PM0016 –PROJECT RISK MANAGEMENT

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ASSIGNMENT

DRIVE	SPRING 2014
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM 0016 –PROJECT RISK MANAGEMENT
BK ID	B1345
SEMESTER	4
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q. 1 Write short notes on:

• Project risk management team
• Sources of project risk
• Probability and impact matrix technique of qualitative risk analysis
• Behavioural aspects of risk management

Ans :Project risk management team :

An organization will not be able to fully eliminate or eradicate risks. Every project engagement will have its own set of risks to be dealt with. A certain degree of risk will be involved when undertaking a project. The risk management process should not be compromised at any point, if ignored can lead to detrimental effects. The entire management team of the organization should be aware of the project risk management methodologies and techniques.

Enhanced education and frequent risk assessments are the best way to minimize the damage from risks

Q .2 Analyse project constraints .

Ans :Listing of project constraints :

The three constraints in a project management triangle are time, cost and scope. The project management triangle is used by managers to analyze or understand the difficulties that may arise due to implementing and executing a project. All projects irrespective of their size will have many constraints. Although there are many such project constraints, these should not be barriers for successful project execution and for the effective decision making.

Description of the constraints :

1 – Time

Q. 3 Write short notes on:

• Risk avoidance
• Cost budgeting
• Categories of project risk
• Importance of a risk register

Ans :Risk avoidance :

Risk avoidance is the elimination of hazards, activities and exposures that can negatively affect an organization's assets. Whereas risk management aims to control the damages and financial consequences of threatening events, risk avoidance seeks to avoid compromising events entirely.

While the complete elimination of all risk is rarely possible, a risk avoidance strategy is designed to deflect as many threats as possible in order to avoid the costly and disruptive consequences of a damaging event. A risk avoidance methodology attempts to minimize vulnerabilities which can pose a threat. Risk avoidance and mitigation can be achieved through policy and procedure, training and education and technology implementations.

Q. 4 Analyse the organisation risk issue.

Ans:  Treatment of risk by organisations :

Treating risks involves making a decision about what will be done about the risks faced by organisation.The strategies to manage threats (uncertainties with negative consequences) typically include transferring the threat to another party, avoiding the threat, reducing the negative effect or probability of the threat, or even accepting some or all of the potential or actual consequences of a particular threat, and the opposites for opportunities (uncertain future states with benefits).

Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk, whether the

Q.5 Explain the types of change.

Ans: There are many issues to consider in managing business change - whether the changes you're planning are minor or major. The first step in managing your people through change is identifying the type of changes you are making to your business. This step will help you decide how to plan your change process and support your people effectively. There are 3 major types of change.

1. Developmental change :

Q.6  What are the tips to remove the top three project estimating risks? Explain.

Ans : 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 people by telling them what they want to hear. (After all, who wants to be the bearer of bad news?)

Dear students get fully solved assignments

Send your semester & Specialization name to our mail id :

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Call us at : 08263069601

(Prefer mailing. Call in emergency )