1. Describe what needs to be done to manage risk on a project. When 2. From your
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Question
1. Describe what needs to be done to manage risk on a project. When 2. From your experience working on projects, list and categorize three risks. 3. What risks for a project have the highest priority? Does the priority for a risk 4. How does project risk change as a project progresses? What changes are should this be done? How can a risk assessment matrix help in this process? Was the response plan for those projects adequate to mitigate these risks? How would you respond to these risks now? change as the project progresses? made to the risk assessment matrix as the changes occur? ESExplanation / Answer
Ans q1- Managing risk on project- Each project pass through three phase 1. preparation 2.exicution 3. exit.
during preparation phase, data get collected for planing and scheduling operation and exit policy. Attempt must be done to obtain most reliable data. During execution unforeseen situation may result in blocking resources, develop some alternative resources. During exit stage you must acknowledge, that project should not result in some another problem which may arose any deficiency legal requirements. Depending on certainty & another attribute matrix can develop.
Ans q2- Financial risk, process risk,Time risk, human risk , physical risk. In case of accidental risk the equipment can be insure. Human risk can be minimize with proper training and appointing genuine staff. Time and process risk are situational risk. and its nature is temporal and there is no permanent solution,and if any permanent solution found its not economical.
Ans q-3 Project progress and priority of risk. From business point of view risk is psychological part but from engineering point of view its safety measures. safety measure hold the equal importance during all phase of project. Negligence to safety and quality stander may distract the whole project.
ans q4- Risk assessment matrices is composed of impact of risk and (consequences) probability ( likely hood)
Impact further grouped in major , moderate , minor. and probability grouped in unlike , moderate and high. when impact is major and probability also high then its risk involve is most.
Identify risk - whats may go wrong
level of risk - loss may occur in financial term
cover risk - Plan what we can do to encounter the risk.
Thus by developing model project risk can be encounter at its earlier stage.
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