PM0016 –Project Risk Management

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(Winter/November 2012)

Master of Business Administration - MBA Semester 4

“Project Management” Specialization

PM 0016 –Project Risk Management (4 credits)

(Book ID: B1345)

ASSIGNMENT- Set 1

Marks 60

Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.

Q1.a. What are the steps involved for effective management of risk in an organisation? 5 marks(150-200) words

Answer : When your organization talks about risk management, what does it mean? According to Gartner, many enterprises are inconsistent in the use and application of the term. So it's no surprise that risk management often ends up siloed into separate

b. What are the steps involved for effective management of risk in an organisation? 5 marks(150-200) words

Answer : When your organization talks about risk management, what does it mean? According to Gartner, many enterprises are inconsistent in the use and application of the term. So it's no surprise that risk management often ends up siloed into separate functional areas such as business continuity, security,

Q2. What are the basic principles followed by the GMP guideline?           10 marks(300-400) words

Answer : Good manufacturing practice (GMP) is considered as part of quality assurance. It enables you to meet overall project quality, timeline, and cost objectives. This helps to consistently produce the products and maintain the quality standards, suitable to their specific use, as per the market authorisation. It helps the

Q3. Explain the various inputs and outputs of the Qualitative risk analysis process.   10 marks(300-400) words

Answer : Perform Qualitative Risk Analysis

Qualitative risk analysis is

Q4. Give a brief explanation of Monte Carlo Simulation                            10 marks(300-400) words

Answer : Risk analysis is part of every decision we make. We are constantly faced with uncertainty, ambiguity, and variability. And even though we have unprecedented access to information, we can’t accurately predict the future. Monte Carlo simulation (also known as the Monte Carlo Method) lets you see all the possible outcomes

Q5.a. What are the data sources required to prepare risk document ?    5 marks(150-200) words

Answer : These are the minimum requirements to serve as a Chart Tools Data source:

·         The data source should accept HTTP GET requests, and should be available to your clients.

·         The protocol can change and supports a version scheme (the current version is 0.6), so your data source should support

b. What are the major outputs of risk monitoring and control?                5 marks(150-200) words

Answer : .1 Risk Register (Updates)

An updated risk register contains:

Outcomes of risk reassessments, risk audits, and periodic risk reviews. These outcomes may include updates to probability, impact, priority, response plans, ownership, and other elements of the risk register. Outcomes can also include

Q6. What are the steps involved in strategic risk response planning?   10 marks(300-400) words

Answer : Risk Response Planning Techniques

Strategies for Negative Risks or Threats

o   Avoidance (elimination/abatement) Eliminate the threat posed by an adverse risk. Can be done by changing the Project Plan or protecting (isolating) project objectives from its impact. Or relaxing time, cost, scope and quality or cut scope

o   Mitigation (reduction) Reduce the Expected Monetary Value by reducing probability or impact. Float can be use

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