PM0016 –PROJECT RISK MANAGEMENT

 

 

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ASSIGNMENT

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

1 Explain the concept of Risk Breakdown Structure(RBS). What are the uses and benefits of Risk Breakdown Structure

Answer : In project management language, risks include anything unplanned and unforeseen that can have a negative impact on the project’s costs, timing or quality. A good project manager should be able to manage the risks effectively and get the project on track. One of the important tools available for managing risk is the Risk Breakdown Structure (RBS).

 

RBS is an hierarchical representation of risks, starting from higher levels and going down to finer level risks. This is similar to the organization of the

 

 

2 Briefly explain the risk handling strategies.

 

Answer : A risk management strategy provides a structured and coherent approach to identifying, assessing and managing risk. It builds in a process for regularly updating and reviewing the assessment based on new developments or actions taken. A risk management strategy can be developed and implemented by even the smallest of groups or projects or built into a complex strategy for a multi-site international organisation.

 

 

 

 

3 What are the steps to balance short term and long term plans? What are the risk impacts? Give examples.

 

Answer : Developing a marketing plan takes time. It is a step by step process ranging from identifying and researching your target audience, understanding your competitive position, branding, advertising, separating your business from the competition, reputation management, and more. And this week, we are going to address the next step in this process: Developing Short Term and Long Term Strategies.

You need to plan for the future success of your business. But without a short term strategy, your business may not be around long enough for those

 

 

 

4 Explain contract management? List the differences between a program and a project in business.

 

Answer : Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk.

 

 

 

5. Pagan Mira is a project manager in Latitude Software Put Ltd Company. Pagan attended the seminar conducted annually in HCF convention centre, Lucknow. One of the managers portrayed the following situation at a company at which he had worked: In any organisation the project managers were remunerated for rectifying the problems in troubled projects. A manager who took a project that was not in good shape had refurbished it to good shape and it was appreciated by the customers. He could foresee sizable bonus at his next performance review. The management analysed it to be proper way to encourage their employees to outstanding performance. One project manager at this company analysed this incentive system and, as should have been expected by upper management, employed it in his own best interest. He would secretly allow his projects to worsen slowly until they were on the edge of cancellation, then, with obvious, evident, heroic effort, would revive them. His actions –of which he made certain that his managers were aware – earned him considerable bonuses time and again. The higher management finally came to know that he was the cause of the problems that his projects suffered, and he was immediately dismissed.

 

Pagan’s response to this presentation was twofold:

 

Good for the Manager

Top management at this company made it apparent to the project manager that it washes interest to save a troubled project. If top management didn’t analyse to provide him with a troubled project, he had to provide it for himself. The manager showed discernment and cleverness in supervising his projects in such a way that he could concurrently attain the company’s goal and his own (financial reward).

 

Shame on the Company

Top management at this company failed to guarantee that the project manager’s best interest overlapped with the company’s best interest. If the company wanted to have projects that were in good shape throughout their lifetimes, then their incentives to the project managers should have been focused toward keeping projects healthy. Managers whose projects never weakened should have received greater bonuses than managers whose projects suffered and later recovered. Furthermore, they failed to distinguish the apparent skill that this manager had; rather than firing this manager the company should have changed its incentive system and let this manager grow in situation that would simultaneously benefit the company.

 

What could have the company done to avoid such situation? Do you think that Risk mitigation is a useful approach for this company? Justify.

 

Answer : Employee motivation is probably the most important single manageable factor for success and profitability of all the facets of specialty store retailing.  It is too vital to be handled on a hit or miss basis, depending on the whim or spirit that stirs the store owner or manager from time to time.

 

To be effective, employee motivation must be promoted on a day-to-day, month-to-month basis.  It is a function that can and will pay enormous dividends.

 

 

 

6 Explain the need for documentation?

Answer : The need for documentation is explained as below :

 

Low-Risk Project Documentation

• The goal is to communicate and document the essence of the project, primarily for informational purposes, both within the University and to outside stakeholders.
• The Low-Risk Project Form provides a template for providing this information.
• A low-risk project is typically described by a sentence or two of text in each of the sections of the form.
• The level of detail in this documentation should be agreed upon mutually by the project manager and the project sponsor, with additional input and guidance as appropriate from the key project stakeholders.

 

 

 

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