Proj595 Risk Paper 1

1089 words - 5 pages

Graduate School Decision
Risk Paper #1
January 24, 2015

What is risk? It is defined as “any uncertainty that, if it occurs, would have a positive or negative effect on achievement of one or more objectives” (Hillson & Simon, 2012, p. 23). Every decision, whether in the professional realm or personal life, involves an element of risk. It is imperative that we understand that as fact and prepare accordingly. The concept of Risk Management, as used in the discipline of Project Management, can be a valuable tool in planning for and dealing with risks associated with life decisions. It involves planning, assessment and response. One such life decision is ...view middle of the document...

3. Cost of attendance
The third risk identified is the cost. The average tuition cost for a graduate degree is between $30-40k [ (Peterson's Staff, 2014) ]. As discussed in the Time risk paragraph previously, most students are balancing school and family obligations and the cost of attending school often will result in financial impact to the family. It would not be uncommon to expect the cost of attendance to require sacrifices in other areas for the student as well as the family. The cost risk and how it affects someone’s budget is often of primary concern for most people. It is an unacceptable risk if the cost of attendance causes financial hardship specifically to monthly household expenses like housing, utilities and groceries.
Once risks have been identified, it is necessary to rank the risks. There are many factors that contribute to analysis of the risks involved in making a decision to pursue a graduate degree. The risks can be categorized by probability of occurrence as well as whether the impact is positive or negative. This is known as the Double Probability-Impact matrix and is commonly used in Risk Management. This method uses high, medium and low criteria for both impact and probability. In this assessment, the risk of 1 (Need) has been ranked as low impact/low probability because it is an intangible risk. Risk 2 (Time) and risk 3 (Cost) have been ranked as high impact and high probability. Regardless of the method used for ranking risks, the rankings can change depending on one’s perception (or risk tolerance) and the value assigned to that risk.
Identification and ranking of the risks would be a waste of time without the next step of monitoring. In order to ensure monitoring, it is necessary to create a risk register to track all of the identified risks which will include the risk ranking, the response and the current status (See Appendix). Periodic review of the risks is necessary to evaluate if the probability of impact has changed or if the criteria set forth in threshold for tolerance has been reached. Monitoring also allows for revising responses based on new information since the process of...

Other Papers Like Proj595 Risk Paper 1

Summary Essay

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.

Ethical Leadership Essay

943 words - 4 pages Assessing Risk   Abstract This paper examines the development and use of a risk assessment tool for the Telecommunications Center project. Risk is an important part of this project. Any tool that assesses risks will assist project managers in foreseeing any challenges that may surface. It also helps them identify and control each risk accordingly. Project managers can also utilize this tool to decipher the amount of harm, damage or

Risk Management

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


978 words - 4 pages face when investing at their own county . This paper outlines two of the most significant risks in international business and expound risk control skills to deal with them. Foreign country's laws and Cultural and language Every country has its own regulations when it come to import goods, taxes,since the unknown laws might cause looses in business.there is needed that fina a local business parnter to working with . the local culture the

Case 1 Fin400 Analysis

5359 words - 22 pages % | Applying NPV's equation: NPV = PV Inflows - PV Outflows = o8CFt(1+r)t =-255,000(1+r)o+47,000(1+r)+52,000(1+r)2+55,000(1+r)3+57,000(1+r)4+58,000(1+r)5+60,000(1+r)6+62,000(1+r)7+125,000(1+r)8 In which r is risk adjusted hurdle rate. Table 10.3 - Project NPV with risk adjusted hurdle rate, Using Excel Name | High Risk | Avg. Risk | Low Risk | COMPANY | ($9,086) | $5,329 | $21,099 | Paper Products | ($11,696) | $2,734 | $18,540

Organizational Risk Appetite And Risk Assessment

539 words - 3 pages property and highly sensitive data maintained by your organization. As one of your first tasks with the organization, the CIO requests your help. Write a three to five (3-5) page paper in which you: 1.Conduct an organizational business impact analysis (BIA) and determine which information assets need to have a risk assessment performed. 2.Conduct an organizational risk assessment and provide an initial report that includes the following: 1

Risk Management In Projects

3771 words - 16 pages Table of Content 1. Introduction 2 2. Project Management 3 2.1 Definition of Project Management 3 2.2 Advantages and Disadvantages in Project Management 5 2.3 Success Factors in Projects 6 2.4 Control Project Progress 7 3. Project Risk Management 8 3.1 The Risk Management Process 8 3.2 Definition of Risk 10 3.3 Managing Risk 10 3.4 Identify Risks 11 3.5 Risk Quantification 14 3.6 Plan Risk Response

2401 Exam 07

1340 words - 6 pages OFFICE USE ONLY AFF/AFW2401 Replacement Paper 24.5.07 Page 1 of 18 Monash University Semester One Examination 2007 Faculty of Business and Economics Department of Accounting and Finance EXAM CODES: AFF/AFW2401 TITLE OF PAPER: COMMERCIAL BANKING AND FINANCE EXAM DURATION: 3 hours READING TIME: 10 minutes THIS PAPER IS FOR STUDENTS STUDYING AT: (office use only - tick where applicable) Berwick Clayton Peninsula Distance Education

Risk Management

748 words - 3 pages Risk  Management     1-­‐A     Likelihood     Banking  Risk:   The  Likelihood  of  a  break  in  at  Macville  café  I  think  is  in  the  possible   category.  It’s  not  extremely  high  but  with  the  banking  not  been  done   regularly  enough  because  of  the  distance  to  the  bank  from

HCS 451 UOP Course Tutorial / uop help

940 words - 4 pages HCS 451 week 1 Individual Assignment Overview of Risk Management and Quality Management in Health Care Worksheet Individual Assignment: Overview of Risk Management and Quality Management in Health Care Worksheet • Resource: Overview of Risk Management and Quality Management in Health Care Worksheet Grading Criteria • Conduct research to provide you with an introduction to the health care disciplines of risk management and

Internal Controls

914 words - 4 pages cases) and will report on the progress of these plans into the ISMF and JSAG.”  IAD: The response is missing the point. The distinguishing feature of an RTP over and above the risk assessment is the indication of how risks will be dealt with. Your own ISMS states this. The details of risk treatment are what have been lacking so far. The options for treatment are to:  1) Knowingly accept the risk as it falls within the organisation's "risk

Related Essays

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

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

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 In Banking Essay

9309 words - 38 pages CHAPTER I: INTRODUCTION 1. THEME OF THE STUDY Risk management underscores the fact that the survival of an organization depends heavily on its capabilities to anticipate and prepare for the change rather than just waiting for the change and react to it. The objective of risk management is not to prohibit or prevent risk taking activity, but to ensure that the risks are consciously taken with full knowledge, purpose and clear