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Fall Essay

718 words - 3 pages

Daniel Martisofski

Professor Nelis

IST 491

April 24th, 2014
Chapter 11 Homework

2,5,7,9
2. What are some questions that should be addressed in a risk management plan?

A risk management plan documents the procedures for managing risk throughout the project and must address:

Methodology – how will it be preformed on the project also what tools and data sources are available and appropriate.

Roles and Responsibilities – who’s doing what task and providing deliverables related to risk management

Budget and Schedule – estimated cost and schedule for performing the risk activities

Risk Probability – how will each risk be dealt with and the impact of the risk

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This can be very helpful to keep in peoples mind so it won’t happen and keep them aware.

7. Provide realistic examples of each of the risk response strategies for both negative and positive risks.

According to Schwalbe, risks can be assessed qualitatively or quantitatively. Tools for qualitative risk analysis include a probability/impact matrix and the Top Ten Risk Item Tracking Technique. Tools for quantitative risk analysis include decision trees and Monte Carlo simulation. Expected monetary value (EVM) uses decision trees to evaluate potential projects based on their expected values. Simulations are a more sophisticated method for creating estimates to help you determine the likelihood of meeting specific project schedule or cost goals. Sensitivity analysis is used to show the effects of changing one or more variables on an outcome.

The four basic response strategies for negative risks are
Avoidance - involves eliminating a specific threat or risk. A project team may decide to continue using a specific piece of hardware because they know it will work.
Acceptance - means accepting the consequences of a risk, should it occur. A project team...

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