Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)

MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________

Section 1Short Answers (Answer 4 of the 5 choices in Section 1)

Short Answer Question 1 [5 Points]:

Review the impact matrix below. Considering the scale, probability and impact parameters would this matrix be useful
for a project with a duration of 30 business days and a budget of $150,000? Clearly state your opinion and support your
answer using information from the matrix and what you have learned about risk management planning.

Note: VHI stands for Very High, VLO for Very Low and NIL for nothing or zero.

Response to Short Answer 1.

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________

Short Answer Question 2[5 Points]:

Risk identification techniques are often categorized into subjective and objective approaches. Describe the pros and
cons of identifying risks using at least 1 subjective and one objective technique.

Response to Short Answer 2.

Subjective technique for risk identification: Questionnaire and surveys

Pros:

 More information can be collected in short span of time.

 Questions can be set according to the information needed to be collected.
 Participants do most work instead of organisers.

Cons:

 Participants may not take it seriously.

 A proper questionnaire or survey needed to be set up which can be time consuming.
 Answers can be unreliable without proper verification at local level.

Objective technique for risk identification: SWOT analysis

Pros:

 Saves a lot of time by processing huge amount of data in shortest time period.
 Span of assessment can be adjusted from local to international level.
 No requirement of very skilled management to perform it.

Cons:

 Difficult to keep analysis in constrained boundaries.

 Difficult to verify all the aspects of analysis.

Short Answer Question 3 [5 Points]:

Assumption analysis is one of many approaches or techniques used to identify risks. Describe where a project manager
would look for assumptions and explain how analysis would take place.

Response to Short Answer 3.

In assumption analysis technique various risks are identifies and believed to be true but without any evidence. A project
manager mostly looks for the assumptions by analyzing the past experiences of similar projects or in the estimated

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________
circumstances in the future. There is always a possibility of error in these assumptions therefore they need to be
reviewed throughout the project lifespan. To reduce the chances of error more and more data related to project need
to be collected.

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________

Short Answer Question 4 [5 Points]:

Explain how enterprise environmental factors and organizational process assets influence risk planning and the risk
management plan.

Response to Short Answer 4.

EEF an influential factor for risk planning and risk management plan of any organisation. EEF are basically external
factors that affect the organisation’s plans in good way or bad way, such as governmental policies, climate conditions.
These factors are not in the hands of management so there are more risks involved linked to these factors. By analyzing
these factors from the gathered data management do risk planning and management plan for those risks.

OPA are the internal parts of any organization such as employees. These are in control of organisation at large extent.
Hence the risk plan can be more accurately formed by considering the performance and availability of these assets.
Moreover there are less risks involved linked to these assets as compared to EEF.

Short Answer Question 5 [5 Points]:

Individual and organizational risk attitude influences the way risks are viewed within a project. Explain the concept of
risk attitude including the factors that may influence risk attitude.

Response to Short Answer 5.

Risk management is inseparable part of any project and management must consider all risk and deal with them
accordingly. Every management has its own attitude towards various risks. These attitudes are inbuilt in any organisation
or individuals. On the basis of their attitudes they prioritize the risk and try to deal with it or change it into opportunity.
There are various individual factors influence risk attitude, such as

 Personality traits
 Competence
 Emotional intelligence
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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________
 National culture

These factors are inherited in any individual who are the members of any management, therefore these factors help to
decide the importance of any risk and rank them accordingly.

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________

Section 2 Case Study

(Refer to Case study- Water Cube Project in the Mid Term Assessment Information Sheet. Respond to ALL the
FOUR questions below.

Case Study Question 1 [2 Point]

ARUP spent time on a particular aspect of project planning. What type of subsidiary plan would have been created.
Why do you think this was helpful?

Response to Case Study Question 1

Case Study Question 2[2 Points]

At one point in time the ARUP project manager provided the sponsor a Risk Management Plan (RMP) including over 150
risks. Is the RMP the most appropriate place to record risks (why or why not)? What are your thoughts on the number
of risks.

Response to Case Study Question 2

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________

Case Study Question 3 [3 Points]

Create a deliverable based Risk Breakdown Structure for the Water Cube Project. Use RBS best practices and create 3
categories that are relevant to the project. For each category create 3 sub-categories. Use the table provided below in
your response.

