PROJECT RISK ASSIGNMENT

Select any project from your current work environment (or previous work environment) that is suitable for the application of the risk management concepts covered during this course.

Section A

1. Provide a scope statement, one-page work breakdown structure and a one- page Gantt chart schedule for the project selected. (5)

2. Identify 12-15 risk events that could affect the objectives or outcomes of the project. A balanced set of risks should be defined, e.g. technical, safety, people, and program risks. Provide a clear description of each risk event (see examples in course notes). (10)

3. Perform a semi-quantitative risk analysis, also providing an explanation of the scales used. A full quantitative analysis can be used as an alternative. (5)

4. Name the risk events you would select as the critical risks (give the number as shown in question 2). (5)

5. Plot the risks on a suitable risk map and draw an appropriate threshold line that separates the risks in an 80:20 (approximately) ratio. (10)

6. Write appropriate response(s) for the critical risks. Each response should be described using the words avoid, reduce, redundancy, transfer, contingency, and an explanation of what action will be implemented. (10).

Section B

7. A 6-point risk analysis produced the following 20 risk values: 4; 24; 30; 5; 36; 8; 12; 1; 16; 2; 6; 2; 3; 4; 5; 1; 9; 2; 1; 3.

Using the Pareto prioritization method, determine the critical risks for this case. (5).

Prepare a Word document of about 6-8 typed pages. The mark out of 50