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PM 0016 —Project Risk Management

(Spring/Feb 2013)
Master of Business Administration – MBA Semester 4
“Project Management” Specialization
PM 0016 —Project Risk Management (4 credits)
(Book ID: B1345)
ASSIGNMENT- Set 1
Marks 60
Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.
Q1. Write a note on Process Maturity Model.
Answer : Description of Process Maturity
Process maturity is an indication of how close a developing process is to being complete and capable of continual improvement through qualitative measures and feedback. Thus, for a process to be mature, it has to be complete in its usefulness, automated, reliable in information and continuously improving.
The maturity of a process or activity can be defined
Q2. Explain the steps involved in performing risk analysis.10 marks(300-400) words10 marks(300-400) words
Answer : Step 1: Identify the hazards
First you need to work out how people could be harmed. When you work in a place every day it is easy to overlook some hazards, so here are some tips to help you identify the ones that matter:
·         Walk around your workplace and look at what could reasonably be expected to cause harm.
·         Ask your employees or their representatives what they think. They may have noticed things that are not immediately obvious to you. For information on how you can do this please visit our worker involvement pages.
Q3. Evaluate the tools used to monitor risks 10 marks(300-400) words
Answer : Below is a list of risk assessment tools available for your use:
Tool Name
Description
Q4. Explain the six risk management tools .10 marks(300-400) words
Answer : The following diagram illustrates the six steps of the risk management process: identify, analyze and prioritize, plan and schedule, track and report, control, and learn. It is important to understand that the process of
Q5. Assess how and why change fails and analyse the reasons for resistance to change .10 marks(300-400) words
Answer : Despite the potential positive outcomes, change is nearly always resisted. A degree of resistance is normal since change is:
·         Disruptive, and
·         Stressful
Kotter and Schlesinger identified four key reasons why change is resisted:
Q6. Analyse the event chain methodology.10 marks(300-400) words
Answer : Introduction
In the initial stages of a project, complex processes and the many risks involved makes it impossible to accurately model. A model of a project is necessary for efficient project management.
Event Chain Methodology, an

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