Project risk management essay questions

So, do something which is only possible if all stakeholders agree to act on a risk element. The risk process includes potential risk, actual occurrence, and impact.

Not only for the assessment portion, but to cover the whole project risk management process cycle: The constructively simple approach to decision making is relevant in decision processes such as strategy formulation where the context involves high levels of uncertainty.

The conventional stages of risk management are typically represented by a six phase approach namely: In subjective assessment, bias is inevitable. Additional approaches include a strength, weaknesses, opportunities and threats SWOT analysis, constraints and assumptions analysis or force field analysis to identify positive and negative influences on the achievement of objectives.

The techniques may be used to identify both opportunities and threats. It can be argued that the nature of project risk management fills a narrower spectrum of risk management which is more tactical than strategic in nature, and is structured within a broader enterprise uncertainty management programme.

Free Business essays

These in turn influence the risk management process to be implemented. Tuesday, 10 March But usually, if I got people to agree on root causes everyone can see in the present, they very rapidly agree about the impact of doing nothing about it.

Risk perception is the subjective understanding of exposure to loss or damage to people, property, or interests as a basis for doing business and offering services.

Risk is imperfect knowledge where the probabilities of possible outcomes are known and uncertainty exists when these probabilities are not known. Me or another facilitator?

This is especially true because ranges of variables and associated probabilities are calculated and could be assigned best case minimum optimistic or worst case maximum pessimistic estimates to include threats and opportunities. These nice looking matrices are useless if we do not act on them.

The defensive strategy followed by a contractor is to set off through contingency charges, conservatism in servicing the contract or accepting project alternatives and resolving disputes through legal process.

Most people just hate to talk about risks This approach limits the degree of risk sharing and the ranking in terms of cost efficiency and satisfaction.

Lastly, the motivation from a behavioural perspective is a key consideration in capacity to manage risk. Inappropriate risk allocation may therefore occur across a multi-party project environment.

Risk monitoring and control so It incorporates a decision support approach as opposed to decision making, enhances skills in decision making, involves synthesis from a holistic perspective, requires interpretation whilst stimulating creativity, utilises a facilitative approach that embraces corporate learning, and can accommodate both specific and general processes.

Risk identification is an iterative organised process for identifying risk events which may affect the project. Identified risks are then assessed qualitatively by assigning values to an event probability and consequences as a basis for determining a qualitative risk factor.

It repeated at different phases of the project life cycle. I strongly believe so. Several factors complicate the analysis including possible multiple effects on a number of systems by a single risk event and false impressions of precision and reliability through the deployment of mathematical techniques.

The implementation and effectiveness of the response is then monitored and measured and adjustments made where appropriate. This phase requires the explicit statement of inclusion of both opportunities and threats with detailed documentation of opportunity management processes.

Ambiguity is associated with uncertainty in the interpretation of variable data sources influenced by the behavioural constructs of those involved in the process. Uncertainty management in a multi-party environment emphasises the need to understand and manage sources of project uncertainty.

The underlying principle is that of risk distribution so that the total effect of the total expected cost is minimised.

The requirements for an effective risk management process therefore include the project context and characteristics of all participants. Risk responses are usually grouped according to the intended effect on the risk being managed.

A project has a defined beginning and end, is designed to achieve a specific objective and consumes funding and resources to achieve that end.

No, we are not there all the time.Jun 14,  · Project Management Assignment Question & Answers Question: Your task for this part of the assessment item is to answer the following two questions/5(K).

D. Configuration management system. 3. The project manager meets with the project team to review lessons learned from B. Scope identification. C. Risk identification. D. Project team status meeting.

Title: Project Management Professional Sample Questions Author: sfarnan. Database of FREE Project Management essays - We have thousands of free essays across a wide range of subject areas. Sample Project Management essays!

Risk management planning is an iterative process throughout a project and involves the frequent review project objectives and technical description, project assumptions, roles and responsibilities which form the basis for a risk management plan.

Project Risk Management in 12 Questions Many people ask me how I proceed when doing a project risk assessment workshop on a project. Well I ask questions. Actually 12 of them repeatedly.

Not only for the assessment portion, but to cover the whole project risk management process cycle: identification, reality check (not in PMBoK per se. Project Risk Management is the systematic process of identifying, analyzing, and responding to project risk.

It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives.

Project risk management essay questions
Rated 3/5 based on 87 review