RISK ASSESSMENT

Individual Assignment 3

IFSM 438

Questions for Project Risk

Assessment

February 2022

Shantal Chetty

Prof: Matthew Smith

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1. Compare and contrast qualitative risk assessment versus quantitative risk assessment.

Qualitative risk assessment considers the probability of danger emerging and the effect it will have on the

business, (for example, monetarily, lawfully, PR, and so on) Risks are normally evaluated on a scale that

surveys likelihood (for instance, low, medium, high), and they are for the most part grouped by causes of

the risk or the effect on the firm.

Quantitative risk assessments depend on level headed, quantifiable realities to give bits of knowledge into

your gamble the board cycle, while qualitative risk assessments depend on information and experience to

assess hazard likelihood.

2. Which risk(s) would be the most threatening to the success of your project, and why?

There are a few dangers and related tasks that undermine the achievement of the project some of them

are the sponsor would pull out during the project, with this the project will not proceed and will stop. We

could also face the possibility of the sponsor decreasing the initial budget. This will

change the project scope because of absence of assets. Likewise, at the "Installation", a

untrained individual can broaden the project time frame. At plan training sessions, staff calling out

furthermore, planning issues with partners can expand the projects overall completion date.

3. If your project could only tolerate a 5-day delay, which risk response plan(s) would be

implemented? Remember that risk responses will affect cost, schedule and/or scope - so discuss

what can you afford to do.

Assuming that the project could endure a 5-day postpone connected with avoidance action, "Team

Training" would be carried out. The task as of now has a medium risk and it could happen.

4. What would be the most expensive risk response plan? Explain in terms of time or schedule.

The costliest possibility activity/plan would be "Equipment Installation". This is on the grounds that

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at the point when the work force is not as well versed, it will take some time and cost to get an alternate

individual that's would be ideal of an opportunity for him/her to find a good pace.

5. What benefit is gained from regularly updating a risk register?

The main benefits of having the risk register updated would be to ensure the following:

 Project teams and important senior stakeholders are communicating about challenging subjects and

resolve any conflicts.

 The information that risks are being dealt with increases present expectations for project achievement.

Everybody begins work realizing that achievement is the expected outcome.

 Risk registers enlightens an issue inside a project, permitting the group to respond rapidly to address

them and guarantee success.

“You can use risk planning to identify potential problems that could cause trouble for your project,

analyze how likely they are to occur, take action to prevent the risks you can avoid, and minimize the

ones that you can’t.”

6. Describe a probability impact matrix and the purpose it serves.

The probability impact matrix is an inventive way for investigation of subjective information, has shown to

be a great system for the examination of essential information in subjective exploration.

Refernces:

Watt, Adrienne (n.d.). Project Management. Retrieved from

https://learn.umgc.edu/d2l/le/content/623141/viewContent/25168061/View

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