the sources of resource risks?

Answer:For medical devices, risk management is a process for identifying, evaluating and mitigating risks associated with harm to people and damage to property or the environment. Risk management is an integral part of medical device design and development, production processes and evaluation of field experience, and is applicable to all types of medical devices. The evidence of its application is required by most regulatory bodies such as FDA. The management of risks for medical devices is described by the International Organization for

Q. 5. What are different types of scope risks?

Answer:While scope risks represented roughly one-third of the data in the Project Experience Risk Information Library (PERIL) database, they account for close to half of the total impact. The two broad categories of scope risk in PERIL relate to changes and to defects. By far the most damage was due to poorly managed change, but all scope risks represent significant exposure in typical high-tech projects. While some of the risk situations,

Q. 6. Explain the three point estimates used in quantitative risk analysis.

Answer:The three-point estimation technique is used in management and information systems applications for the construction of an approximate probability distribution representing the outcome of future events, based on very limited information. While the distribution used for the approximation might be a normal distribution, this is not always so and, for example a triangular distribution might be used, depending on the application.

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Send your semester & Specialization name to our mail id :

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