28th September 2011
This article analyzes the case study’ Outline of situation’ and examines the risk identification process used. It provides a comparison of qualitative and quantitative risk assessment that could be employed in the scenario.
This case study explains about a company who is experiencing issues with project performances. Clients have started to complain and significant projects are either running late or over budget. It is also evident that the Project management processes are not standardized in the organization. Describe the process they use to identify risk? “ Identify risks is the process of determining which risks may affect the project and documenting their charactistics.” (PMBOK Guide , 2008). If we take the above facts it can be concluded that there are no standardized methods that were used to identify risks. In fact it can also be assumed that the organization did not have an emphasis on the risk management approach. PM’s have individually handled the project without any appropriate methodology, may have well missed out the appropriate risk management process. It can be concluded that appropriate risk management processes were not exercised and risk identification did not happen to its fullest. Compare and contrast the qualitative and quantitative methods of risk assessment that could be employed in this scenario. “The overall objective of the perform qualitative and quantitative risk analysis processes is to determine which risk warrant a response.” (Mulcahy, 2010). To subjectivity evaluate the probability and impact of each risk we will need to go through the risk identification process. Let us take 5 risks from the case study and assign the values (1 to 5 where 5 being the highest) to the probability and impact columns for ranking the risks. No.
| New PM’s
| Not fully integrated in the organization
| Un-Experienced PM
| Unable to...
References: A Guide to the Project Management Body of Knowledge (4th ed.). (2008). Project Management Institute Inc.
Mulcahy, R. (2010). Risk Management (2nd ed.). RMC Publications Inc.
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