Projects encounter risks across its life cycle that have to be identified and responses planned for. As you identify potential project risks, you categorise them. One such category is an 'external- unpredictable risk". Which of the following is not an external-unpredictable risk? O A. Inflation OB. Unexpected environmental side effects O C. Natural hazards O D. Changes in government regulations
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- a) Explain with examples the differences between the following pairs of terminologies in project risk management:i.Proximity and Dormancy of a Riskii.Stakeholder Risk Threshold and Toleranceiii. iv.Variability Risk and Ambiguity RiskQualitative Risk Analysis and Quantitative Risk Analysis Risk Review and Risk Audit.b) During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the risk register. As a project manager, list and briefly explain the steps you will take to manage this risk.c) As a project manager, you will be required to implement risk response plans for your projects. List and explain any five (5) typical outputs of this process.Managing risk in a project is the responsibility of all stakeholders. Although the potential risk cannot be eliminated, the potential risks to happen can be minimized and reduced. In an organization, risks can come from all aspects such as business, technical, market, program, or other types of risks. 1. Describe TWO types of analysis processes conducted in performing risk analysis and management. 2. List and discuss any THREE types of risk components that can be used to classify the severity level of risk categories. 3. Evaluate how organizations identify, manage, and minimize risks by adopting the use of a risk register table?Conduct a formal Risk Plan for a project covering the following critical aspects;1. Identify the risks to start preparing a risk register and Analyse the risks (both qualitative and quantitative risk analysis)2. Plan risk responses3. Track and control risksMinimum 10 risks to be identified.
- Managing risk in project is the responsibilities of all stakeholders. Althoughthe potential risk cannot be eliminated, however, the potential risks to happen can be minimized and reduced. In organization, risks can come from all aspects such as business, technical, market, program, or other types of risks. 1. Describe TWO types of analysis processes conducted in performing risk analysis and management.2. List and discuss any THREE types of risk components that can be used to classify the severity level of risk categories. 3. Evaluate how organizations identify, manage, and minimize risks by adopting the use of risk register table?b) As a Project Engineer, cost control is one of the areas that is pertinent to project budget. When project cost is over-run against project budget, what will be the challenges as an engineer that you will be to be concerned? Please list down 3 concerns and elaborate on your answers. (CO1, C4)Below questions are based on the concept of Risk Management.a. Describe what is a risk management planb. Explain the risk management process
- If you are working on the project for Company ‘B’, then please write at least 6 major Risk factors, you can foresee, that may arise during the execution of the project. You are also required to recommend the risk mitigation (risk control) steps against each risk.Developing a risk identification strategy begins by creating a classification scheme for likely risks.With reference to this:2.1 Explain the five common classification clusters of risk. (10)2.2 Describe the methods available for conducting risk factor identification.III. Risks and Feasibility This section of your report identifies risks and confirms the feasibility of the information systems development project. Project feasibility analysis verifies whether a project may be started and successfully completed. Your report should address the feasibility issues listed below. Start by clearly describing what issues are addressed by each feasibility category (see the relevant definitions in the textbook), and discuss the feasibility of the project with respect to each category. Determine organizational and cultural feasibility. This evaluates organizational and cultural issues to identify potential risks for the new system. See pp. 269–270 of the textbook for examples of potential issues.Note: the textbook does not provide an exhaustive list of possibilities!Note: ‘organization’ in this context refers to the Car Sharing community—all stakeholders, but particularly members and prospective members. Assess technological feasibility. See p. 270 of the…
- The following precedence diagram reflects three time estimates for each activity. Determine: Use Table B1 and Table B2. 9-10-12 3 8 5-7-10 8-10-14 11-12-13 6 11 14-18-26 10.5-13-15.5 10 8-8-8 1 5-6-7 2 4 13-13-13 7 7-10-12 a. The expected completion time for each path and its variance. (Round intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Path Mean Var. Std. Dev. 1-2-3-8-11 37.33 1-2-4-6-11 43.00 5.11 1-2-4-7-11 0.81 1-2-5-9-10-11 46.83 1.25 9-9-9 10-11-12 10-12-14Discuss the scope of project risk management. Provide your opinion on how the challenges of Covid-19 affected the scope of project risk management. Analyse the various sources of project risk associated with performance criterion. With regards to the case study, discuss in detail, the possible negative impact of COVID-19 on sources of project risk associated with performance criterion. Describe the execution stage within the context of project stakeholder views on risk needs. Discuss the significance of contingency information in project risk management. Analyse, in detail, the five (5) phases of a disaster recovery plan. Explain how a business could deflect / transfer risk associated with projects.Analyze the following situations. Choose one situation which you think is less harmful. Explain why it is less harmful. How can you counter the harm that it causes?1. (Project A) Mr Ang plans plans to have a project which is a factory that would employ 50% of the people in the community but his factory would releases harmful chemicals to the sea.2. ( Project B) Mr. Bin plans to create an amusement park project to attract people to work on his place/business so that the factory would be closed and stop releasing harmful chemicals to the sea. However, Mr. Bin needs to cut the trees along the place where he has to build his amusement park but this again would cause harm to the environment. 3. (Project C) Mr. Ching plans to establish a resort and hotel project so that Mr Bin cannot cut the trees in order to save nature. However, by so doing he has to reclaim an area where mangroves grow which serves as fish sanctuary. Question: If you are a lover of nature and a…