PM 0016 —PROJECT RISK MANAGEMENT
ASSIGNMENT
| DRIVE | FALL 2014 |
| PROGRAM | MBADS (SEM 4/SEM 6) MBAFLEX/ MBA (SEM 4) PGDPMN (SEM 2) |
| SUBJECT CODE & NAME | PM 0016 —PROJECT RISK MANAGEMENT |
| BK ID | B1345 |
| CREDIT AND MARKS | 4 CREDITS AND 60 MARKS |
| Q.No |
Criteria |
Marks | Total Marks |
|
1 |
Mention the steps followed in the risk identification process. | ||
|
A |
Explain the five steps followed in the risk
identification process |
10(2 marks for each
step) |
10 |
|
2 |
What are the strategies used in risk response planning process. | ||
|
A |
Explain the strategies for negative risks
Explain the strategies for positive risks |
5
5 |
10 |
|
3 |
What are the steps to balance short term and long term plans? What are the risk
impacts? Give examples. |
||
|
A |
Listing of the steps to balance short term and
long term plans
Examples of risk impact |
5
5 |
10 |
|
4 |
Explain contract management? List the differences between a program and a project in
business. |
||
|
A |
Explanation of contract management
including types of contracts
Listing the differences between a program and a project in business |
5
5 |
10 |
|
5 |
Pavan Misra is a project manager in Latitude Software Pvt Ltd Company. Pavan attended the seminar conducted annually in HCF convention centre, Lucknow. One of the managers portrayed the following situation at a company at which he had worked:
In any organisation the project managers were remunerated for rectifying the problems in troubled projects. A manager who took a project that was not in good shape had refurbished it to good shape and it was appreciated by the customers. He could foresee a sizable bonus at his next performance review. The management analysed it to be a |
||
| proper way to encourage their employees to outstanding performance.
One project manager at this company analysed this incentive system and, as should have been expected by upper management, employed it in his own best interest. He would secretly allow his projects to worsen slowly until they were on the edge of cancellation, then, with obvious, evident, heroic effort, would revive them. His actions — of which he made certain that his managers were aware — earned him considerable bonuses time and again. The higher management finally came to know that he was the cause of the problems that his projects suffered, and he was immediately dismissed.
Pavan’s response to this presentation was twofold:
Good for the Manager Top management at this company made it apparent to the project manager that it was his interest to save a troubled project. If top management didn’t analyse to provide him with a troubled project, he had to provide it for himself. The manager showed discernment and cleverness in supervising his projects in such a way that he could concurrently attain the company’s goal and his own (financial reward).
Shame on the Company Top management at this company failed to guarantee that the project manager’s best interest overlapped with the company’s best interest. If the company wanted to have projects that were in good shape throughout their lifetimes, then their incentives to the project managers should have been focused toward keeping projects healthy. Managers whose projects never weakened should have received greater bonuses than managers whose projects suffered and later recovered. Furthermore, they failed to distinguish the apparent skill that this manager had; rather than firing this manager the company should have changed its incentive system and let this manager grow in a situation that would simultaneously benefit the company.
What could have the company done to avoid such situation? Do you think that Risk mitigation is a useful approach for this company? Justify. |
|||
|
A |
evaluation of what the company could have
done(relate it to evidence from the case) statement whether risk mitigation is useful state the reasons for this stand |
5
1
4 |
10 |
|
6 |
Explain the need for documentation? | ||
|
A |
Why documentation is vital
Aspects of project to document
Benefits |
1
7
2 |
10 |
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