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DRIVE –Fall 2014
PROGRAM/SEMESTER-
MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE &
NAME-PM 0016 –PROJECT RISK MANAGEMENT
Q1.
Mention the steps followed in the risk identification process.
(Explain
the five steps followed in the risk, identification process) 10
Ans-
Steps
followed in the risk identification process
The identification of the risks
can be done by following the below steps.
Step 1: Identifying the right project
manager for the risk management task forms the first step. The project manager
is the chief anchor of any project. The person must be capable of handling the
entire project and must be aware of all possible risks. The choice of the project
manager should be based on not just eligibility but also the person’s
availability (dedicated time to be allotted) to handle the task.
Q2.
What are the strategies used in risk response planning process.
(Explain
the strategies for negative risks, Explain the strategies for positive risks)
5,5
Ans-
Strategies
for negative risks
The first three strategies
mentioned are used to deal only with risks that have negative impacts on
project objectives. The fourth strategy can be used for both negative as well
as positive risks and opportunities.
Avoid: This plan involves making alteration
in the project management plan that eradicates the threat completely from the
project. This also involves making changes to the project objectives. Most of
the organisations plan to shut down the project to avoid risk.
Q-3.
What are the steps to balance short term and long term plans? What are the risk
impacts? Give examples.10
A.
Listing of the steps to balance short term and long term plans-5
B.
Examples of risk impact 5
Ans-
A.
Steps to balance short term and long term plans
There are various steps to
balance short-term plans with long-term plans.
This balancing also helps the
risk management of such goals. Some of them include:
·
Discussing
with a higher authority to determine how much time you and your team should be
allocating towards short-term issues versus longterm plans along with their
respective risk management plans.
Q-4.
Explain contract management? List the
differences between a program and a project in business.
(Explanation
of contract management including types of contracts-5, Listing the differences
between a program and a project in business -5) 10
Contract
management
There are many things involved in
a project risk policy. One of them is contract management. Various kinds of
contract can have an impact on the success of risk management strategies. As
shown in the figure, the buyer and a seller risk is associated with a variety
of contract types. For Example fixed price contracts create risk for the
seller, while cost reimbursement contract creates risk for the buyers. Time and
materials (T&M) Contracts fall in between.
Q-5.
Pavan Misra is a project manager in Latitude Software Pvt Ltd Company. Pavan attended
the seminar conducted annually in HCF convention centre, Lucknow. One of the
managers portrayed the following situation at a company at which he had worked:
In any organisation the project managers were remunerated for rectifying the
problems in troubled projects. A manager who took a project that was not in
good shape had refurbished it to good shape and it was appreciated by the
customers. He could foresee a sizable bonus at his next performance review. The
management analysed it to be a proper way to encourage their employees to
outstanding performance.
One
project manager at this company analysed this incentive system and, as should have
been expected by upper management, employed it in his own best interest. He would
secretly allow his projects to worsen slowly until they were on the edge of cancellation,
then, with obvious, evident, heroic effort, would revive them. His actions – of
which he made certain that his managers were aware – earned him considerable bonuses
time and again. The higher management finally came to know that he was the cause
of the problems that his projects suffered, and he was immediately dismissed. Pavan’s
response to this presentation was twofold:
Good
for the Manager
Top
management at this company made it apparent to the project manager that it was his
interest to save a troubled project. If top management didn't analyse to
provide him with a troubled project, he had to provide it for himself. The
manager showed discernment and cleverness in supervising his projects in such a
way that he could concurrently attain the company's goal and his own (financial
reward).
Shame
on the Company
Top
management at this company failed to guarantee that the project manager's best interest
overlapped with the company's best interest. If the company wanted to have projects
that were in good shape throughout their lifetimes, then their incentives to
the project managers should have been focused toward keeping projects healthy. Managers
whose projects never weakened should have received greater bonuses than managers
whose projects suffered and later recovered. Furthermore, they failed to distinguish
the apparent skill that this manager had; rather than firing this manager the company
should have changed its incentive system and let this manager grow in a situation
that would simultaneously benefit the company.
What
could have the company done to avoid such situation? Do you think that Risk mitigation
is a useful approach for this company? Justify.10
A.
evaluation of what the company could have done(relate it to evidence from the
case) 5, statement whether risk
mitigation is useful 1, state the reasons for this stand 4
Ans.
Work
done to avoid such situation
Employee motivation is probably
the most important single manageable factor for success and profitability of
all the facets of specialty store retailing. It is too vital to be handled on a
hit or miss basis, depending on the whim or spirit that stirs the store owner
or manager from time to time. To be effective, employee motivation must be
promoted on a day-to-day, month-to-month basis. Most companies give lip service
to the importance of good employees, but they don’t actually treat them as
though they’re important. So companies should keep most of their great people,
at every level, treat them like valued partners in the business’ success.
Q-6. Explain the need for documentation? 10
A.
Why documentation is vital 1 ,Aspects of project to document 7, Benefits 2
Ans.
Need for Documentation
Documentation is a vital need in
project management. There are many benefits in having proper documentation in
place. Accurate documentation provides easier usage and is the best reference
point to know the processes and procedures. It helps to standardise processes
and facilitates reviews. It is very useful for new employees during their
knowledge-transfer. Hence, creating a well-structured and well-written document
makes things simple.
Get fully solved assignment, plz drop a mail with your sub code
computeroperator4@gmail.com
Charges rs
125/subject and rs 700/semester only.
if urgent then call us
on 08791490301, 08273413412
our website is www.smuassignment.in
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