The probability for a risk having a positive or negative effects is important
Question1
Risk is as an uncertain event that which if it occurs can have either positive or negative effects on a projects objectives and goals. The probability for a risk having a positive or negative effects is important, because it is normal to fall into thinking risks have only negative effects.
As a project manager you manage risks on daily basis it’s one of the most important task to do.it sis important to put into practice a systematic risk management process and put into action the five main risk management process steps.it will help you run your project smoothly and give an easy time to everyone involved.
- Identify risk-the first step is to identify the risk that the project is exposed to in its operating environment, there are many types of risks; legal risks, environmental risks, regulatory risk and much more. It is important to identify as many risk factors as possible .in a manual environment these risks are noted down manually.
- Analyze the risk-once you have identified the risk, determine the likelihood and consequences of each risk then develop an understanding of the nature of the risk and its likelihood to affect the project objectives.one of the most important step is to map the risk when a risk management plan is implemented. This means that the system will have already mapped the risk framework that will evaluate the risks and let you know the far-reaching effects of each risk.
- Evaluate the risk-you do this by determining the risk magnitude which is a combination of the likely hood and consequences, make a decision whether the risk is acceptable or serious enough to call for treatment.it is important to rank the risk because it allows an organization to gain a comprehensive view of the risk exposure to the whole organization.it may be vulnerable to several low-level risks but may not require upper level management.
- Risk response planning –it is also known as treating the risk.in this step, you asses your highest ranked risks and make a plan to modify these risks to achieve acceptable risk levels. Here you create risk mitigation strategies, preventive plans and contingency plans.in manual environment, this involves contacting each and every stakeholder and then setting up a meeting so that everyone can discuss the issues. The issues they discuss are broken into many documents and many phone calls and email threads.
- Review and monitor the risk-in this step you take the project risk register and use it to monitor, track and review the risks. Since not all risks can be eliminated, some risks like market risk and environment risks are monitored all the time. Under manual systems monitoring happens through diligent employees, these professionals must make sure they keep a close watch on all risk factors. If nay factor of the risk changes, it is immediately visible to everyone. Computers are also much better at continuously monitoring than people.
Question 2
Risk no.
Risk description
Likelihood of the risk occurring
Impact if the risk occurs
Severity based on impact and likelihood
Owner (person who will manage the risk)
Mitigating action
1
Space radiation
high
high
high
Project sponsor
Administering protective gear and equipment to prevent direct radiation.
2
Isolation and confinement
high
High
High
Project sponsor
Choosing groups that will be scrutinized more closely sincethy will travel together
3
Gravity fields
Medium
high
medium
Project sponsor
Preforming training on different gravitational scenarios.
4
Crashing on mars surface while trying to land
medium
High
high
Project sponsor
Calculating accurately the velocity required and other factors on the vessel being used to make that journey.
5
Blowing up of the rocket
Low
high
high
Project sponsor
Conducting thorough maintenance and checkup of the rocket before ignition and departure.
Question 3
Qualitative risk analysis focuses on identifying risks to measure both the likelihood of a specific risk event occurring during the project life cycle and the impact it will have on the overall schedule should hit with the goal being to determine severity. While quantitative risk analysis on the other hand is objective and uses verifiable data to analyze the effects of the risk in terms of cost overruns, scope creep, resources consumption, and schedule delays .ultimately, the purpose is the same, the difference is that it takes a more scientific, data- intensive approach. Qualitative risk analysis is the one that is always done on all the risks while quantitative risk analysis is has more limited use based on the type of project.
Question1
Risk is known as an uncertain event that which if it occurs, can have either positive or negative effects on a project’s objectives and goals. The probability of a risk having a positive or negative impact is crucial because it is reasonable to fall into thinking risks have only adverse effects.
As a project manager, you manage risks daily; it’s one of the essential tasks to do. It is crucial to put into practice a systematic risk management process and put into action the five primary risk management process steps.it will help you run your project smoothly and give an easy time to everyone involved.
- Identify risk-the The first step is to identify the risk that the project is prone to in its operating environment; there are many types of threats; legal risks, environmental risks, regulatory risk, and much more. It is essential to identify as many risk factors as possible. In a manual environment, these risks are put to record manually.
- Analyze the risk-once you have identified the risk, determine the likelihood and consequences of each threat, then develop an understanding of the nature of the risk and its possibility to affect the project objectives. One of the most crucial steps is to map the chance when a risk management plan is ready; This means that the system will have already assigned the risk framework that will evaluate the risks and let you know the far-reaching effects of each risk.
- Evaluate the risk-you do this by determining the risk magnitude which is a combination of the likely hood and consequences, decide whether the risk is acceptable or severe enough to call for treatment.it is essential to rank the chance because it allows an organization to gain a comprehensive view of the risk exposure to the whole organization. It may be vulnerable to several low-level risks but may not require upper-level management.
- Risk response planning –it is also known as treating the risk. In this step, you asses your highest ranked risks and make a plan to modify these risks to achieve acceptable risk levels. Here you create risk mitigation strategies, preventive plans, and contingency plans. In a manual environment, this involves contacting each stakeholder and then setting up a meeting so that everyone can discuss the issues. They divide issues they address into many documents and many phone calls and email threads.
- Review and monitor the risk-in this step. You take the project risk register and use it to monitor, track, and review the risks. Since the elimination of all risks is not possible,all risks, they have to observe some risks like market risk and environmental risks all the time. Under manual systems monitoring happens through diligent employees, these professionals must make sure they keep a close watch on all risk factors. If any consideration of the risk changes, it is immediately visible to everyone. Computers are also much better at continuously monitoring than people.
Question 2
Risk no.
Risk description
Likelihood of the risk occurring
Impact of the risk occurs
Severity based on impact and likelihood
The owner (person who will manage the risk)
Mitigating action
1
Space radiation
high
high
high
Project sponsor
administering protective gear and equipment to prevent direct radiation.
2
Isolation and confinement
high
High
High
Project sponsor
Choosing groups that will be scrutinized more closely sincethy will travel together
3
Gravity fields
Medium
high
medium
Project sponsor
performing training on different gravitational scenarios.
4
Crashing on the mars surface while trying to land
medium
High
high
Project sponsor
Calculating accurately the velocity required and other factors on the vessel being used to make that journey.
5
Blowing up of the rocket
Low
high
high
Project sponsor
Conducting thorough maintenance and checkup of the rocket before ignition and departure.
Question 3
Qualitative risk analysis focuses on identifying risks to measure both the likelihood of a specific risk event occurring during the project life cycle and the impact it will have on the overall schedule should hit with the goal being to determine severity. While quantitative risk analysis, on the other hand, is objective and uses verifiable data to analyze the effects of the risk in terms of cost overruns, scope creeps, resources consumption, and schedule delays .ultimately, the purpose is the same, the difference is that it takes a more scientific, data-intensive approach. Qualitative risk analysis is the one that is always done on all the risks, while quantitative risk analysis has more limited use based on the type of project.