Case study

Case Study 7.1 245

a risk assessment for a project based on the following information:

identified risk factors likelihood

1. Key team members pulled off project 1. High

2. Chance of economic downturn 2. Low

3. Project funding cut 3. Medium

4. Project scope changes 4. High

5. Poor spec. performance 5. Low

Based on this information, how would you rate the conse- quences of each of the identified risk factors? Why? Con- struct the risk matrix and classify each of the risk factors in the matrix.

7.3 developing risk Mitigation strategies. Develop a pre- liminary risk mitigation strategy for each of the risk fac- tors identified in Problem 2. If you were to prioritize your efforts, which risk factors would you address first? Why?

7.4 Quantitative risk Assessment. Assume the following information:

Probability of failure consequences of failure

Maturity = .3 Cost = .1

Complexity = .3 Schedule = .7

Dependency = .5 Performance = .5

Calculate the overall risk factor for this project. Would you assess this level of risk as low, moderate, or high? Why?

7.5 Quantitative risk Assessment. Assume the following information for an IT project.

Probability of failure consequences of failure

Maturity = .7 Cost = .9 Complexity = .7 Schedule = .7 Dependency = .5 Client Concerns = .5 Programmer Skill = .3

Performance = .3 Future Business = .5

Calculate the overall risk factor for this project. Would you assess this level of risk as low, moderate, or high? Why?

7.6 developing risk Mitigation strategies. Assume that you are a project team member for a highly complex project based on a new technology that has never been directly proven in the marketplace. Further, you require the ser- vices of a number of subcontractors to complete the design and development of this project. Because you are facing se- vere penalties in the event the project is late to market, your boss has asked you and your project team to develop risk mitigation strategies to minimize your company’s expo- sure. Discuss the types of risk that you are likely to encoun- ter. How should your company deal with them (accept them, share them, transfer them, or minimize them)? Justify your answers.

7.7 Assessing risk and Benefits. Suppose you are a mem- ber of a project team that is evaluating the bids of poten- tial contractors for developing some subassemblies for your project. Your boss makes it clear that any successful bid must demonstrate a balance between risk and price. Explain how this is so; specifically, why are price and risk seen as equally important but opposite issues in determin- ing the winner of the contract? Is a low-price/high-risk bid acceptable? Is a high-price/low-risk bid acceptable? Why or why not?

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