Assignment
Part 1.- Resources: Risk Management Plan Outline, assigned readings
Write a paper of no more than 600 words, including tables and matrix, that includes the following:
• Revision of project background that clarifies project scope, requirements, schedule, quality, and constraints
• Updated risk identification framework
• Qualified and quantified risk matrix with low, medium, and high qualitative assessments linked to quantifiable measures and risk factors, with performance of a risk assessment using a risk matrix, including:
o Calculation of project risk factors
o Risk quantified in terms of cost, schedule, and performance
• Prioritized risk register, including the following:
o Risk description
o Initial low, medium, or high risk assessment
o Risk priority in the overall risk management plan
Please include introduction and conclusion.
Part 2.- Based on the Cost Risk Management in West Rail Project of Hong Kong case study( PDF file will be provided), identify and describe two negative risk management applications. 200 Words
Part 3.- Questions - 80 words per answer
1. What are some priority risk factors in your project?
2. How do these priorities enable overall project accomplishment?
3. Why is it important to prioritize risks in a project?
4. How is semi-quantitative risk assessment used to prioritize risk?
5. Describe a semi-quantitative assessment and prioritization using two risks in your project.
6. Explain cost and schedule risks.
7. How would you quantitatively prioritize these risks in your project?
8. Best practices and recommendations to identify risks.