W AutoSave Off H PGDPM AA Calendar JULY 2022 Final No Label ✓File Home Insert Draw Design Layout References2XUUndoPage 26 of 32▬PasteClipboardArialQ SearchBIU25 of 5110 wordsU ab12ab x₂A A Aa AXx ADAАFontMailingsQUESTION THREE3.13.2SearchQUESTION FOURReview View HelpParagraphStyles2.1 Evaluate the significance of project stakeholder needs to project risk managers.2.3 Using an example, discuss the meaning of the term risk assessment matrix.16-16-15 ←三三三三2↓¶17°NormalDescribe the relationship between uncertainty and project risk management.Discuss the use of time planning as a project risk management tool.Read the case study below and answer the questions that follow:Internal and external risks in project managementEnglish (South Africa) Text Predictions: On Accessibility: UnavailableNo SpacingWHeading 1The most critical phase in the project life cycle is the conceptual phase or bidding process, sinceonly scarce information is available, and nevertheless, the project baseline has to be determined,which more or less becomes a constraint for the project in terms of time and cost and productperformance. In other words, the proposal manager faces an obvious, but not easy to loose,tradeoff: the more competitive the bid in terms of offered price and nonprice factors, the greatermay be the probability of winning, but, conversely, the higher may be the probability of deviationfrom the planned project baseline.e5Thembi Mdepa TMComments EditingEditing DictateFocusReuseFilesVoice Sensitivity Editor Reuse FilesASensitivityENGUSEditorShareOV+ 100%03:262023/04/0916

Project risk management is an essential process in any project because it assists project teams in…

Answered: 2.1 Evaluate the significance of…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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So please answer below rest of the question: • Project description: a brief description of the project (include the purpose of the project)• Identification of users: who is directly and indirectly affected by this project?• Benefits: an identification of tangible and intangible benefits• Costs Benefits: an identification of the cost-effectiveness of the project• Constraints: what are possible constraints or limitations imposed on this project?
Can you detect the risk management of the project “Organising a Fan Convention at Birkbeck. This could be to organise an event/concert that could connect students/staff with a celebrity of their liking. Identify – minimum 15 different risks • Analyse Use the probability/impact matrix and place all risks there For 5 risks, from different boxes, explain in detail why you think they have that level of probability and impact on the project. (use 1-2 slides) • Response strategies and specific response actions• Use the simplified risk register provided in the lecture and seminar• For 5 risks, propose a response strategy AND specific response actions for each of these. • At least one of these 5 risks should be a positive risk
2. ‘Management of Risk is key to successful Project Management’. Discuss the merits of this statement, using an example to illustrate.
3.1 The PMBOK categorises risks into internal and external factors. Anne found that her working relationship with Mr. Richard Cramer was progressively deteriorating as his micro management of the project was taking a toll on the project and staff morale. As a result, Anne and some of the project team members wanted to absolve themselves of the project. Had this transpired, it would have posed a risk on the successful delivery of the project. Define the concept the above situation would have created.
Page 3 of 5You have recently gained your APM Risk qualification and have been asked to join the University’s project team on a consultancy basis to help implement a robust riskmanagement process on the project.Section A Questionsa) List 5 Stakeholders in the projectb) State the main objectives and success criteria for the project.c) Prepare a draft risk management plan, completing all relevant sections with information obtained from the case study. Marks will be awarded according to the following scheme:i.Introductionii.Project Description iii.Purpose and Scope of Risk Managementiv.Risk Management Organisation v.Risk Management Process vi.Key deliverables d) State 5 risks that may occur on this project. Ensure that risks are stated using the formatcause – risk event – effect. e) For 2 (two) of the stated risks State who (in your opinion) the potential owner would be Explain (again in your opinion) what could be done to respond to the risk  State (in your opinion) what would be the…
 Justify as to how the management of the positive risk will influence theachievement of project objectivesc) Explain why it is important for a risk management process to cover both threat andopportunity. Make sure that you justify your reasons.Question twelveA firm has developed a new product X. They can either test the market or abandon the project. The details are set out below;Testing the market cost 50,000FCFA, while the likely outcomes are favourable with a probability of 0.7 or unfavourable (failure) with a probability of 0.3. If favourable they could either abandon or produce it. The demand, probability and loss/profit for the product when produced are anticipated and presented in the table below;DemandProbabilityProfit/lossLow 0.25- 100,000Medium 0.6150,000High0.15450,000If the test market indicates failure, the project would be abandoned. Abandonment at any stage results in a gain of 30,000FCFA for the special machinery used. a) Draw the decision tree showing the nodes and…

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2.1 Evaluate the significance of project stakeholder needs to project risk managers. 2.3 Using an example, discuss the meaning of the term risk assessment matrix. QUESTION THREE Describe the relationship between uncertainty and project risk management. 3.1