Take home quiz

Name:________________________ Date: 10-20-2018

MAN50400 Risk Management Exam #1

Take Home Exam 1 provides you with the opportunity to put into practice concepts covered in Chapter 1 thru 6.

You have one week to complete Take Home Exam 1. The exam will be due: Sunday October 28th, 2018 7:00PM. You are responsible to submit completed exam via email to [email protected] . Make sure you cover and answer in detail all the below questions. Students who do not adhere to exam delivery instructions by Sunday October 28th at 7:00PM will obtain zero points for the exam.

You must provide your own answers. Copy and paste from the Internet is not acceptable.

Instruction for electronic submission: Download the Word file and save with your Name_Last Name_Exam1_Risk Management. Complete test and make sure your electronic copy accurately reflect your responses. Submit your completed exam in Word. No picture files will be allowed for submission.

Carefully read each question and answer accordingly.

Question 1.

Dynamics of uncertainty objects was introduced through internal and external changers. These could be either controllable (certain) or uncontrollable (uncertain). Provide detailed arguments to determine, when is a decision really a decision and when it is an opportunity.

Question 2.

A project risk management plan is a short working document that puts together and synchronizes the three main components of a risk management system:

· Organizational framework

· Risk management process

· Risk management tools

Explain with an example, what happens when projects do not have risk management plans?

Question 3

It is important to select adequate methods to assess various uncertainties that give rise to overall project outcome uncertainty (Deterministic and Probabilistic versus Qualitative and Quantitative methods)

Consider your final project topic: What you consider will be the best set of adequate methods that covers all types of project uncertainty objects? State clearly your project topic.

Question 4.

Identification of uncertainties is the first step in the risk management process. Identification techniques and tools should be adequate to assure that most major relevant uncertainties get identified.

Discuss, how should the three dimensions of risk management be used to structure uncertainty identification?

Question 5.

According to risk experts, “Risks” have the potential to overturn business strategy and threaten brand and reputation. However, when observed through a strategic lens, “Risk” can also be a tremendous opportunity to achieve competitive advantage. Discuss, why risk management has become a high priority for many executives and organizations?