PM0016 –PROJECT RISK MANAGEMENT

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DRIVE: Summer 2016
PROGRAM: MBADS (SEM 4/SEM 6) MBAFLEX/ MBA (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME: PM 0016 –PROJECT RISK MANAGEMENT
BK ID: B2012
CREDIT AND MARKS: 4 CREDITS AND 60 MARKS


Q1.What is Project Risk? Explain different sources of project risk with examples
·         Project Risk
·         Sources of project risk
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

Q.2: What is Risk Opportunity and Management System (ROMS)? What are its benefits?
1. Define ROMS & list its objectives
2. List any 4 benefits of ROMS
Answer:
Define 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

Q3. What is Project Activity Risk? Explain different Categories of Risk with examples.
1. Meaning of Project Activity Risk
2. Different Categories of Risk
Answer:
The first step of creating a schedule (time) management plan is to define an activity and list the different activities involved in a

Q.4: 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

Q.5:
What is Scope Risk? Explain different types of scope risks.
1. Meaning of scope risks
2. Types of scope risks Answer:
Answer:
Project scope is the part of project planning that involves determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
The documentation of a


Q.6: Explain the three point estimates used in quantitative risk analysis.
A. Explain the term “three point estimates” (4 marks)
Why are they used in quantitative risk analysis (6 marks)

Answer:
Explain the term “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

Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601


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