Does a risk management project require a PM? Why or why not?
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Does a risk management project require a PM? Why or why not?
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- For this assignment, you will design a risk management plan for a project titled “prolonged waiting times for patients in a large outpatient hospital” that will include the following elements: Risk Register/Matrix (list of at least 5 (five) risks along with the associated impact and probability scores along with risk score) Contingency plan (list of any risks you will plan for in advance along with what triggers the contingency). Be sure to include any information useful to stakeholders on the rationale for the creation of these elements as well as any outside references supporting the risk management plan.Is risk management necessary for a project?Justify your response.Make a list of the actions involved in risk management.Risk management involves identification, assessment, control, and response to project risks to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Risk identification includes determining which risks may adversely affect the project objective and estimating what the potential impacts of each risk might be if they occur. Describe the steps involved to manage risk on a project. How can a risk assessment matrix help in this process? What risks for a project have the highest priority? Does the priority for a risk change as the project progress?
- Create a risk matrix for this project:Event Cost ($000) ProbabilityEquipment breakdown 40 .20Vendor is late with key segment 200 .60Subcontractor has labor issues 140 .30Weather problems 15 UnknownFunding delays 50 .40 to .60Testing delays 20 .40Explain your reasoning for your placement of the events Weather problems and Funding delays.a) Explain with examples the differences between the following pairs of terminologies in project risk management:i.Proximity and Dormancy of a Riskii.Stakeholder Risk Threshold and Toleranceiii. iv.Variability Risk and Ambiguity RiskQualitative Risk Analysis and Quantitative Risk Analysis Risk Review and Risk Audit.b) During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the risk register. As a project manager, list and briefly explain the steps you will take to manage this risk.c) As a project manager, you will be required to implement risk response plans for your projects. List and explain any five (5) typical outputs of this process.Who is in charge of what in the context of risk management?
- How would conducting a risk assessment helps a PDU/PDE from losing substantial resources during, and after the identification of the risk?Discuss the most common sources of risk in IT projects, as well as mitigation strategies. How do decision trees and Monte Carlo analysis quantify risk?How does the scope of ERM compare to existing risk management approaches?
- What exactly is risk management, and how is it defined? Explain the process of risk management using the diagram.If you are working on the project for Company ‘B’, then please write at least 6 major Risk factors, you can foresee, that may arise during the execution of the project. You are also required to recommend the risk mitigation (risk control) steps against each risk.You are the project manager of the BTU AVIC project in Bolgatanga. As a result of the ongoing pandemic, you are responsible to ensure the project does not overly delay among other objectives. Required:a. Discuss five strategies for reducing the critical path of the BTU AVIC project.b. Explain five ways you can resolve the problem of resource allocation on the project. c. Using the Four-Stage Process of risk management discuss how risks could be managed on the ongoing BTU AVIC project. Identify three potential categories of team conflicts and how you will resolve such conflicts