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PM0016-Project Risk Management

Spring-2016

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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.

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 occurring and their potential impact if they occur).

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 formulating standard operating procedures and understanding the business risks and opportunities across the entire project portfolios. At a project level, it can be used for assessing the feasibility, analysing the

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.

Answer. 1. 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.

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

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 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 original scope or the project team defines the scope boundary vaguely (what is “in scope” and what is “out of scope”). Implicit requirement is a major factor that leads to scope creep. What customer feels “obvious” and hence, bound to be included in the scope is at times missed because “it was not stated by the customer”. Hence, it is imperative to log in all the requirements instead of assuming implicit requirements to avoid Creep.

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 the cost or schedule effects of a project risk. They can also be used in connection with other important variables of a project. For example, one of the key factors in an aircraft design is weight and a rigorous

Spring-2016

Get solved assignments at nominal price of Rs.125 each.

Mail us at: subjects4u@gmail.com or contact at

09882243490

DMU Timestamp: May 24, 2016 02:30





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