a) Explain with examples the differences between the following pairs of terminologies in project risk management: i. Proximity and Dormancy of a Risk ii. Stakeholder Risk Threshold and Tolerance iii. iv. Variability Risk and Ambiguity Risk Qualitative 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.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
a) Explain with examples the differences between the following pairs of terminologies in project risk management:
i.
Proximity and Dormancy of a Risk
ii.
Stakeholder Risk Threshold and Tolerance
iii. iv.
Variability Risk and Ambiguity Risk
Qualitative 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.
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