IDEF0 assignment
12) Describe How Risk matrix is constructed?
Ans) Risk matrix can be defined as a chart which shows probability on one side and impact on other side . Threats and opportunities can be segmented into critical, monitor or ignore cells.
The third step is risk management is “Qualitative risk analysis” which allows you to prioritize impacts on project and its objective so we can attend most important ones first.
It can be used for threats as well as for opportunities.
Probability values of risk can be found out from Delphi approach (may not be precise).
Once probability is found, risk matrix can be constructed.
We show 9 cells corresponding to low, medium and high categories. ! to 5 would have 25 cells( considering 100%). For eg Critical will have high prioriy. Other cells :- Critical, monitor and ignore.
Same approach can be done with opportunities.
13. How would a decision tree be useful for a project manager? Ans) Decision tree handles both threat and opportunity .
It visualy gives you brief idea that what will happen in future and can be used for individual as well as for team.
The interdependencies between task and risk can also be analyzed and we can define it as a node.
Even if client is increasing its demand we can calculate risk probability and and its action will be or won’t be sufficient or so.
So Like this Project management can analyze future risk and if its with a team or individual he can manage it.
14. Is the FMEA table more valuable than the risk matrix? Why (not)?
Ans: FMEA is quantitative analysis where as risk matrix is qualitative analysis.
It is more precise and accurate if data are available.
FMEA is more rigorous and it includes an additional factor i.e decision analysis using expected monetary values and simulation.
FMEA you calculate risk priority number using severity, failure likelihood and detection of inability of failure.
Decision tree hadles threat and opportunity so overall FMEA is better than risk matrix.
Ans) Risk matrix can be defined as a chart which shows probability on one side and impact on other side . Threats and opportunities can be segmented into critical, monitor or ignore cells.
The third step is risk management is “Qualitative risk analysis” which allows you to prioritize impacts on project and its objective so we can attend most important ones first.
It can be used for threats as well as for opportunities.
Probability values of risk can be found out from Delphi approach (may not be precise).
Once probability is found, risk matrix can be constructed.
We show 9 cells corresponding to low, medium and high categories. ! to 5 would have 25 cells( considering 100%). For eg Critical will have high prioriy. Other cells :- Critical, monitor and ignore.
Same approach can be done with opportunities.
13. How would a decision tree be useful for a project manager? Ans) Decision tree handles both threat and opportunity .
It visualy gives you brief idea that what will happen in future and can be used for individual as well as for team.
The interdependencies between task and risk can also be analyzed and we can define it as a node.
Even if client is increasing its demand we can calculate risk probability and and its action will be or won’t be sufficient or so.
So Like this Project management can analyze future risk and if its with a team or individual he can manage it.
14. Is the FMEA table more valuable than the risk matrix? Why (not)?
Ans: FMEA is quantitative analysis where as risk matrix is qualitative analysis.
It is more precise and accurate if data are available.
FMEA is more rigorous and it includes an additional factor i.e decision analysis using expected monetary values and simulation.
FMEA you calculate risk priority number using severity, failure likelihood and detection of inability of failure.
Decision tree hadles threat and opportunity so overall FMEA is better than risk matrix.