Project Management Assignment
10 – 05 - 2013
To Professor: Peter Wong
Student Name: Chiang Ting Hin
Student No.: 3012 4305
Project Management – Assignment 2
1. Managing Risk
1.1)
There are four steps of risk management process.
First step is risk identification. Analyze the project to identify sources of risk
Create a list of all possible risks via brainstorming, risk profiling and problem identification. Marco risks fist, then micro risks.
Usually organization use risk breakdown structures in conjunction with work breakdown structures to help identify and analyze risks.
A risk profile is a useful tool. A risk profile is a list of questions that address traditional areas of uncertainly on a project.
Historical records can complement or be used when formal risk profiles are not available. Old record in past can be referred to identify potential risks.
Risk identification process should inject inputs from customers sponsors, subcontractors, vendors.
Second step is risk assessment. Included risk assessment matrix, scenario analysis, probability analysis, semi quantitative scenario analysis, failure mode and effects analysis.
Risk assessment form included risk event, likelihood, impact, detection difficulty, and when it will be started.
Impact Scales included cost, time, scope, quality
Third step is risk response development. There is several risk response. Such as mitigating risk, avoiding risk, transferring risk, sharing risk and retaining risk.
Mitigating risk can reduce the probability an adverse event will occur. Prototyping and testing are usually used to prevent problem from surfacing later in a project. Often identifying the origin causes of an event is useful.
Avoiding risk can change the project plan to eliminate the risk or condition such as adopting proven technology instead of experimental technology can eliminate technical failure.
Transferring risk can pay a premium to transfer the risk to another party. For example, fixed price contracts are example of
To Professor: Peter Wong
Student Name: Chiang Ting Hin
Student No.: 3012 4305
Project Management – Assignment 2
1. Managing Risk
1.1)
There are four steps of risk management process.
First step is risk identification. Analyze the project to identify sources of risk
Create a list of all possible risks via brainstorming, risk profiling and problem identification. Marco risks fist, then micro risks.
Usually organization use risk breakdown structures in conjunction with work breakdown structures to help identify and analyze risks.
A risk profile is a useful tool. A risk profile is a list of questions that address traditional areas of uncertainly on a project.
Historical records can complement or be used when formal risk profiles are not available. Old record in past can be referred to identify potential risks.
Risk identification process should inject inputs from customers sponsors, subcontractors, vendors.
Second step is risk assessment. Included risk assessment matrix, scenario analysis, probability analysis, semi quantitative scenario analysis, failure mode and effects analysis.
Risk assessment form included risk event, likelihood, impact, detection difficulty, and when it will be started.
Impact Scales included cost, time, scope, quality
Third step is risk response development. There is several risk response. Such as mitigating risk, avoiding risk, transferring risk, sharing risk and retaining risk.
Mitigating risk can reduce the probability an adverse event will occur. Prototyping and testing are usually used to prevent problem from surfacing later in a project. Often identifying the origin causes of an event is useful.
Avoiding risk can change the project plan to eliminate the risk or condition such as adopting proven technology instead of experimental technology can eliminate technical failure.
Transferring risk can pay a premium to transfer the risk to another party. For example, fixed price contracts are example of