Assignment Set – 1

Q.1. What is PMBOK — Concepts of Project Risk Management Processes? (10 Marks)

Ans 1.

The Project Management Body of Knowledge (PMBOK) Guide, published through the Project Management Institute, provides an extensive framework for the project management practice including an approach that is structured for project risk management. The PMBOK defines risk in a project as a hazy event or situation that, if it occurs, will have a positive or negative effect upon one or several project objectives such as scope, timeframe costs, quality, or scope. The management of risk is therefore about the management of both risks (negative risks) as well as

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Q.2. Discuss in brief the PERIL database in risk management. (10 Marks)

Ans 2.

The PERIL database (Project Experience Risk Information Library) is a proprietary collection of actual project risk data that is compiled using actual risk incidents in many completed projects. The database was developed by Tom Kendrick and described in his book Identifying and Managing Project Risk, the PERIL database is one of the more systematic empirically based

Q.3. What is your understanding of risk management process? What is the use and advantages of RBS? (5+5 = 10 Marks)

Ans 3.

Risk Management Process

The risk management process is a structured, systematic process that is continuously identifying, assessing, responding to, and monitoring risks throughout the project lifecycle. It’s intended to limit the negative impact of threats on project goals, and maximize potential benefits. Risk management is not an event that happens once, but rather it is an iterative process that must be

Assignment Set – 2

Q.4. How many types of insurance are available to transfer project risk? Give a suitable example for each type of insurance. (7+3 = 10 Marks)

Ans 4.

The insurance industry is the primary method that is used to transfer risk to manage risk for projects. With the help of a cost, the project organisation transfers the financial consequences of a specified incident to an insurance company to protect the budget from the impact of covered expenses. Different types of insurance are specially designed to be used in project or

Q.5. What is your understanding on change initiatives? (10 Marks)

Ans 5.

Change initiatives as part of project risk management relate to the planned and deliberate initiatives undertaken by organizations to bring about significant change in their systems, processes, technology, structures or culture. These are not routine operational improvements and typically require significant investment, a broad effects, and significant risk. Understanding change initiatives is critical for project risk management since they are among the most risky and

Q.6. What is the comparison of features of Risk Register vs Event Chain Methodology? (10 Marks)

Ans 6.

Both the Risk Register and Event Chain Methodology (ECM) are both tools utilized in managing risk on projects, but they represent fundamentally different methods of recording, analysing, and responding to project risks. Comparative analysis of their features reveals their complementary roles within a complete risk management strategy.

Risk Register

The Risk Register is a structured file or database that acts as the central database of project risks