PM0016-Project risk management

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Summer 2013

Master of Business Administration-MBA Semester 4

PM 0016-Project risk management

Q1. Explain the various inputs and tools and techniques of qualitative risk analysis process.

(Major inputs – 4 marks, tools and techniques – 6 marks) 10 marks

Answer :  Inputs of qualitative risk analysis process :

1. Risk register:

This of course, is the source of all of the known risks that are to be analyzed.

2. Risk management plan :

Because this is in affect a risk management strategy document for the project, it will clarify the overall approach that needs to be taken to risk management on this particular project as well as stating how much risk is acceptable and who should be involved in carrying out the

Q2. The risk mitigation methodology describes the approach to control implementation. Explain the steps of the methodology.

 (8.75 marks for methodology, conclusion – 1.25 marks) 10 marks

Answer :  Steps of risk mitigation methodology :

1. Determine the appropriate risk manager:

 The risk manager is responsible for identifying and implementing the risk mitigation plan. He or she must have the knowledge, authority, and resources to implement the plan. Risk mitigation activities will not be effective without an engaged risk manager. It may be necessary to engage higher levels in the customer organization to ensure the need for the risk manager is addressed. This

Q3. There are two main strategies to handle risks, negative risks and positive risks. Explain the Response strategies for threats (Negative Risks) .

(4 X 2.5 marks for each strategy) 10 marks

Answer :  Response strategies for threats :

For both positive and negative risks, Risk Acceptance is the common response strategy. Another commonality between both types of risks is ensuring that risk identification and response are recurring processes. This is one of the golden rules to follow while managing risks and creating more effective risk management strategies.

On projects, risks can be identified through various project activities, such as during a SWOT Analysis. Whatever the source, there are four ways to respond to

Q4. What are the tips to remove the top three project estimating risks? Explain in brief.

 (Explanation of tips – 9 marks; conclusion- 1 mark) 10 marks

Answer :  Top three project estimating risks :

1. The presence of hidden or unknown variables that are difficult or impossible to anticipate, and sometimes even more difficult to resolve.

2. Our often-idealistic views of our own capabilities. We frequently believe that we can achieve much more than is possible in the available time.

3. A strong human desire to please other

Q5. An organisation building a risk-based culture must offer incentives for incorporating risk into the project planning and control process. Analyze the concept of performance incentive.

(Importance of offering incentives – 2 marks; Explanation of categories of incentive including the analysis of it motivates employees to take a particular course of action – 8 marks) 10 marks

Answer :  Importance of offering incentives :

Incentive is an act or promise for greater action. It is also called as a stimulus to greater action. Incentives are something which are given in addition to wagers. It means additional remuneration or benefit to an employee in recognition of achievement or better work. Incentives provide a spur or zeal in the employees for better performance. It is a natural thing that nobody acts

Q6. Explain project reviews and risk reassessment briefly.

 (Reasons for reviews and reassessment – 2 marks; Outcome of reviews – 2 marks; Explanation of: Schedule the review, Objectives for the review, Conduct the review - 6 marks) 10 marks

Answer :  Reasons for reviews and reassessment :

The purpose of review and reassessment is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives.

Risk management is a continuous, forward-

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