This website uses cookies to ensure you have the best experience. Learn more

Pm595 Risk Paper #2

967 words - 4 pages

Tender Evaluation Case Study

This case study evaluates the approach used in the evaluation of tender submissions. The application is used successfully for large high technology procurements. It is basically a two part process or two phase system. In Phase I, the goal is to establish a risk baseline that individual tender responses can be compared to. Phase 2 builds on Phase 1 where the goal is to compare the individual tender’s approach to the potential effects of risk on the project. The two phase process is a systematic process which helps to ensure the greatest attention and effort is focused on the high risk areas for the project.
1. Which case study does a better job ...view middle of the document...

Any risk omitted from Phase I has the same probability of being identified in Phase II. The assumption of this response is that the project elements process will be comprehensive at each Phase. If Phase II depends on risk identification from Phase I, then Phase I would do a better job at identifying risks (Cooper, Grey, Raymond, & Walker, 2005).
2. Which case study does a better job at quantifying risks? Explain why.
Both case studies use the same process, so they are equally effective. Risk quantification is applied equally in both Phase I and Phase II. The project team evaluates the likelihood and impact for each identified risk to create a risk factor. This process enables a comparison between each risk. Effective quantification applied in Phase I provides an understanding of project risks which are then used for evaluation in Phase II. With the equal probability of identifying risks, there is also an equal probability of quantifying risk factors.
3. Which case did you find easier to follow with regards to the risk assessment? Explain why.
Phase I was slightly easier to follow with regards to the risk identification and evaluation. It is the first step in the process, so all methods seemed easy to apply. Phase II took a little more time to determine if the methods applied to Phase I were to be equally applied to Phase II, but once determined, application of the method was the same.
4. Which had the more compelling assessment of risk? Explain why.
Probability aside, Phase I had a more compelling assessment of risk. The brainstorming session to identify risk would seem to be more comprehensive in Phase I. The assumption is that the project team would not really do a thorough second pass for Phase II risk identification. By the time the process begins for Phase II, the assumption that all risk was previously identified would more or less turn the input from Phase I into a checklist. While...

Other Papers Like Pm595 Risk Paper #2

Information Technology Essay

1710 words - 7 pages concerns. Readings Read Ch. 1, “Overview of Electronic Commerce”, of Electronic Commerce: Security, Risk Management, and Control. Read Ch. 2, “Electronization of Business”, of Electronic Commerce: Security, Risk Management, and Control. Read Ch. 1, “Introduction to Project Risk Management”, of Project Risk Management Guidelines: Managing Risk in Large Projects and Complex Procurements. Read Ch. 8, “Communication and Reporting”, of

Risk Management Essay

2511 words - 11 pages improve risk management on software development projects and help to create a successful software solution. Table of contents: 1. Introduction 4 2. Risks In Software Development 5 3. Risk Management 7 4. Strategies For Risk Management 7 5. Conclusion 11 6. References

Welfare Risk

576 words - 3 pages , the general assumption that consumption smoothing will minimize income risk for the vulnerable is a tainted misconception as it is applicable only in urban poor whilst those in the rural areas have much more difficultly accessing these instruments Reference Holzmann, R & Jorgensen S, 1999 ‘Social protection as social risk management: conceptual underpinnings for the social protection sector strategy paper’, Social Protection Discussion Paper Series, No.9904. McKinnon, R 2002 ‘Social risk management: a conceptual fallacy of composition,’ Risk Management, vol. 4, no 2, pp 21-31.

Risk Response Planning

1479 words - 6 pages preparation in response part, the subsequent risk management process (monitoring & controlling) would generate mistakes and the previous effort (planning, identification and analysis) would be wasted. This paper uses PMBOK (main reference) and several scholarly articles (secondary references) to elaborate the definition of risk response planning, find necessary tools & techniques, emphasize the importance of risk trigger and contingency plan, and

Risk Management In Banking

9309 words - 38 pages (Pillar 2) ● Risk disclosure to enforce market discipline (Pillar 3) 2.2 BASEL II FRAMEWORK The new proposal is based on three mutually reinforcing pillars that allow banks and supervisors to evaluate properly the various risks that banks face and realign regulatory capital more closely with underlying risks. Basel II Framework Pillar I Pillar II Pillar III Minimum


509 words - 3 pages about 5%(1 −e0.047 ). Overall, the key finding of this paper are that (1) AS5 audit fees are aligned with audited fraud risk while AS2 fees are not; (2) AS5 audit fees are, on average, lower than AS2 fees; and (3) AS5 audit fees are, on average, lower for lower-fraudrisk audited and higher for higher-fraud-risk audited than are AS2 fees.

