Reference no: EM131664257

Instructions: Each question has to be; coherent and cohesive, a minimum of 200 word answer for each question and you have to cite one sources. Make sure your number each answer that goes with the question. This is a Project Risk Management Course

1. Stakeholder

Define stakeholder keeping in mind that a common mistake is that shareholders/stockholders are interchanged with stakeholders.

Shareholders/stockholders are stakeholders but a stakeholder is not necessarily shareholders/stockholders who are the owners of the organization. Therefore, do all stakeholders have to buy-in to a risk management plan and/or be part of it in any aspect?

To earn credit, you have to explain your answer, i.e. reasoning/analysis

2. Success

Success of the project is an inherent/common risk of any project, and for the greatest majority of project funding is an inherent risk/common as the major portion of projects are funded from operations and subject to the changing economy and market conditions.

Change is also an inherent /common risk of any project especially since a project is about change, but can you mitigate this inherent risk and if so how?

Chpt 12

3. What are the benefits of using a risk management information system?

4. Why use simple tools like Excel in a risk workshop?

Chpt 11

5. What are the main differences between monitoring and review?

6. What could be discussed under the agenda item ‘risk management' during a regular project meeting?

7. What are the aims of root cause analysis?

8. It should be noted that there are two distinct elements to this step in the risk management process: monitoring and reviewing. They are different but why are they needed to provide the level of assurance required?

9. Why is it the primary responsibility of the project management team to be the reviewer of risks and controls in project management?

10.Form a view on the effectiveness of risk management within a project

11. Define and give example of Independent assurance

12. Define and give example of Root cause analysis

13. Define and give example of monitoring in relation to risk management in project management

14. Describe processes that provide assurance by monitoring and reviewing the status of risks, controls and risk treatment activities in a project.

15. What are Key controls that are essential for the achievement of the project's objectives in project management/risk management

16. What are the requirements for reporting on risk management