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Risk Management

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taterarpit
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Risk Management

Postby taterarpit Thu Aug 21, 2014 2:00 pm

Sam is the project manager and plans to involve his team for risk identification session. During the session Sam and his team have identified 130 risks. Sam realizes that 130 is quite big number and to evaluate each of these risks can cost enormous amount of his time as well as team’s time. And the effort may not be worth enough as not all of these risks are relevant and important. What Sam should do next?

A.Identify risk triggers where possible. Analyze only those risks quantitatively for which no trigger could be found.

B.Use qualitative risk analysis in order to prioritize risks for further action by doing risk probability and impact assessment.

C.Evaluate risk analysis in order to prioritize risks for further action, such as quantitative risk analysis.

D.Evaluate potential impact of each risk qualitatively and further analyze only those risks with high impact.



This seems to be a very simple question but i have doubt in Option B and D. Option B says "Use qualitative risk analysis in order to prioritize risks for further action by doing risk probability and impact assessment. " ---this option is talking about only using one particular tool and Technique out of several in Qualitative Risk, where as Option D is saying to use Qualitative analysis as a whole ( means use of all tools and techniques whichever suits the project requirement and then further analyze.

Again this is what i think...so any explanation is welcome :-)
namita
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Re: Risk Management

Postby namita Fri Aug 22, 2014 5:20 am

Few important points you missed

1. Question asking what will you do NEXT

2. Option D is asking about doing qualitative analysis of each risk. Your purpose is not solved you will end up doing process of all which Sam doesn't want to do

3. In option B, we are first using prioritization tool because in current situation we only want to concentrate on highly important risk only, to save time and effort. So definitely this is the very next thing we should do and identify the risk we need to focus..

Hope its clear
signor_rk
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Re: Risk Management

Postby signor_rk Fri Aug 22, 2014 3:10 pm

Nice explanation. Thanks Namita.
Regards ,

Ranjit

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