Risk Management In Projects

3771 words - 16 pages part focuses on the Risk Management in projects and its importance for the project success. The third part of this paper gives a description of our project, The International Conference Organisation, and the alignment of PM and Risk Management in projects. 2. Project Management 2.1 Definition of Project Management Before we can define what Project Management is, we have to define a project. It is a temporary group

Internal Controls

914 words - 4 pages appetite", in other words management deem the risk acceptable, compared to the cost of improving controls to mitigate it. The risk appetite for information security is the contract, the BT Health SSP and the associated syops etc. so this is not an easy way of evading information security responsibilities by simply ‘accepting the risk’.  2) Implement a suitable control or combination of controls to reduce (mitigate) the risk to a more acceptable level

Some Essay Plus

702 words - 3 pages Untitled 2 PARTS!!!! Create a 5- to 8-slide Microsoft® PowerPoint® presentation for the organization's senior management with an executive summary of your Working Capital Strategies paper ALSO: Scott Equipment Organization is investigating various combinations of short- and long-term debt in financing assets. Assume the organization has decided to employ $30 million in current assets and $35 million in fixed

2401 Exam 07

1340 words - 6 pages COMPLETION OF THE PAPER. NO EXAMINATION PAPERS SHOULD BE REMOVED FROM THE EXAMINATION ROOM OFFICE USE ONLY AFF/AFW2401 COMMERCIAL BANKING AND FINANCE AFF/AFW2401 Replacement Paper 24.5.07 Page 2 of 18 Question One “An Australian bank’s securities portfolio typically comprises securities with low credit risk and high marketability.” (a) Outline the main objectives of a bank’s securities portfolio and then explain the statement above making

Risk Management

1428 words - 6 pages is neglected than a single threat can exploit its infrastructure. Risk is a possibility that a loss will occur, which happens when a threat is exposed to a vulnerability. Thereby, managing the risk is an important factor for every company. This paper focuses on the risk management and its importance in Information security. Also gives a brief difference between risk, threat and vulnerability, further detailing the relationship between loss and the

Related Essays

Pm595 Risk Paper #1

863 words - 4 pages Risk Paper #1 – New Vehicle Purchase Risk Assessment Introduction Whenever considering a major purchase in life one must carefully consider the risks associated with making these purchase decisions. These decisions should be treated as projects in such a way that proper planning, analysis, risk assessment and contingency should all be aspects of the purchase process whether formal or informal. Purchasing a new vehicle, like so many other

Proj595 Risk Paper #2

748 words - 3 pages Building a Garage Pat Bison Keller Graduate School of Management, DeVry University Proj595 - Risk Paper #2 Risk Paper #2 Two years after purchasing our house my husband and I decided it was time to add the garage we so desperately needed. The argument, as with many couples, is who will be building this garage and it was no different for this project in our house. My husband believed he could save on some of the costs by doing much of the

Proj 595 Risk Paper #2

978 words - 4 pages Risk Paper #1 – Vehicle Purchase Risk Assessment PROJ 595 – Project Risk Management Introduction Major life decisions should never be taken lightly. The only major life decision that I have ever made was buying my first car. When it comes to buying a car there are always a slew of risks that come with it. There were many things to consider here before even going out to visit the dealerships. First would I buy the car new, if so which car

Risk Paper

1523 words - 7 pages Risk Paper 1 Pm595 Risk Paper: Buying a new house Project Risk Management Professor:  James Reckon By Magued Farag May 24, 2014 TITLE: BUYING A NEW HOUSE TABLE OF CONTENTS INTRODUCTION RISKS IDENTIFICATION RISKS RANKING MATRIX RISKS MONITORING CONCLUSION REFERENCES * INTRODUCTION Whenever considering a major purchase in life one must carefully consider the risks associated with making these purchase