Gather a small team of students. Think of a project most students would understa
ID: 451697 • Letter: G
Question
Gather a small team of students. Think of a project most students would understand; the kinds of tasks involved should also be familiar. Identify and assess major and minor risks inherent to the project. Decide on a response type. Develop a contingency plan for two to four identified risks. Estimate costs. Assign contingency reserves. How much reserve would your team estimate for the whole project? Justify your choices and estimates. You have been assigned to a project risk team of five members. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out their proposed outline at the beginning of the meeting. Your outline should include but not be limited to the following information: Team objectives. Process for handling risk events. Team activities. Team outputs.Explanation / Answer
a. project is a temporary endevor where it can complete in a limited time with unique objectives. to complete the project we requires many inputs like man power, material, machine power, money and time as well. by integrating all these with an optimum combinaiton we can complete a project. some times we may complete it before than we estimated and some times we may not complete it on time. we may need some aditional time and resources as well. it will be depends on the nature of work, our experience, and other external factors. we need to hold at lest 10% aditional reserves than what exactly we requires in each segement.
b. risk can be defined as the probability of occuring loss or damage to a firm or to an individual interms of monetary or non monetary. usually it can be say as the difference between actual outcome and exptected outcomes. usally the actions includes: Writing a mission statement for risk management in the organization, Communicating with every section of the business to promote safe behavior, Identifying risk management policy and processes, Pinpointing all risk exposures, Assessing risk management and financing alternatives as well as external conditions in the insurance markets, Allocating costs, Negotiating insurance terms, Adjusting claims adjustment in self-insuring firms and Keeping accurate records.
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