PROJECT

PROGRAMME Postgraduate Diploma in Project Management

MODULE Managing Project Risk

YEAR ONE $(1)$

INTAKE July $2024$

MARKS $100$

FORMATIVE ASSESSMENT $2[100$ MARKS$]$

Read the scenario below and answer ALL the questions that follow

PROJECT TASK

You work for a software development company. Your software development team is working on a complex program that

involves integrating multiple systems. One potential risk is that a critical system may fail, which could cause delays and

increase costs. Your job is to mitigate this possible risk, of a critical system failure and to evaluate the impact on the

project's scope, timeline and budget. You may then be required to develop a contingency plan that includes regular testing

of the integrated systems and a process for quickly identifying and resolving issues. Choose any company as you see fit to

contextualise the foregoing scenario of project risk.

QUESTION $1(20$ Marks$)$

Identify and contextualise AT LEAST FIVE $(5)$ risk management principles for your project. Ensure a detailed discussion is

provided for each risk management principle presented.

QUESTION $2(20$ Marks$)$

Risk management is about maximising your chances of project success by identifying risks early on and planning how to

manage them. There are seven $(7)$ examples of project risks that you have studied. Use AT LEAST THREE $(3)$ of the

examples of project risks and appraise each one in the context of your project.

QUESTION $3(20$ Marks$)$

There are various techniques for identifying project risks that you are studied. Use the Problem Solving Approach

technique to analyse your project risks prudently.

QUESTION $4(20$ Marks$)$

Identify AT LEAST TEN $(10)$ project risks associated with your project. Use the probability$/$impact matrix and plot each

project risk onto the matrix correctly. Thereafter provide a discussion on the merits and mitigation of each project risk

plotted.

QUESTION $5(20$ Marks$)$

There are three strategies to deal exclusively with negative project risks that impact the achievement of project objectives

and these should be reduced. Identify and appraise the THREE $(3)$ strategies in the context of your project. Use the

TEN $(10)$ project risks identified in Question $4,$ or other negative project risks and relate the appropriate strategy that you

will employ to deal with the negative project risks.