Reference no: EM131594906

Activity 1

1. Describe the techniques used to gather information used in project risk management.

2. List 10 examples of controllable sources of risk, and 10 examples of uncontrollable sources of risk.

3. Identify and provide a brief explanation of risk contexts that might be established.

4. List seven methods that can be used to identify project risk.

5. Describe the diagramming techniques commonly used in risk identification.

6. List 10 classifications of risk in common use.

7. What can the risk categorisation reveal?

8. What is a risk register? Describe its makeup.

Activity 2

1. List five risk ranking systems that might be used to analyse project risk and write a short paragraph to describe each ranking system.

2. Describe two scales that might be used when ranking risk.

3. What authority might be delegated during the risk analysis process?

4. What is data precision ranking and what is it concerned with?

5. Describe the difference between qualitative risk analysis and quantitative risk analysis.

6. What are the outputs of a qualitative risk analysis process?

7. What are the outputs of a quantitative risk analysis process?

8. What is the role of the risk management plan?

9. What is a risk management plan? What is its makeup?

Activity 3

1. List five controls that can be used to manage project risk.

2. What is the purpose of the risk response planning process?

3. What inputs are important components of the risk management plan?

4. List five options for risk treatment that can be considered by a project manager.

5. The strategies that deal with threats or risks that can have negative impacts on project objectives, if they occur, include avoid, transfer or mitigate. Describe each of these strategies and how they relate to the risk response planning process.

6. In the risk response planning process, appropriate responses are chosen, agreed upon and included in the risk register. What components of the risk register should be included at this point in the process?

7. Describe the three responses with potentially positive impacts on project objectives.

8. What elements of the project management plan will require updating as a result of the risk response planning process?

Activity 4

1. When should risk reviews take place?

2. Who is responsible for monitoring and controlling project risk?

3. What processes might be used to review risk processes?

4. Why should a project management team monitor risk?

5. What does a management team need to effectively monitor and control risk?

6. What responses might be implemented should risk change?

7. You are a project manager and an identified risk is occurring. Outline your possible response/s.

Activity 5

1. Risk monitoring and control is an active process that requires participation from whom?

2. What do risk response audits do?

3. Explain the inputs used for assessing risk management outcomes.

4. As unexpected risks arise, what can the project team use to diminish the impact and probability of those risks?

5. What are the outputs from the assessment of risk management outcomes? Describe each.

Question 1

Risk categories are a useful way to provide a structure that facilitates risk identification and ensures that risks are not accidentally overlooked. In the table provided, develop a list of associated risks to the risk categories listed.

Question 2
Explain the key components of a risk management plan.

Question 3
Establishing risk context defines the basic parameters within which risks must be managed. Outline the factors that determine internal and external risk management contexts and why internal and external context must be considered in terms of risk management.

Question 4
List five organisational and/or industry standards that can be used in determining risk. Provide a brief overview of the specifications and procedures set out in two of these standards.

Question 5
Describe the Delphi technique and the Monte Carlo simulation method.