Select a risk that one might encounter on a project. Attach your calculations or

Question

Select a risk that one might encounter on a project.

Attach your calculations or simulation.

Examples:

You might have a risk that the duration of a task (develop the user interface) on the critical path has been underestimated so you might ask your technical expert for the optimistic and pessimistic durations and calculate T-E. You would then use Crystal Ball to determine the duration that would represent a 90% confidence that the task could be accomplished in that time.

You might have a concern that all of the activities on your critical path have been under-estimated, so you would calculate µ and ? and use the Z table to determine the project duration that gives you a 90% probability of completing within that time frame. You would then add the difference between your original duration and the 90% duration as the schedule reserve. Note: if you choose this example, use at least three, but no more than five, tasks in your calculations.

Explanation / Answer

I had to meet a team for organising the library of the university. The biggest issue which we were facing was arrangement of different items inside the library without even damaging the books or the racks. It required intense planning and execution at a higher level. Mitigation of the risk involved following factors

Making risk management a specific part of the project.
Risk management is an essential part of any specific project and it can provide various forecast risk available in the specific project which directly improve the overall efficiency has the the productivity of the project. By having a project manager with the ability to manage the risk. Overall competency of the specific project is increased.

Forecasting the risk.

Why forecasting one can avoid implications of the specific risk into their organisation and can provide a very wide support do the specific project. Why forecasting the risk possibility of casualties has larger damages could be avoided which one directly result in increased efficiency of the project.

Communicating for risk

With the help of proper communication in organisation most of the risk can be avoided. By having a strong communication pattern inside an organisation the overall effects of the specific risk management system can be improved by a huge margin. Increased communication also ensures better problem solving as well as reducing the overall time taken in solving the problem undefined

Considering threats and opportunities

Buy successfully analysing the threats and opportunities for the specific project manager can easily implement new strategies with directly with the overall productivity of the project. This specific practice of implementation of opportunities as well as threat analysis can be very beneficial for making a project risk free.

Clarifying ownership

From a manager's point of view, most of the time consider themselves as free after they have created a project management plan. This is specific risk plan also needs distribution of the specific roles towards an organisation and to the project. By providing specific goals to each and every employee inside an organisation the overall assessment of the risk factors could be readily decrease.

Prioritising risk

By prioritising thee risk sizes and impacts one can easily increase the overall efficiency of the risk management plan into an organisation and can implement it in a better way.

Implementation of responses

Implementation of responses is an essential process for a risk management plan. By implementing different responses towards the specific risk one can easily increase the level of understanding for the risk in future aspect. By having an implementation of the specific risk into the project multiple solution for the same risk can be delivered as per needed.

Tracking and assessing the risk

Buy successfully tracking a specific risk manager can easily assign a task to that specific ways to reduce the overall impact of the risk. This is specific practice also increases the level of implementation of the risk management plan towards an organisation.

All in all we can say, by following above steps one can easily implement a healthy risk management plan into a project work and can increase the overall efficiency as well as productivity of the specific project.

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