Question One a. A project has five stakeholders, when an additional project memb

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Question One

• a. A project has five stakeholders, when an additional project member gets added, how many communication channels exist?
  

• b. The project manager intends to get a module completed within a deadline but there are few reluctant team members who don’t intend to comply with the manager. What strategies can the manager use to resolve the potential disagreements?
  
  
  Question Two
  a. Define risk utility. How can we categorize people as risk-averse, risk-seeking or risk neutral on the basis of risk utility.
  
  b. Explain how risk quantification can be done using the probability/impact matrices. Draw a sample probability/impact matrix to illustrate the concept.
  

Question One

• a. A project has five stakeholders, when an additional project member gets added, how many communication channels exist?
  

• b. The project manager intends to get a module completed within a deadline but there are few reluctant team members who don’t intend to comply with the manager. What strategies can the manager use to resolve the potential disagreements?
  
  
  Question Two
  a. Define risk utility. How can we categorize people as risk-averse, risk-seeking or risk neutral on the basis of risk utility.
  
  b. Explain how risk quantification can be done using the probability/impact matrices. Draw a sample probability/impact matrix to illustrate the concept.
  

Question One
a. A project has five stakeholders, when an additional project member gets added, how many communication channels exist?


b. The project manager intends to get a module completed within a deadline but there are few reluctant team members who don’t intend to comply with the manager. What strategies can the manager use to resolve the potential disagreements?


Question Two
a. Define risk utility. How can we categorize people as risk-averse, risk-seeking or risk neutral on the basis of risk utility.

b. Explain how risk quantification can be done using the probability/impact matrices. Draw a sample probability/impact matrix to illustrate the concept.
a. Define risk utility. How can we categorize people as risk-averse, risk-seeking or risk neutral on the basis of risk utility.

b. Explain how risk quantification can be done using the probability/impact matrices. Draw a sample probability/impact matrix to illustrate the concept.

Explanation / Answer

a . Totally 6 stakeholders, the communication channels are calculated based on the below formula,
n(n-1) / 2.
6*5/2 = 15. So, 15 communication channels will be exist

b. People will work in a way which make sense to them, So, manager should follow the below strategies

Encourage Ownership : The members should be assigned with some task which can be owned by them and slowly it can be increased.

Chance to speak : The manager should give chance to every one in the team to speak their views and concerns

Be a good example : The manager should be the example of others

2a. Risk-averse : The people who unwilling to take risk or completely avoiding the risk are all known as risk-averse.
Risk-Seeking : The people who accepting the non-defined(or greater volatility) and uncertainity.
Risk-Neutral : The people who inbetween the risk averse and risk seeking persons. In other words ' they places them selfs in middle of the risk spectrum'. Risk Utility theory will categorise the people in the above three.

2b. Risk event that may occur is the probability , Impact is the risk always having the negative impact

Moderate Risk High Risk High Risk Excessive Risk Excessive Risk Low Risk Moderate Risk High Risk High Risk High Risk Low Risk Low Risk Moderate Risk High Risk High Risk Neglible Risk Low Risk Low Risk Moderate Risk High Risk Neglible Risk Neglible Risk Low Risk Low Risk Moderate Risk

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