Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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What are the two common approaches in considering the risk elements in a project evaluation?
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- Potential risks within a project: should be addressed proactively early in the project life cycle should be addressed as they occur instead of planning for failure ahead of time should be eliminated by a good initial baseline plan should be avoided by the development of good risk response plansarrow_forwardhi can you help me finding a positive risks other than increased attendance for Organising a fan convention at a university. This could be to organise an event/concert that could connect students/staff with a celebrity of their liking. Use the probability/impact matrix and place all risks there For 5 risks, from different boxes, explain in detail why you think they have that level of probability and impact on the project. • Response strategies and specific response actions• Use the simplified risk register provided in the lecture and seminar• For 5 risks, propose a response strategy AND specific response actions for each of these. • At least one of these 5 risks should be a positive risk I just need one positive risks Thanks in advancearrow_forwardWhat are the top 10 risks of IT project management?arrow_forward
- Identify any 10 risks related with the management of IT projects.Define project risk management and outline the essential steps that must be taken?arrow_forwardWhich 10 risks are related to IT project management?arrow_forwardCan you detect the risk management of the project “Organising a Fan Convention at Birkbeck. This could be to organise an event/concert that could connect students/staff with a celebrity of their liking. Identify – minimum 15 different risks • Analyse Use the probability/impact matrix and place all risks there For 5 risks, from different boxes, explain in detail why you think they have that level of probability and impact on the project. (use 1-2 slides) • Response strategies and specific response actions• Use the simplified risk register provided in the lecture and seminar• For 5 risks, propose a response strategy AND specific response actions for each of these. • At least one of these 5 risks should be a positive riskarrow_forward
- A tool for assessing and managing risks is a risk assessment matrix (RAM), also referred to as a risk register, which includes potential risks, their potential impact, likelihood of occurrence, and response plan. Fully construct a RAM using two application examples Describe any project of your choice; then provide three examples of what risks you as the project manager could face.arrow_forwardWhy is Risk management so crucial to project management? How do you go about identifying risks? how would you decide if it's worth taking a risk or not in a project?arrow_forwardIdentify any 10 risks connected with IT project management. Define project risk management and sketch out the main steps required.arrow_forward
- Develop a comprehensive and practical Risk Management Plan for your Practice Project. The Risk Management Plan with the project title : design and construction supervision of a modern 150 bed nursing facility at knustDevelop a comprehensive list of at least 15 risks that may affect your Project and classify them as threats and opportunities.Evaluate the risks identified prioritizing the top five (5) threats and top three (3) opportunities.Develop innovative and sound risk response plans for the threats and opportunitiesarrow_forwardWhat are the interplay between the project components (Cost, time, scope, and quality) and the significance to project performance and sustainabilityarrow_forwardIdentify the tentative risks (types of risks) in your group project and do a risk assessment using impact assessment matrix. Based on the results prioritize the risks.arrow_forward
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