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(Winter/November 2012)
Master of Business Administration – MBA Semester 4
“Project Management” Specialization
PM 0016 –Project Risk Management (4 credits)
(Book ID: B1345)
ASSIGNMENT- Set 1
Marks 60
Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.
Q1.a. What are the steps involved for effective management of risk in an organisation? 5 marks(150-200) words
Answer : When your organization talks about risk management, what does it mean? According to Gartner, many enterprises are inconsistent in the use and application of the term. So it’s no surprise that risk management often ends up siloed into separate functional areas such as business continuity, security, management and privacy.
b. What are the steps involved for effective management of risk in an organisation? 5 marks(150-200) words
Answer : When your organization talks about risk management, what does it mean? According to Gartner, many enterprises are inconsistent in the use and application of the term. So it’s no surprise that risk management often ends up siloed into separate functional areas such as business continuity, security, management and privacy.
Q2. What are the basic principles followed by the GMP guideline? 10 marks(300-400) words
Answer : Good manufacturing practice (GMP) is considered as part of quality assurance. It enables you to meet overall project quality, timeline, and cost objectives. This helps to consistently produce the products and maintain the quality standards, suitable to their specific use, as per the market authorisation. It helps the manufacturing organisations to compete effectively in the world market. GMP mainly
Q3. Explain the various inputs and outputs of the Qualitative risk analysis process. 10 marks(300-400) words
Answer : Perform Qualitative Risk Analysis
Qualitative risk analysis is the process of assessing the likelihood and impact of identified risks and prioritizing them according to their potential effect on project objectives. This process id accomplished using established
Q4. Give a brief explanation of Monte Carlo Simulation 10 marks(300-400) words
Answer : Risk analysis is part of every decision we make. We are constantly faced with uncertainty, ambiguity, and variability. And even though we have unprecedented access to information, we can’t accurately predict the future. Monte Carlo simulation (also known as the Monte Carlo Method) lets you see all the possible outcomes of your decisions and assess the impact of risk, allowing for better decision making under uncertainty.
What is Monte Carlo simulation?
Q5.a. What are the data sources required to prepare risk document ? 5 marks(150-200) words
Answer : These are the minimum requirements to serve as a Chart Tools Data source:
- The data source should accept HTTP GET requests, and should be available to your clients.
- The protocol can change and supports a version scheme (the current version is 0.6), so your data source should support requests using previous versions as well as the current version. You should try to support new
b. What are the major outputs of risk monitoring and control? 5 marks(150-200) words
Answer : .1 Risk Register (Updates)
An updated risk register contains:
Outcomes of risk reassessments, risk audits, and periodic risk reviews. These outcomes may include updates to probability, impact, priority, response plans, ownership, and other elements of the risk register. Outcomes can also
Q6. What are the steps involved in strategic risk response planning? 10 marks(300-400) words
Answer : Risk Response Planning Techniques
Strategies for Negative Risks or Threats
- Avoidance (elimination/abatement) Eliminate the threat posed by an adverse risk. Can be done by changing the Project Plan or protecting (isolating) project objectives from its impact. Or relaxing time, cost, scope and
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