Response to Case Study Question 3

Level 0 Level 1 Level 2

Sub-Deliverable i.e. Fixed Price Contracts
Deliverable i.e. Contracts Time and Material Contracts
Purchase Orders
Grading
Project Name Deliverable i.e. Construction Exterior
Interior

Deliverable

Case Study Question 4 [3 Points]

Consider the following risk statement related to the Water Cube Project “Due to the number of stakeholders and
partners, there is a risk the schedule may not be met”. Is this a quality risk statement? Why or why not?

Response to Case Study Question 4

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________

Section 3Expected Monetary Value (EMV). Answer the 2 Questions below.

EMV Question 1 [2 Points]

Explain the purpose and benefits of performing qualitative and quantitative analysis.

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________
EMV Question 2 (8 Points)- (There are 4 risks. 2 points for each risk)

Complete the Risk register below for the four risks identified. Refer to risk statement and background information in the
risk register; use the risk severity matrix in the Mid Term Assessment Information Sheet, and fill in the appropriate risk
rating, identify if the risk is an opportunity or threat and calculate the EMV cost and EMV duration. Show your
calculation and double check final answers carefully to ensure positive and negative numbers are used correctly.

Note: Use Work Week= 40 hours/week or 5 days/week. Work Day = 8 hours/day. Unless otherwise indicated.

Risk Register
Backgro
Ri Risk Opportu
Risk Probab Imp und
sk Ratin nity or EMV Cost EMV Dur (Days)
Statement ility act Informa
ID g Threat
tion
A
contract
or
would
be hired
at a cost
A team
of $125
member
per day
leaves the
to
project for
replace
a
the
prolonged
absent
time
resourc
period,
medi P1*v1=(0.9*125*20 P1*V1=0.9*3=2.7 e.
1 such as 90% 5 Threat
um )=(-$2250) days Estimat
extended
e the
vacation,
risk
illness, or
based
re-
on 4
assignmen
weeks
t to
of
another
absence
project
and
assume
3 days
delay to
the
project.

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________
Risk Register
Backgro
Ri Risk Opportu
Risk Probab Imp und
sk Ratin nity or EMV Cost EMV Dur (Days)
Statement ility act Informa
ID g Threat
tion
Each
change
is
New
estimat
requireme
ed to
nts are
cost an
received
average
after
of $500
planning is P1*v1=(0.25*500*7 P1*v1=(0.25*1.25*7)
2 25% 2 low threat and 10
complete, )=(-$875) =2.18days
hours of
causing
effort.
changes to
Assume
the project
7
deliverable
changes
s
are
accepte
d.
For
every
day the
release
The date is
release moved
date of up the
project compan
may be y
accelerate opportu P1*v1=(0.7*1200*3 P1*v1=(0.7*3)=-2.1 expects
3 70% 10
d nity )=$2520 days to
necessitati generat
ng an e $1,200
earlier in sales.
implement Assume
ation date the date
is
moved
up by 3
days.

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 Mid-Term Assessment Response Sheet for Wednesday July 8, 2020 for 9 am to 12 noon (EST)
MGMT 8370 Risk and Issues Management Section 1 and 3 Professor ShailaAranha

Student Name:__________Harmandeep singh sidhu________________________________ Student No.

_____8632444_______________________
Risk Register
Backgro
Ri Risk Opportu
Risk Probab Imp und
sk Ratin nity or EMV Cost EMV Dur (Days)
Statement ility act Informa
ID g Threat
tion
The
subcontrac
tor may Resourc
take longer es cost
than $250
expected per day,
to 10
complete addition
their P1*v1=(0.4*250*10 P1*v1=(0.4*2*5)=4da al
4 40% 8 threat
critical *2*5)=-$10000 ys resourc
path es
deliverable would
s, which be
may needed
require for 2
additional weeks.
resources
be added.

Ref:

https://www.business2community.com/strategy/pros-cons-10-information-gathering-techniques-projects-01437727

https://businesscasestudies.co.uk/the-advantages-and-disadvantages-of-a-swot-analysis/

https://www.meirc.com/articles/the-influence-of-human-factors-on-risk-attitudes

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