PM 0016 —PROJECT RISK MANAGEMENT
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MASTER OF BUSINESS ADMINISTRATION (MBA) – PROJECT MANAGEMENT
SEMESTER 4
PM 0016 —PROJECT RISK MANAGEMENT
Q1. Define Risk Management. Explain the seven step process in risk management planning.
[Definition of Risk Management, Explanation of the seven step process risk management planning]
Answer.
Risk Management
Risk management process helps you to access all possible risks that project faces, prioritise the risks according to their impact on the project and plan in order to take necessary action to reduce the risk impact or any possibility of its occurrence. Project risk management can be considered as the strategic tool used by many organisations to deal with risks in order to achieve project objectives. The main aim of risk management is to reduce the possibility of failure or
Q2. The risk mitigation methodology describes the approach to control implementation. Explain the steps of the methodology.
[Explain the steps of risk mitigation methodology, Conclusion]
Answer.
Steps of risk mitigation methodology
Risk mitigation includes prioritising, evaluating, and implementing the appropriate risk-reducing controls recommended from the risk assessment process.
The following risk mitigation methodology describes the approach to control implementation:
Q3. Write short notes on:
- Keane’s Risk Process
- Monte Carlo Simulation
- Categories of project risk
- Importance of a risk register
[Keane’s Risk Process Monte Carlo Simulation Categories of project risk Importance of a risk register]
Answer.
Keane’s Risk Process
Keane Inc. a leading information technology firm connects and integrates risk with cost and schedule estimation. Keene’s success has depended upon the ability to deliver high-quality products within estimated time and budget constraints. This is a popular example to analyse a strong risk management culture in Keane Company. This company
Q4. What is a fishbone diagram? Explain the various tasks involved in constructing a Fishbone diagram.
[Definition of fishbone diagram, Why is it used, Describe the tasks involved in constructing a Fishbone diagram]
Answer.
Fishbone diagram
The Fishbone diagram is also known as the cause and effect diagram or the root cause analysis or the Ishikawa2 diagram. It is called the Fishbone diagram because the diagram resembles that of a fishbone. In simple terms, Fishbone is brainstorming in a structured format. The Fishbone diagram helps us to arrive at the root cause of a problem through
Q5. Benchmarking is considered as a component of Total Quality Management (TQM). Write a note on benchmarking.
[Explain benchmarking (definition, what will happen if there is incorrect benchmarking), List any four Advantages of benchmarking, List any our limitations of benchmarking]
Answer.
Benchmarking
Benchmark is usually referred to as measuring or estimating quality. Benchmarking is a process of improving performance by identifying, adapting and measuring prominent practices and processes from any organisation. In order to have smooth ongoing project, it is necessary to identify the costs,
Q6. What are the tips to remove the top three project estimating risks? Explain
[Listing of the tips, explanation of the tips]
Answer.
Tips to remove the top three project estimating risks
Given below are some tips to remove the top three project estimating mistakes:
Confirm all assumptions (Trust No One)
Client confusion often lands the project managers in a messy situation. Never accept a client or other project manager’s verbal confirmation as final. It is very much possible that clients sometimes are not clear about what they say. For
Dear Students,
SMU MBA Summer 2014 Assignments are available. For Booking ,Kindly mail us on kvsude@gmail.com OR call us to +91 9995105420 or S M S your “ Email ID ” us in the following Format “ On +91 9995105420 we will reach back you with in 24H ”