Silver Fiddle

risks and determine the likelihood and consequence of that risk occurring during the project. The

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

* Estimate the risk level and probability and then determine the severity using the risk assessment matrix

Develop and submit a risk register based on the 10 risks you have assessed within the project you selected. Your register should have four sections.

When implementing project 1, you face technical and market risk. How would you assess the risks embedded in Project 1?

Many risks are interrelated. Analyze the following compound risk: Unstable requirements with tight budget will likely cancel the project. Discuss the dependencies that exist between the two risks.

2. How do you align the results of the qualitative risk assessment to risk mitigation?

Create a professional report detailing the information above as an initial draft of the risk

4. Identify the initial categories of risk (RBS Level 1 and 2) that you see as being present in the case study using the Example Risk Checklist (Figure A-2, Hillson & Simon text).

4 . Imagine that three of the greatest risk events presented themselves in worst-case scenarios. What would be some of these worst-case scenarios?

To prioritize the risks, I will rate each risk on two dimensions (see the table below), likelihood of occurrence and impact to my project to buy my home if the risk were to occur.

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

3. About what kind of risks -- financial, political, social, economic and environmental -- should you specifically warn your client?

Within a project, the project’s success and budget belong to and are the responsibility of the customer. The Customer should have the final say in regards to what is acceptable and unacceptable in regards to risk and the quantification of risk. It is however, the contractor’s responsibility to be the primary source of expertise on a project or what they are being contracted to do. The contractor should offer their opinion and recommendations, and the customer should take their contractors opinions and recommendations seriously due to their expertise in the area. Overall, collaboration between the customer and the contractor should be the ultimate way to resolve a matter of dispute. Members from both the customer and contractor side should meet discuss historical events, modeling and simulation to arrive at the appropriate answer. Also, with quantifying risk, the customer and the contractor should be able to go back and look at the data. With risk quantification, there should be very little room for opinion and judgment which should make it easy to base a decision or a resolution based on hard core data. If a solution or an answer is not able to be decided upon, a third party consultation

For each of the following risks or loss exposures, identify an appropriate risk management technique that could have been used to deal with the exposure. Explain your answer.