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Master of Business Administration- MBA Semester 4
PM0016-Project Risk Management
(Book ID: B2012)
Assignment (60 Marks)
Note: Answer all questions must be written within 300 to 400 words each.
Each Question carries 10 marks 6 X 10=60.
Q1. What is Project Risk? Explain different sources of project risk with
examples.
Answer. Risk is one of the major factors to be considered during the management of
a project. Risk can be defined as, A probability or threat of damage, injury, liability,
loss or any other negative occurrence that is caused by external or internal
vulnerabilities and may be avoided through pre-emptive action. In other words, risk
refers to an uncertain circumstance that can affect at least one project objective.
Q2. What is Risk Opportunity and Management System (ROMS)? What are
its benefits?
Answer. ROMS, why was it designed, how can it be used:
ROMS is a risk and opportunity management system that can be applied throughout
an organisation. This system helps in establishing a practical, integrated, systematic,
rigorous and collective approach for managing the risks and opportunities over a
businesss or projects lifecycle. It can also be used for

Q3. What is Project Activity Risk? Explain different Categories of Risk with
examples.
Answer. A risk factor is a situation that may give rise to one or more project risks. A
risk factor itself doesnt cause you to miss a product, schedule, or resource target.

However, it increases the chances that something may happen that will cause you to
miss one.

Q4. What are the sources of resource risks?

A. Explain the sources of
People risks (4 marks)
Outsourcing risks (3 marks)
Money risks (3 marks)
Answer. People risks:
Risks related to people represent the maximum risks (by count) in the PERIL
database, accounting for more than two-thirds of the total risk incidents. The sources
of people risks can be divided into two main categories, which are as follows:
1. Availability
Kendrick (2008) discusses four scenarios related to the availability of people that lead
to people risks. They are as follows:
Staff leaving the project permanently: Losing people permanently during the course of
the project is one of

Q5. What is Scope Risk? What are different types of scope risks?
Answer. The different types of scope risks are discussed as follows:

Scope creep
Scope gap
Scope dependency
Defect

3 scope risks:
Scope creep
Scope creep is the most common scope risk. It stems from gaps in the understanding
or documentation of

Q6. Explain the three point estimates used in quantitative risk analysis.
A. Explain the term three point estimates (2 marks)
Why are they used in quantitative risk analysis (4 marks)
How is it different from PERT distributions (4 marks)
Answer. Three point estimates:
Three-point estimates describe three scenarios (pessimistic, base case and optimistic)
and thus, help in considering different outcomes and their impacts. Three-point
estimates provide a simple means of representing the magnitude and range of a risk
impact or effect. These are most often used for estimating

Fall-2016
Get solved assignments at nominal price of Rs.130
each.
Mail us at: subjects4u@gmail.com or contact at
09882243490