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DRIVE: Winter 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
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 of a project and manage the
project’s exposure to risk (that is, the probability of specific risks
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
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 project to achieve the desired
objectives. An activity list provides a structure to the project plan. 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 incidents. The sources of
people risks can be divided into two main categories, which are as
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
project's scope explains the boundaries of the project, establishes
responsibilities for each team
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
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