Individual assignment

Select any project from your work environment that is suitable for the application of the risk management concepts.

Section A

• Provide a scope statement, one page work breakdown structure (WBS) and one page Gant chart schedule for the project.
• Identify 12-15 risk events that could affect the objectives or outcomes of the project. A balanced set of risks should be defined e.g.

• Technical
• Safety
• People
• Program risk

• Perform a semi-quantitive risk analysis, also providing an explanation of the scales used. A full quantitive analysis can be used as an alternative.
• Select any two risk events from your list and explain why you allocated these probability and consequence values.
• Plot the risks on a suitable risk map and draw an appropriate threshold line that separates the risks in an 80:20 (approximately) ratio.
• Write an appropriate response(s) for the critical risks. Each response should be described using the words using, reduce, redundancy, transfer, contingency, and an explanation of what will be done.

Section B

• A 7-point risk analysis produced the following risk values: 3; 42; 35; 18; 6; 8; 9; 12; 10; 2; 4; 7; 3; 8; 5; 1. Using the Pareto prioritization, determine the critical risks for this case.
• If the probability of generator A failing in one year is 77%, and the probability that both generators will fail in one year?