Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
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Write a short note on project implementation on the below topic
Risk Assessment and potential risk treatment
Distinguish between project risk associated with key performance criteria and other performance criteria.
Identify 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.
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- What are the two key challenges in assessing project risk? Discuss why the chosen challenges are key.arrow_forwardWhat three types of project costs present the greatest risk to the project manager?arrow_forwardIdentify at least four risks that could jeopardise the project. Create a risk assessment matrix including a response plan for each risk identified.arrow_forward
- Risk management involves identification, assessment, monitoring, and response to project risks to minimise the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Identify any five types of project risks and justify using examples.arrow_forwardEvery project has some level of risks, and a Project Manager must plan for these risk, whether known or unknown. As a project manager of ABC Project Management Inc., explain to your sponsor what risk are and how you would plan for them.arrow_forwardWhat are the two common approaches in considering the risk elements in a project evaluation?arrow_forward
- Suggest suitable risk response strategies for managing (avoiding, mitigating, or transferring) the project risks.arrow_forwardIt is essential for project managers to have a solid understanding of the four strategies available to them for mitigating risk.arrow_forwardWhat is project risk management and how does it work?arrow_forward
- Describe the alternative approach to using the probability and impact assessment matrix in management of a project risk by taking into account likelihoods and consequences of project risk elements.arrow_forwardRisk management involves identification, assessment, monitoring, and response to project risks to minimise the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Define risk identification then list the three approaches to identifying risk.arrow_forwardA 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_forward
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