(TCO D) You are the project manager for an important healthcare project. You are performing qualitative risk analysis. Below are the values of probability and impact for the top 5 negative risks that were given to you by project team. The person assigned as the risk owner did not come to work today and you will have to rank all risks, given the highest priority to high-exposure risk. The Probability and Impact Scale as discussed with the stakeholders is:
Scale | Probability | IMPACT |
VH | 85 | $100,000 |
H | 65 | $75,000 |
M | 45 | $50,000 |
L | 25 | $20,000 |
VL | 5 | $5,000 |
The identified risks and their P and I given to you are: | ||
Task Name | Probability | IMPACT |
A | VH | L |
B | H | H |
C | VL | VH |
D | M | H |
E | L | VH |
1 | B | C | D | E | F |
2 | Scale | Probability | IMPACT | ||
3 | VH | 85 | $100,000 | ||
4 | H | 65 | $75,000 | ||
5 | M | 45 | $50,000 | ||
6 | L | 25 | $20,000 | ||
7 | VL | 5 | $5,000 | ||
8 | The identified risks and their P and I given to you are: | ||||
9 | Task Name | Probability | IMPACT | ||
10 | A | VH | L | ||
11 | B | H | H | ||
12 | C | VL | VH | ||
13 | D | M | H | ||
14 | E | L | VH | ||
15 | Task Name | Probability | IMPACT | Expected Value | Rank 1 to 5 as all are Negative Risk 1 means heavy risk and 5 means low risk |
16 | A | 85% | 20000 | 17000 | 4 |
17 | B | 65% | 75000 | 48750 | 1 |
18 | C | 5% | 100000 | 5000 | 5 |
19 | D | 45% | 75000 | 33750 | 2 |
20 | E | 25% | 100000 | 25000 | 3 |
Formula:
1 | B | C | D | E | F |
2 | Scale | Probability | IMPACT | ||
3 | VH | 85 | 100000 | ||
4 | H | 65 | 75000 | ||
5 | M | 45 | 50000 | ||
6 | L | 25 | 20000 | ||
7 | VL | 5 | 5000 | ||
8 | The identified risks and their P and I given to you are: | ||||
9 | Task Name | Probability | IMPACT | ||
10 | A | VH | L | ||
11 | B | H | H | ||
12 | C | VL | VH | ||
13 | D | M | H | ||
14 | E | L | VH | ||
15 | Task Name | Probability | IMPACT | Expected Value | Rank 1 to 5 as all are Negative Risk 1 means heavy risk and 5 means low risk |
16 | A | 0.85 | 20000 | =C16*D16 | 4 |
17 | B | 0.65 | 75000 | =C17*D17 | 1 |
18 | C | 0.05 | 100000 | =C18*D18 | 5 |
19 | D | 0.45 | 75000 | =C19*D19 | 2 |
20 | E | 0.25 | 100000 | =C20*D20 | 3 |
(TCO D) You are the project manager for an important healthcare project. You are performing qualitative...
Project risk management is an iterative process that begins with a plan for how risks will be managed throughout the life of the project. Risks must first be identified and analyzed. Then risk responses and action steps must be developed. The risk management plan should also include the steps, processes, or procedures that will be used to continually monitor risk during the project. Defining requirements for a process improvement project can be particularly challenging. Depending on the extent and complexity...
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