Activity # 7 – Risk Management

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Activity # 7 – Risk Management

Please need help with 3 questions, The first two questions should be 125 words each. 3rd question needs to be more in detail of atleast 450 words.

  1. Give some examples of projects using each of the risk mitigation strategies (accept, minimize, share, or transfer). How successful were these strategies? In hindsight, would another approach have been better?
  2. Consider the following observation: “The problem with risk analysis is that it is possible to imagine virtually anything going wrong on a project. Where do you draw the line? In other words, how far do you take risk analysis before it becomes overkill?” How would you respond?

3. Qualitative Risk Assessment. Imagine that you are a member of a project team that has been charged with developing a new product for the residential building industry. Using a qualitative risk analysis matrix, develop a risk assessment for a project based on the following information: :

Identified risk factors Likelihood

1. Key team members pulled off project 1. High

2. Chance of economic downturn 2. Low

3. Project funding cut 3. Medium

4. Project scope changes 4. High

5. Poor spec. performance 5. Low

Based on this information, how would you rate the consequences of each of the identified risk factors? Why? Construct the risk matrix and classify each of the risk factors in the matrix.

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