PM0016 –PROJECT RISK MANAGEMENT

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DRIVE: Summer 2016

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

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Q1.What is Project Risk? Explain different sources of project risk with examples

·         Project Risk

·         Sources of project risk

Answer:

Risk is one of the major factors to be considered during the management of a project. Risk can be defined as, “A probability or threat of damage, injury, liability, loss or any other negative occurrence that is caused by external or internal vulnerabilities and may be avoided through pre-emptive action”. In other words, risk refers to an uncertain circumstance that can affect at least one project objective.

A project manager should assess risk throughout the lifecycle

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

1. Define ROMS & list its objectives

2. List any 4 benefits of ROMS

Answer:

Define ROMS, why was it designed, how can it be used:

ROMS is a risk and opportunity management system that can be applied throughout an organisation. This system helps in establishing a practical, integrated, systematic, rigorous and collective approach for managing the risks and opportunities over a business’s or

Q3. What is Project Activity Risk? Explain different Categories of Risk with examples.

1. Meaning of Project Activity Risk

2. Different Categories of Risk

Answer:

The first step of creating a schedule (time) management plan is to define an activity and list the different activities involved in a

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

A. Explain the sources of

People risks (4 marks)

Outsourcing risks (3 marks)

Money risks (3 marks)

Answer:

People risks:

Risks related to people represent the maximum risks (by count) in the PERIL database, accounting for more than two-thirds of the total risk

Q.5:

What is Scope Risk? Explain different types of scope risks.

1. Meaning of scope risks

2. Types of scope risks Answer:

Answer:

Project scope is the part of project planning that involves determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.

The documentation of a

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

A. Explain the term “three point estimates” (4 marks)

Why are they used in quantitative risk analysis (6 marks)

Answer:

Explain the term “three point estimates”:

Three-point estimates describe three scenarios (pessimistic, base case and optimistic) and thus, help in considering different outcomes and their impacts. Three-point estimates provide a simple means of representing the magnitude and range of a risk impact or effect. These are most often used for estimating the cost or schedule effects of a project risk. They can also be used in

Dear students get fully solved assignments

Send your semester & Specialization name to our mail id :

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