Final - Project and Program Risk Management

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FINAL EXAM MGT 5088 Project and Program Risk Management
Susan H. Davenport August 6, 2009

1. Discuss Risk Process and Practices. Why do professionals mandate Risk Management? a) Discuss Risk Process and Practices.
Project Managers must determine the success criteria for managing a project to identify risks that could possibly impede customer requirements. Risk Management is a disciplined, systematic process to obtain the maximum benefits associated with such a management channel. Every project needs some type of documentation related to risk management activity. This type of management may take on an informal or formal approach, but risk management is essential for every project.
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The following six (6) major steps will increase the chances of a successful technique application: 1) Identify experts and ensure their participation 2) Create the Delphi instrument 3) Have the experts respond on the instrument 4) Review and restate the responses 5) Gather the experts’ opinions and repeat 6) Distribute and apply the data The Delphi technique is a time-consuming process, but this technique is promising in extracting information from experts who might not otherwise contribute to a project’s body of knowledge.

3. Explain the Crawford Slip Method (CSM). The Crawford Slip Method (CSM) is a classic tool used to combat the negativism inherent in team members while attempting to identify risk and risk information-gathering for a particular product or process. CSM offers a variety of advantages over other information-gathering techniques, in particular, the ability to aggregate large volumes of information in a very short time period and the complete avoidance of groupthink. CSM is not the hardest risk management technique to apply when properly facilitated. A clearly established question is defined by the facilitator and provided to all qualified participants. The participants then document their response to the clearly established question on a slip of paper. Providing the same clearly established question to the participants
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