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DRIVE: SPRING 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
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
Q.2: What is Risk Opportunity and
Management System (ROMS)? What are its benefits?
A. Define ROMS, why was it
designed, how can it be used? (2 marks)
List its objectives (2 marks)
Describe the output of ROMS (2
marks)
List any 4 benefits of ROMS 4 (1
mark for each benefit)
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.
1. Using Internet, identify a project and list down all the activities
and milestones of a project and the activity risks associated with these
milestones.
2. Using Internet, identify a project and the activity risks associated
with it.
Categorise the risks into three groups: controllable known,
uncontrollable known and unknown. Find out the percentage of “unknowns” in
total risks at the beginning and towards the end of the project.
- Using
Internet, identify a project and list down all the activities and
milestones of a project and the activity risks associated with these
milestones.
- Using
Internet, identify a project and the activity risks associated with it.
Categorise the risks into three groups: controllable known, uncontrollable
known and unknown. Find out the percentage of “unknowns” in total risks at
the beginning and towards the end of the project.
Answer:
Milestones are significant events
within a project schedule. They are not work activities. They can be considered
as “activities with zero duration”. Milestones are often used to indicate a
phase end, completion of a deliverable, or a checkpoint in the project
execution. A milestone is a logical point in a project but at this point, no
work is actually done. So do milestones have activity risks? The answer is yes.
First, a milestone
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 incidents. The sources of people risks
can be divided into two main categories, which are as follows:
1. Availability
Q.5: What are different types of
scope risks?
A. List the types of scope risks
(1 marks)
Explain the 3 scope risks 9 (3
marks for each risk)
Answer:
List the types of scope risks:
The different types
of scope risks are discussed as follows:
ü
Scope creep
ü
Scope gap
ü
Scope dependency
ü
Defect
Explain the 3 scope risks:
Scope creep
Scope creep is the
most common scope risk. It stems from gaps in the understanding or
documentation of requirements. It is a dispute between the customer and project
team over the scope boundary. In most scenarios, the requirements evolve and
mutate as the project progresses. It happens when the customer pushes for
including something that was not included in the
Q.6: 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:
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
Get fully solved assignment. Buy online from website
online store
or
plz drop a mail with your sub code
we will revert you within 2-3 hour or immediate
Charges rs
125/subject and rs 700/semester only.
if urgent then call us on 08791490301, 08273413412
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