Lecture 5

Question 1

what are the 4 stages for identifying risks

Answer 1

company wide checklist
in hour brainstorming
studying similar projects
external help

Question 2

what are the 5 risk categories

Answer 2

scope risks
schedule risks
resource risks
technological risks
commercial risks

Question 3

what can be used to characterise undesirable events

Answer 3

probability and impact chart
impact by prob
critical
medium low

Question 4

how can undesirable events be characterised

Answer 4

liklihood
severity
hideability - how easy to conceal failure until late in project - e.g. development carried out by contacters

Question 5

what are the two aspects of sensitivity analysis

Answer 5

cost/revenue planning

time planning

Question 6

what is a discrete random variable

Answer 6

variable that can take on different values, each with an associated probability

• no of clinical trials
• no. of markets

Question 7

what is a monte carlo stimulation

Answer 7

Monte Carlo experiments) are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results

Question 8

what can monte carlo stimualtions be used for

Answer 8

continuous random variables
discrete random variables
financial analysis
time planning

Question 9

what are the 5 risk mitigation techniques

Answer 9

avoid -- abandon cause
accept - for low priority
share
limit
transfer - insurance, contracts, financial markets

Question 10

how can you reduce the probability or impact of the risk

Answer 10

monitoring
testing
contingency plans
process standards

Question 11

what is a PID

Answer 11

project initation document

- detailed plan on how to approach project; agreed and signed by key stakeholders

Question 12

give an example of the structure of a PID

Answer 12

project brief
plan
buisness case
risk assessment
project org
other components; communication plan, quality plan