Project: Building a house

Risk Management Process

1. Identify Steps in Risk Management Process (p.210)

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Risk Breakdown Structure

1. Describe Risk Breakdown Structure (refer to Figure 7.3 in p.211)

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Risk Profile

1. Describe Risk Profile example in textbook (refer to Figure 7.4 in p.212)

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Risk Assessment

1. Identify at least 3 risk events for a project of your choice and assess the significance of each risk event in terms of probability of the event and impact of the event (p.212 & 213)

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1. Describe Impact Scales of a risk on a major project (refer to Figure 7.5, p.214)

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1. Describe risk assessment form (refer to Figure 7.6, p.214)

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1. Describe Risk Severity Matrix (refer to Figure 7.7, p.215)

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Risk Response Development Response to risk can be classified as mitigating, avoiding, transferring, and retaining.

1. What are the two strategies for mitigating risk? P.216

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1. Provide an example for mitigating a risk in the context of a project (p.216)

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1. What does avoiding a risk mean? Provide an example of risk avoidance risk response in the context of a project (p.217)

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1. What does risk transfer mean? Provide an example of risk transfer in the context of a project (p.217)

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1. What does risk acceptance (retaining the risk) mean? Provide an example of risk acceptance in the context of a project (p.218)

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Contingency Planning

1. Describe Contingency Plan (p.219)

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1. What's the difference between the risk response plan and the contingency plan?