PM 0016 –PROJECT RISK MANAGEMENT

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ASSIGNMENT

DRIVE	FALL 2016
PROGRAM	MBA
SEMESTER	IV
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.

Question. 1. What is Project Risk? Explain different sources of project risk with examples

Answer: Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.

Question. 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 has been used as the basis for risk and

Question. 3. What is Project Activity Risk? Explain different Categories of Risk with examples.

Answer: Risk is the uncertainty which is associated with a future event which may or may not occur and a corresponding potential for loss.

In the context of Project Management, Risk Identification and Risk Management are critical areas for the success or failure of any software project. Most

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

Answer: Resource risks represent less than one-third of the records in the PERIL database. There are three categories of resource risk: people, outsourcing, and money. People risks arise within the project team. Outsourcing risks are due to the use of people and services outside the project team to perform critical project work. The third category, money, is something of an anomaly in the data, as very few of the problems reported were

Question. 5. What is Scope Risk? Explain 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

Question. 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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