Final - Project and Program Risk Management
FINAL EXAM MGT 5088 Project and Program Risk Management
Susan H. Davenport August 6, 2009
1. Discuss Risk Process and Practices. Why do professionals mandate Risk Management? a) Discuss Risk Process and Practices.
Project Managers must determine the success criteria for managing a project to identify risks that could possibly impede customer requirements. Risk Management is a disciplined, systematic process to obtain the maximum benefits associated with such a management channel. Every project needs some type of documentation related to risk management activity. This type of management may take on an informal or formal approach, but risk management is essential for every project. Risk Management is not a well accepted standard practice since it points out negative aspects of projects, and there are numerous inhibitions that restrain the dynamics of risk management.
According to the Wikipedia, a free web-based encyclopedia, the Project Management Institute (PMI) is a non-profit professional organization with the purpose of advancing the state-of-the-art of project management. The company is a professional association for the project management profession. The PMI sets standards, conducts research, and provides education and professional exchange opportunities designed to strengthen and further establish professionalism.
The Project Management Institute, Inc. (PMI() has established a six-step set of processes and practices for the risk management process as documented below:
1. Risk Management Planning: project risk infrastructure is established and a project-specific
risk management plan is generated.
2. Risk Identification: events with potentially positive and negative impacts are clearly
described.
3. Risk Qualifications: risks are evaluated according to nonnumeric assessment protocols.
4. Risk Quantifications: risks are evaluated
Susan H. Davenport August 6, 2009
1. Discuss Risk Process and Practices. Why do professionals mandate Risk Management? a) Discuss Risk Process and Practices.
Project Managers must determine the success criteria for managing a project to identify risks that could possibly impede customer requirements. Risk Management is a disciplined, systematic process to obtain the maximum benefits associated with such a management channel. Every project needs some type of documentation related to risk management activity. This type of management may take on an informal or formal approach, but risk management is essential for every project. Risk Management is not a well accepted standard practice since it points out negative aspects of projects, and there are numerous inhibitions that restrain the dynamics of risk management.
According to the Wikipedia, a free web-based encyclopedia, the Project Management Institute (PMI) is a non-profit professional organization with the purpose of advancing the state-of-the-art of project management. The company is a professional association for the project management profession. The PMI sets standards, conducts research, and provides education and professional exchange opportunities designed to strengthen and further establish professionalism.
The Project Management Institute, Inc. (PMI() has established a six-step set of processes and practices for the risk management process as documented below:
1. Risk Management Planning: project risk infrastructure is established and a project-specific
risk management plan is generated.
2. Risk Identification: events with potentially positive and negative impacts are clearly
described.
3. Risk Qualifications: risks are evaluated according to nonnumeric assessment protocols.
4. Risk Quantifications: risks are evaluated