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Topic:
Identify and high Quantify Risks
Essay Instructions:
1.Make a list of risk events for that project. Include the sources of those risks. Remember to consider opportunities to pursue or ignore, and threats to avoid or ignore.
3.Develop a Risk Assessment Matrix, placing the risks you identified in Step 1 in the appropriate grid cell.
3.Determine which risk events require responses based on their impact to specific project aspects such as the project's expected monetary value, project quality, project schedule, and so on.
4.Prepare an executive summary of your risk assessment of up to 500 words, not including the matrix. In the summary, address the key points of your research.
5. There needs to be a list of risk events- not just funding for the street improvement project with the source of risks. The list of risks is then placed into a Risk Assessment Matrix(table) that indicates the risks require response and at what level.
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Identify and Quantify Risks
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Abstract
The purpose of this task/assignment is to identify and quantify the potential risk events that the project aimed at improving/developing the streets of New York City might encounter.
The key risk event is insufficient funding since the program’s budget is $1 billion and obtaining this substantial amount might not be easy. This has severe consequences and a very high likelihood. Other major risk events include resistance from the members of public, and lack of cooperation from them given that the project involves a coalition 500 individuals and organizations. These two also have severe consequences.
These three most important risk events require responses based on their impact to the specific project aspects such as schedule and project quality.
Identify and Quantify Risks
Part One: Make a list of risk events for that project
The project is about improvement of New York City streets. The following are the risk events for this ambitious program:
Risk event Source of Risk
Inadequate funds – Inability to raise sufficient funding
Lack of cooperation from the public – Insufficient awareness of the project
Resistance from members of the public – Insufficient awareness of the project
Communication breakdown – Lack of proper coordination and organization
Members not knowing about the project – Insufficient awareness of the project
Security – Other uninvited and unknown individuals participating
Lack of support from neighbors - Insufficient awareness of the project
Lack of project experience – Being the first time for the project manager to handle a project of such a magnitude
Being late – Sourcing for sufficient funds may delay the start of the project
Confusion – Lack of proper coordination and organization
Weather Interruption – Severe weather conditions
Low productivity of people involved – Project members/participants being inefficient
Chaos – Lack of proper coordination/organization
Lack of support from community leaders – Insufficient sensitization program
Bad environment – Organizing project meetings on the street
Poor management of the project – Lack of a committed and dedicated project manager
The opportunities to pursue the risk include support from the city management and the state government, and these are particularly important since present a better opportunity of completing ...
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