Homework: Project Risk Management- Risk Analysis
Project Risk Management
Learning Outcomes:
A. Create a risk management plan to determine how both positive and negative risks will be identified, analyzed and managed
B. Articulate the value and benefits of creating an effective approach to planning for project risk management
C. Identify project related risks and their drivers by integrating best practices, tools and techniques
D. Analyze risks using qualitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
E. Analyze risks using quantitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
F. Recommend risks for risk response planning or watch list
G. Devise a risk response plan based on appropriate techniques and strategies that would meet
a. Stakeholders' expectations
H. Execute the risk management plan to continuously monitor risks and risk responses
I. Describe how organizational and cultural factors may undermine implementation of effective risk management and develop strategies to overcome these factors
Learning Objectives
A. Analyze risks using qualitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
a. Apply Probability & Impact Matrix/ Definitions to prioritize identified risks
b. Calculate Risk Exposure to communicate risk impact
c. Apply Risk Tolerance elements of Risk Management Plan to identify risks requiring handling actions
d. Explain how to use surveys & interviews to collect data from stakeholders for risk qualification
B. Analyze risks using quantitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
a. Calculate the Expected Monetary Value of a risk event and itsimpact
b. Use PERT (Statistical Sums)
c. Understand the purpose of a Monte Carlo Simulation and interpret its results
d. Conduct a Sensitivity Analysis for a riskevent
e. Use Decision Tree Analysis to understand
f. Risk Prioritization
g. Risk Exposure
C. Recommend risks for risk response planning or watch list.
Essential Components
For this you will continue to build the risk register by analyzing risks.
This homework provides the opportunity to review ES risk management practices and analyze project risks to determine handling actions.
A. Identify the tools and techniques and evaluation criteria for analyzing risks. These may be of your choosing based on the project or requirements of the organization for which youwork.
B. Conduct a qualitative analysis of the identifiedrisks.
C. Conduct a quantitative analysis of the identifiedrisks.
D. Update the risk register with analysis information for identified risks. In addition to providing probability and impact for each risk (as
E. aligned with your Risk Management plan), include an explanation of why each risk was assigned these "values". What informs this information?
F. Indicate risks that will be placed on a watch list and those for which a risk response will be defined. Again, the criteria used for this step may be of your choosing or set by the organization for which youwork.
G. As you perform the work for this homework, you may become aware of additional risks. Be sure to add these to the risk register and perform the qualitative/quantitative analysis for these additional risks.
H. Include a summary paragraph sharing how risks were analyzed, what was effective about the process and what you might do differently moving forward.
Textbook: Risk Management: Concepts and Guidance, 5th edition, Carl L Pritchard
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.
Attachment:- Project-Scenario.rar