PM0016-Project Risk Management

Winter-2015

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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. Describe the various types of project risks.

Answer. Project risk management is a project management activity that involves identifying, assessing, measuring, documenting, communicating, avoiding, mitigating, transferring, accepting, controlling and managing risk. The process of identifying risks is intuitive for experienced project managers. The following types of risks (risk categories) should be enough to stimulate your creativity.

a counterparty risk. You've replaced a series of project execution risks with a series of procurement risks.

Q2. Explain the different types of probability distributions in risk analysis.

Answer. A probability distribution gathers together all possible outcomes of a random variable (i.e. any quantity for which more than one value is possible), and summarizes these outcomes by indicating the probability of each of them. While a probability distribution is often associated with the bell-shaped curve, recognize that such a curve is only indicative of one specific type of probability, the so-called normal

Q3. How is the impact of a qualitative risk assessed?

Answer. Risk impact assessment is the process of assessing the probabilities and consequences of risk events if they are realized. The results of this assessment are then used to prioritize risks to establish a most-to-least-critical importance ranking. Ranking risks in terms of their criticality or importance provides insights to the project's management on where resources may be needed to manage or mitigate the realization of high probability/high consequence risk events.

Q4. Explain the steps in risk management planning.

Answer. All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps. Together these 5 risk management process steps combine to deliver a simple and effective risk management process.

Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register.

Q5. What are the sources of schedule risk?

Answer. Schedule risks

1. Delays

2. Dependencies

3. Estimates

1. Delay risks

Delay risk represents over half of the schedule risks, and nearly a sixth of all the risks in the PERIL database. Impact from delays was lower on average than for other risks, slightly less than three weeks.

Q6. Write short notes on:

(a) Tools for analysing project constraints

(b) Project status report

(c) Types of project audits based on method of conducting the audit.

Answer. a. Tools:-

1. Critical path method (CPM) is an algorithm for scheduling a set of project activities in a straight line.

2. Critical chain project management is a method of planning and managing projects that emphasizes the resources required to execute project tasks.

Winter-2015

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