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[email protected] or contact at 09882243490 Master of Business Administration- MBA Semester 4 PM0016-Project Risk Management (Book ID: B2012) Assignment (60 Marks) Note: Answer all questions must be written within 300 to 400 words each. Each Question carries 10 marks 6 X 10=60. Q1. What is Project Risk? Explain different sources of project risk with examples. 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. Q2. What is Risk Opportunity and Management System (ROMS)? What are its benefits? Answer. 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 project’s lifecycle. It can also be used for
Q3. What is Project Activity Risk? Explain different Categories of Risk with examples. Answer. A risk factor is a situation that may give rise to one or more project risks. A risk factor itself doesn’t cause you to miss a product, schedule, or resource target.
However, it increases the chances that something may happen that will cause you to miss one.
Q4. 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 incidents. The sources of people risks can be divided into two main categories, which are as follows: 1. Availability Kendrick (2008) discusses four scenarios related to the availability of people that lead to people risks. They are as follows: Staff leaving the project permanently: Losing people permanently during the course of the project is one of
Q5. What are different types of scope risks? Answer. The different types of scope risks are discussed as follows:
Scope creep Scope gap Scope dependency Defect
3 scope risks: Scope creep Scope creep is the most common scope risk. It stems from gaps in the understanding or documentation of
Q6. Explain the three point estimates used in quantitative risk analysis. A. Explain the term “three point estimates” (2 marks) Why are they used in quantitative risk analysis (4 marks) How is it different from PERT distributions (4 marks) Answer. “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
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