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PROGRAM MBA - SEMESTER IV

SUBJECT CODE & NAME PM0016 PROJECT RISK


MANAGEMENT
1. What is Project Risk? Explain different sources
of project risk with examples
Project Risk
Risk is one of the major factors to be considered during the management of a
project. Risk can be defined as, A probability or threat of damage, injury, liability,
loss or any other negative occurrence that is caused by external or internal
vulnerabilities and may be avoided through pre-emptive action. In other words,
risk refers to an uncertain circumstance that can affect at least one project
objective.
A project manager should assess risk throughout the lifecycle of a project and
manage the projects exposure to risk (that is, the probability of specific risks
occurring and their potential impact if they occur).

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2.
What is Risk Opportunity and Management
System (ROMS)? What are its benefits?
Ans- Risk and Opportunity Management System (ROMS)
An opportunity is usually created by an external event. However, it may be possible
to create them internally by taking an advantage of the favourable conditions that

help project managers execute projects much more efficiently. This approach was
called optimise, reuse and leverage. In the early days of project management,
when the project management methodologies were getting created and tested, the
entire focus used to be on risk management alone. At that time, opportunity
management was relatively a new focus area. Later, it was realised that project
risks and opportunities should be studied together. A holistic view of risk and
opportunity management requires a single comprehensive

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3. What is Project Activity Risk? Explain different


Categories of Risk with examples.
Meaning of Project Activity Risk
The first step of creating a schedule (time) management plan is to define an
activity and list the different activities involved in a project to achieve
the desired objectives. An activity list provides a structure to the project
plan. A project plan is an amalgamation of all the activities and additional
attributes associated with the activities such as owner, duration, start and
end date, milestones, dependencies, etc. Any deliverable that the project is
supposed to produce must have one or more activities associated with it.
This includes even the work that is outsourced or the items that are
procured. When a project manager correctly identifies and documents all
the project activities in a project

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4. What are the sources of resource risks?
Ans- Sources of Resource Risks are:
To effectively manage resource risks, you should know their sources. In the previous
section, you studied that there are three categories of resources, which are as
follows:
People
Outsourcing (procurement)
Money
Below are the risks related :
People risks
Risks related to people represent the maximum risks (by count) in the PERIL
database, accounting for more than two-thirds of the total risk incidents. The
sources
of
people
risks
can
be
divided
into
two
main
categories, which are as follows:

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5. What is Scope Risk? Explain different types of


scope risks.
Meaning of Scope Risk
Scope refers to the work that needs to be completed for delivering a product,
service or result with specified features and functions. In short, scope is the
work that needs to be accomplished and delivered as a part of the project. A
project should focus on delivering the complete scope and nothing else.
Defining the exact scope is very difficult and crucial for the success of a project.
A project scope statement refers to a comprehensive document that includes
the details of the project scope. The document in effect says, Here is what we will
do as a part of this project and this is what we will NOT do. The development of
a scope statement takes a lot of time and involves expert judgment of many
stakeholders and sometimes, experts outside the organisation. A well-

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6.
Explain the three point estimates used in
quantitative risk analysis.
Ans- Three-Point Estimates
The three-point estimates are widely used in a quantitative risk analysis. Threepoint estimates describe three scenarios (pessimistic, base case and optimistic) and
thus,
help
in
considering
different
outcomes
and their impacts.
Three-point estimates provide a simple means of representing the magnitude and
range of a risk impact or effect. These are most often used for estimating the cost
or schedule effects of a project risk. They can also be used in connection with other
important variables of a project. For example, one of the key factors in an aircraft
design is weight and a rigorous quantitative analysis is done to see the impact of

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