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Identified positive and negative risk
Course:- Management Theories
Reference No.:- EM131030496




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(TCO B) As described, risks are inevitable. You are the IT Project Manager for a health care organization. Your project scope is to install a new patient health care system into your organization. You have just completed your planning session in which you identified positive and negative risk responses for those unavoidable risks you will encounter. Part 1: Describe the five positive risk responses you can choose from and briefly explain each one. Provide an example of one positive risk you may encounter and explain what positive risk response you would use to address the identified risk. (20 points) Part 2: Describe five negative risk responses and briefly explain the meaning of each one. Provide an example of a negative risk which will definitely impact the delivery date of the project by at least one month. Briefly explain the risk, potential impact, and the negative risk response you would take. Explain why you choose this negative risk response. 

(TCO C) You are the project manager for a large health information technology project. You are confronted with an important decision on your project: How much scenario testing is appropriate for this project? Employ decision tree analysis to provide senior management with the best course of action for this decision.

 For this decision, you have three possible choices: no scenario testing of the design, moderate scenario testing of the design, or full scenario testing of the design. No scenario testing will incur no additional costs due to testing and has a 40% percent chance of a successful implementation. If it is unsuccessful, rework costs are likely to be $30 million. Moderate scenario testing will cost $5 million and has a 50% percent chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Full scenario testing will cost $10 million and has a 60% chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Which solution is appropriate for this project? 

You are a project manager for a large IT project. This project involves the purchase and installation for a number of high-dollar components. Senior management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify risks on your project. Describe how to perform a sensitivity analysis and use a tornado diagram to quantify risks on your project. 

Question 1. 1.  (TCOs A and B) An EMV analysis employs which factors to evaluate risks?

       Risk and impact

        Probability and urgency

        Impact and probability

        Decision trees and reliability of data

Question 2. 2.  (TCO G) You need to ensure your project is completed by July 1 of next year. You do not have time to do all the design work yourself, so you decide to contract out that work. Which type of contract would likely be best in this situation?

       Cost plus

        Fixed price with economic price adjustment

        Fixed price with incentives

        Cost plus with incentives

Question 3. 3.  (TCO D) Which risk response strategy is most appropriate for risks on the watch list?       Transference

        Exploitation

        Passive acceptance

        Active acceptance

Question 4. 4.  (TCOs A and B) You have been appointed as a project manager for a high-dollar project for a government agency, and you have been asked by your boss to identify the stakeholder groups and the individuals who make up those groups in order to start the stakeholder analysis. Identify at least six groups of stakeholders and the individuals who comprise those groups, and explain when the stakeholder identification process should take place during the planning of the project.

Question 5. 5.   (TCO B) As described, risks are inevitable. You are the IT Project Manager for a health care organization. Your project scope is to install a new patient health care system into your organization. You have just completed your planning session in which you identified positive and negative risk responses for those unavoidable risks you will encounter. Part 1: Describe the five positive risk responses you can choose from and briefly explain each one. Provide an example of one positive risk you may encounter and explain what positive risk response you would use to address the identified risk. (20 ) Part 2: Describe five negative risk responses and briefly explain the meaning of each one. Provide an example of a negative risk which will definitely impact the delivery date of the project by at least one month. Briefly explain the risk, potential impact, and the negative risk response you would take. Explain why you choose this negative risk response.

Question 6. 6.  (TCO C) You are the project manager for a large health information technology project. You are confronted with an important decision on your project: How much scenario testing is appropriate for this project? Employ decision tree analysis to provide senior management with the best course of action for this decision.

 For this decision, you have three possible choices: no scenario testing of the design, moderate scenario testing of the design, or full scenario testing of the design. No scenario testing will incur no additional costs due to testing and has a 40% percent chance of a successful implementation. If it is unsuccessful, rework costs are likely to be $30 million. Moderate scenario testing will cost $5 million and has a 50% percent chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Full scenario testing will cost $10 million and has a 60% chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Which solution is appropriate for this project?

Question 7. 7.  (TCO D) You are the project manager for an important healthcare project. You are performing qualitative risk analysis. Below are the values of probability and impact for the top six risks that were given to you by project team. Assuming a neutral stakeholder tolerance, which risks must be addressed proactively if possible?

Question 8. 8.  (TCO E) Senior management at your company is insisting on you performing a risk audit on your project. Describe the function and process of performing a risk audit during a project.

Question 9. 9.  (TCO F) You are a project manager for a large IT project. This project involves the purchase and installation for a number of high-dollar components. Senior management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify risks on your project. Describe how to perform a sensitivity analysis and use a tornado diagram to quantify risks on your project.

Question 10. 10.  (TCO G) Describe and discuss when one should use an FPEPA contract. Compare and contrast this to a typical FP contract.

Question 11. 11.  (TCO H) You, as the project manager, need to create a time in the schedule to create risk response plans for your project. What is the importance of including stakeholders and risk owners in the creation and approval of these risk response plans?

 

Question 12. 12.  (TCO I) You are the project manager on a large, complex construction project for your corporation. You have decided to employ fault-tree analysis in your project. What is fault-tree analysis, and how can it be applied to your project?




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