how risk affects a project
Risk is the possibility of loss or injury.1Project risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective
Risk deals with the uncertainty of events that could affect the project. Some potential negative project events have a high likelihood of occurring on specific projects. Examples are as follows:
Let us understand the impact of the risk on project
Weather
Project team members were flying to a project review meeting in South Carolina when a severe storm caused all flights to be cancelled. Members of the leadership team could not make the meeting and weren’t even able to return to their home base for a couple of days.
Sudden Family Death
Just before a project meeting in Texas, the instructional design lead received word that his father had died in the middle of the night. The team delayed making decisions on some critical events without the knowledge and judgment of the instructional designer.
These events were unforeseen by the project team, and in both cases the projects experienced schedule delays and additional costs.
Explain how the Risk matrices project management elements affects the scheduling and controlling of a project.
Explain how the number of assets in a portfolio affects the portfolio risk.
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...
List at least four sources of risk in a systems analysis and design project and how does a project manager cope with risk during the stages of project management?
During this class you will be learning how to manage project risks and opportunities. The risk management process, which is part of the project management process, consists of these primary steps: Understand the environment. Understand the organization's approach to risk management and establish overall priorities. Identify the risks. Recognize potential project risks and build an understanding of them. Analyze the risks and potential impact. Assess the risks, determine the probability of their occurrence, and identify the potential impact. Create the...
Identify the framework for risk management and how each step impacts a project.
Which of the following is (are) most correct concerning investment risk? Market risk systematically affects most stocks in the market so it is impossible to diversify away through adding more stock in the portfolio. Random events as lawsuits, strikes, successful and unsuccessful marketing programs that affect individual firm / industry is example of market risk. It is possible to form a completely riskless portfolio by adding a very large number of security to the portfolio Risk reduction effects increase as...
Describe how inbreeding affects genotypic frequencies? Describe how outbreeding affects genotypic frequencies?
history of cancer? how it affects woman? signs and symptons? how does it affects women all over the world? treatments?
A stock's standard deviation indicates how the stock affects the riskiness of a diversified portfolio. Therefore, the standard deviation is a better measure of a stock's relevant risk than its beta coefficient, which measures total, or stand-alone, risk. True False