Risk Analysis

Topics: Risk management, Project management, Risk Pages: 3 (811 words) Published: April 1, 2013
Risk Analysis
Fahad Iqbal
MSPM 6140
28th September 2011

This article analyzes the case study’ Outline of situation’ and examines the risk identification process used. It provides a comparison of qualitative and quantitative risk assessment that could be employed in the scenario.

Risk Analysis
This case study explains about a company who is experiencing issues with project performances. Clients have started to complain and significant projects are either running late or over budget. It is also evident that the Project management processes are not standardized in the organization. Describe the process they use to identify risk? “ Identify risks is the process of determining which risks may affect the project and documenting their charactistics.” (PMBOK Guide , 2008). If we take the above facts it can be concluded that there are no standardized methods that were used to identify risks. In fact it can also be assumed that the organization did not have an emphasis on the risk management approach. PM’s have individually handled the project without any appropriate methodology, may have well missed out the appropriate risk management process. It can be concluded that appropriate risk management processes were not exercised and risk identification did not happen to its fullest. Compare and contrast the qualitative and quantitative methods of risk assessment that could be employed in this scenario. “The overall objective of the perform qualitative and quantitative risk analysis processes is to determine which risk warrant a response.” (Mulcahy, 2010). To subjectivity evaluate the probability and impact of each risk we will need to go through the risk identification process. Let us take 5 risks from the case study and assign the values (1 to 5 where 5 being the highest) to the probability and impact columns for ranking the risks. No.| Risk | Impact|

1| New PM’s| Not fully integrated in the organization| 2| Un-Experienced PM| Unable to...

References: A Guide to the Project Management Body of Knowledge (4th ed.). (2008). Project Management Institute Inc.
Mulcahy, R. (2010). Risk Management (2nd ed.). RMC Publications Inc.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Risk Management Models for Use by the Project Manager Essay
  • Risk Management Plan And Risk Analysis And Risk Management Revised Essay
  • Risk Management Essay
  • risk Essay
  • The Role of Risk Management in Project Management Essay
  • Risk management Essay
  • Project Techniques and Risk Management Essay
  • Essay on Risk Review: MacVille Ltd

Become a StudyMode Member

Sign Up - It's Free
Cap 95 (29/08/2017) AnimaRegia Scantrad | 1x110 Casa de muñecos | Watch This Link!