question archive 1)Describe the general processes that should be followed in managing risks throughout a project Be sure to include the general sequence in which these processes are carried out
1)Describe the general processes that should be followed in managing risks throughout a project Be sure to include the general sequence in which these processes are carried out
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1)Describe the general processes that should be followed in managing risks throughout a project Be sure to include the general sequence in which these processes are carried out. 2. Create a risk register for a project to put humans on Mars (four or five risks). 3. Create a probability versus impact matrix for your school's Winter Club ski trip (at least four identifiable risks). 4. For one of the risks you have identified in question 2 or 3, describe how it could be avoided, transferred, mitigated, or 5. What is the difference between qualitative and quantitative risk analysis? Which one is always done? Why is the other one not always done for every project?
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1. Risk Managment - General Processes
According to Watt, there are four stages to the risk management process. These four processes occur in the following order:
1.Plan Risk Management
2.Identify Risks
3.Evaluate Risks
4.Plan Risk Responses
It is essential and necessary to prepare for future risks during the first step, Plan Risk Management. Project management and those interested with the project should be well-prepared to cope with any threats that could emerge. Various tools and services are used in the second level, Identify Risks, to assess what the future risks are and how they will impact the project. The level of risk can then be assessed in the Assess Risks stage. This involves the possibility that the risk will exist or not. Data should be gathered as the project advances in order to keep this step of the risk assessment phase up to date. All risks are discussed in the final stage, Plan Risk Response.As the project continues, data should be collected in order to continually update this stage of the risk management process. In the last stage, Plan Risk Response, all risks are assessed and a response in implemented.
2. Sample Risk Register: A project to put humans on Mars
| ID | Date Raised | Risk Description | Likelihood | Impact | Severity | Owner | Mitigating Action | Contingent Action | Progress on Actions | Status |
| 1 | 20/02/2019 | Risk of Human Life : At any step, human space exploration is risky. Mars is a harsh world where even the slightest fault or mistake will result in catastrophic failure, injury, or death. |
High | High | High | Mr. A | Every component must work perfectly. Every system (and its backup) must function without fail or human life is at risk. | Error Free and Tight Procedures, Standardized Operating Procedures, Continuous Monitoring & Control | Update 21/02/2019 Mitigation Action Completed | Open |
| 2 | 21/02/2019 | Cost Overruns : Cost overruns are also not uncommon in large projects in any arena. The proposed budget provides a wide safety margin to cover for both big mission failures and smaller yet expensive component failures on Mars. |
Medium | High | Medium | Mr. B | The risk of cost overrun could be minimized by using current technology and the fact that launch and landing account for about 66 percent of the overall cost—both of which are well-understood and proven factors. | Development of a robust risk identification profile that drives both internal technological development and partnerships with aerospace suppliers. For the years leading up to the first humans landing on Mars, this risk analysis profile will begin to grow and develop. | Update 22/02/2019 Mitigation Action Completed | Open |
| 3 | 21/02/2019 | Space Sickness | High | Low | Low | Mr. C | Provision of Traiining & Simulation to human beings so that they do not feel space sick | Development of advanced simulation chambers which are able to create conditions similar to the enviroment on Planet Mars | Update 22/02/2019 Mitigation Action Completed | Open |
| 4 | 22/02/2019 | Weaker Muscles | High | Medium | Medium | Mr.A | The International Space Station (ISS) has no gravity, and Mars has only a third of Earth's gravity. This has a negative effect on the human body. Our bodies are so used to battling gravity on Earth that they weaken and waste when it isn't there. |
To preserve muscle mass and cardiovascular health, humans must exercise for two to three hours per day. The heart lacks muscle mass, which can be harmful if it is not sustained by exercise. | Update 22/02/2019 Mitigation & Contingency Action Completed | Closed |
3. Risk Probability Matrix - Skiing
4. Risk -
Cost Overruns : Cost overruns are also not uncommon in large projects in any arena.
The proposed budget provides a wide safety margin to cover for both big mission failures and smaller yet expensive component failures on Mars.
Mitigation : The risk of cost overrun can be minimized by using current technology and the fact that launch and landing account for about 66 percent of the overall cost—both of which are well-understood and proven factors.
Cost overruns can be avoided by following project management principles and being both operationally and strategically effective.
5. Difference Between Qualitative and Quantitative Risk Analysis:
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Qualitative Risk Analysis |
Quantitative Risk Analysis |
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1. Considers all the risks identified in the risk identification process. |
1. In the Perform Qualitative Risk Analysis Process, only the risks that have been marked for further analysis are considered. They are the threats that have a big effect on the project's priorities. |
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2. The likelihood and distribution of risks are not measured mathematically in the qualitative risk analysis process; instead, stakeholders' feedback (expert judgment) are used to judge the probability and effect. |
2. Quantitative Risk Analysis utilizes likelihood curves to describe the risk's probability and effects, as well as project models (- for example, plans, cost estimates), statistical, and simulation methods to quantify the risk's possibility and effect. |
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3. We assess individual risks by assigning numeric ranking of probability and impact, usually the rank of 0 to 1 is used where 1 demonstrates high. |
3. This predicts likely project outcomes in terms of money or time based on combined effects of risks, it estimates the likelihood of meeting targets and contingency needed to achieve desired level of comfort. |
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4. Usually applied in most of the projects. |
4. Quantitative Risk Analysis Process may not be applied to many simple or moderately complex projects. |
Quantitative Risk Analysis is not always does because this process cannot be applied to simple and moderately complex projects.
It is applied generally only to Extremely Complex Projects.
