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PROGRAM
Masters of
Business Administration - MBA
SEMESTER
IV
SUBJECT
CODE & NAME
PM0016
Project
Risk Management
Qus:1 Define Voluntary and
Involuntary Risks associated with project.
Answer: Voluntary risk, as the name
suggests, is a wilful act on the part of the project manager. The popular
notion of “No pain, no gain” suggests that risk and reward go together. To
achieve large gains, a project manager would willingly take calculated risks.
This is known as voluntary risk. The keyword that
we need to know in understanding voluntary risk is risk tolerance or in common
parlance, risk
Qus:2 Elaborate how Probability
Distribution is used in Risk Analysis.
Answer: The risk analysis process consists
of using available information to determine how often a risk event can occur
and what can be the consequences, if it occurred. There are two main methods of
risk analysis: qualitative risk analysis and quantitative risk analysis.
Qualitative risk analysis, as the
Qus:3 Write a detail note on ‘Qualitative Risk’
Answer: “Quality” is an intangible concept
that is hard to define. Different people define it differently. They would not
only differ in the meaning of quality, but also the scale/grade on which the
quality of
Qus:4 Detail the process of risk
management planning
Answer: The steps in the risk management
planning are different from the steps in the risk management process. The steps
in the planning help establish and streamline the risk management process. So,
let us look at the project risk management process steps/flow and then, look at
the corresponding steps in the planning that facilitate those. The flow of risk
management is
Qus:5 What do you understand by Schedule risk? Describe the
methodology of Schedule risk estimation.
Answer: Schedule risk refers to a risk that
signifies that the project is delayed from the scheduled period. To determine
how much a project gets delayed from its schedule
Qus:6 Elaborate Risk Response Planning
Answer: Risk response planning is the final
step in risk management planning. It follows the analysis and evaluation of
risks and creation of options. The two basic options of risk response can be
drawn on the basis of the two categories of risks, as discussed in the last
section, dealing with
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