Reference no: EM133303164

1. Give some examples of projects using each of the risk mitigation strategies (accept, minimize, share, or transfer). How successful were these strategies? In hindsight, would another approach have been better?
2. Consider the following statement: "The problem with risk analysis is that it is possible to imagine virtually anything going wrong on a project. Where do you draw the line? In other words, how far do you take risk analysis before it becomes overkill?" How would you respond?
3. Assessing Risk Factors. Consider the planned construction of a new office building in downtown Houston at a time when office space is in surplus demand (more office space than users). Construct a risk analysis that examines the various forms of risk (technical, commercial, financial, etc.) related to the creation of this office building. How would your analysis change if office space were in high demand?
4. Qualitative Risk Assessment. Imagine that you are a member of a project team that has been charged to develop a new product for the residential building industry. Using a qualitative risk analysis matrix, develop a risk assessment for a project based on the following information:

Identified risk factors                                                        Likelihood

1.   Key team members pulled off project                              1.   High

2.   Chance of economic downturn                                        2.   Low

3.   Project funding cut                                                           3.   Medium

4.   Project scope changes                                                       4.   High

5.   Poor spec. performance                                                    5.   Low

Based on this information, how would you rate the consequences of each of the identified risk factors? Why? Construct the risk matrix and classify each of the risk factors in the matrix