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Assignment Part 1 - Prioritize Project Risks Instructions This assignment has two parts. In the first part, prepare and submit an Excel spreadsheet in which you quantitatively rate the project risks you identified in the Week 2 assignment, calculate a Risk Factor for each risk, and then sort the risks from highest to lowest Risk Factor. Be sure to use a scale of 1-10 for the Likelihood (with 1 being not very likely and 10 being practically certain) and a scale of 1-10 for the Impact (or Consequence) (with 1 being negligible and 10 being catastrophic). Use the RF = P X C method for calculating the Risk Factor for each risk and use a formula in Excel so that if the Likelihood or Impact rating changed, the Risk Factor would automatically change. You must sort all of the risks in your Excel spreadsheet from highest Risk Factor to lowest Risk Factor. Assignment Part 2 – Summarize a Quantitative Risk Analysis Method Instructions The second part of this assignment requires you to write a paper that summarizes any four quantitative risk analysis methods described in Part III of the Cooper et. al. (2014) text and pages 333 to 341 of the PMBOK® Guide (2013). Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Length: 6 pages not including title and reference pages Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Resources PMBOK Read pages 333-341 (attached) Project manager's spotlight on risk management. Read pages 136-143 (attached) Video: Edureka, (2014). Understanding quantitative risk analysis [Video file]. https://www.youtube.com/watch?v=fk9CSZZon6E ...

Education

ideas and concepts presented in the course by providing new
thoughts and insights relating directly to this topic. Your
response should reflect scholarly writing and current APA
standards.
Resources
PMBOK
Read pages 333-341 (attached)
Project manager's spotlight on risk management.
Read pages 136-143 (attached)
Video:
Edureka, (2014). Understanding quantitative risk analysis
[Video file].
https://www.youtube.com/watch?v=fk9CSZZon6E

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Unit IV Assignment Hazard Analysis and Risk Assessment Project Select a serious workplace hazard with which you are familiar, or use Steps 1 and 2 of the Hazard Analysis and Risk Assessment Guide on page 114 of the course textbook to help you select one. Use Steps 3-10 of the guide to evaluate the hazard and its associated risks, and then click here to access the Unit IV Hazard Analysis/Risk Analysis Project Form. Please note that you will have to save a copy in order to fill out the form using the “Add Text” tool. To complete the Initial Risk Assessment and Post Control Risk Assessment sections, use the following codes based on the Risk Assessment Matrix in Table 11 of the textbook: SEVERITY: 1 – Catastrophic 2 – Critical 3 – Marginal 4 – Negligible PROBABILITY (Likelihood of Occurrence): A – Frequent B – Probable C – Occasional D – Remote E – Improbable RISK CODE: H – High S – Serious M – Medium L – Low All sections of the form must be completed. Note that the Post Control Risk Assessment Measures section reflects the risk assessment AFTER applying the Additional Control Measures. In a paragraph of at least 500 words, explain the reasoning behind how you filled out each section of the form. Insert the completed form into the same Word document with your paragraph, using APA formatting for the paper format as well as for all references and in-text citations. BOS 3651— Unit IV Hazard Analysis/Risk Analysis Project Student Name _ ______________________________________ Hazard Description Exposure Interval Type of Hazard Initial Risk Assessment Hazard Target(s) Severity Probability Risk Code [check all applicable] [worst credible] [for exposure interval] [from matrix] (with existing planned/designed-in countermeasures) Personnel Equipment Downtime Environment Product Date Activity Additional Control Measures Post-Control Measure Risk Assessment Hazard Target(s) Severity Probability Risk Code [check all applicable] [worst credible] [for exposure interval] [from matrix] Personnel Equipment Downtime Environment Product Code Each Risk Assessment: Comments SEVERITY: 1 – Catastrophic 2 – Critical 3 – Marginal 4 – Negligible PROBABILITY (Likelihood of Occurrence): A – Frequent B – Probable C – Occasional D – Remote E – Improbable RISK CODE: H – High S – Serious M – Medium L – Low ...

Unit IV Assignment Hazard Analysis and Risk Assessment Project .docx

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lng 1at the 1g out rank- Jigh/ orma - atten- a list analy - Jribed ~scan alita- fect 1g-edge 1es for e>deling rts and luanti- and course atio n 1t's 1 might if it t. The ke this lly, exam- ' s firm •ability a ted ,vith Probability (P) times Outcome = EMV P=.20 * < P=.80 $300,000 = +$60,000 -$40,000 = -$32,000 -$50,000 = -$10,000 -$ 20,000 = - $2,000 $60, 000 = $42,000 ~ * Project 2 * P= .70 Project 1 's EMV = $60,000- $32, 000 = $28, 000 Proj ect 2's EMV = -$10,000- $2,000 + $42, 000 = $30,000 FIGURE 11-7 Expected monetary value (EMV) example no reimburse ment if it is not awarded the contract. The sum of the probabilities for outcomes for each project must equal one (for Project 1, 20 percent plus 80 percent) . Probabilities are normally determined based on expert judgme nt. Cliff or other people in his firm should have some sense of their likelihood of winning certain projects. Figure 11-7 also shows probabilities and outcomes for Project 2. Suppose there is a 20 percent probability that Cliffs firm will lose $ 50,000 on Project 2, a 10 percent probability that it will lose $20,000, and a 70 percent probability that it will earn $60,000. Again, experts would ne ed to estimate these dollar amounts and probabilities. To calculate the expected monetary value (EJvfV) for each proj ect, multiply the probability by the outcome value (or each potential outcome for each project and sum the results. To calculate expected monetary value for Project 1, going from left to right, multiply the probability by the outcome for each branch and sum the results. In this example, the EMV for Proj ect 1 is $28, 000. .2($300 ,000) + .8( -$40 ,000) = $60,000- $32,000 = $28 ,000 The EMV for Project 2 is $30,000 . .2 ( -$50 ,000 ) + .1(-$20 ,000) + .7($60,000) = -$1 0 ,000-$2 ,000 + .$42,000 = $30,000 Beca use the EMV provides an estimate for the total dollar value of a decision , you wa nt to have a pos itive number; the higher the EMV, the bette r. Since the EJvfV is positive for both Projects 1 and 2 , Clift"s firm would expec t a positive outcome from eac h and could bid 0n both proj ects. If it had to choose between the two proj ects , perhaps because of limited resources , Clift"s firm should bid on Project 2 because it has a higher EMV. 443 Project Risk Management consulting costs might be expanded in the description to say that the organization might be able to negotiate lower-than-average costs for a particular consultant because the consultant really e njoys working for that company in that particular location. • The categor:y under which the risk event falls: For example, defective server might fall under the broader category of technology or hardware technology. • The root cause of the risk: The root cause of the defective server might be a defective power supply. • Triggers for each risk: Triggers are indicators or symptoms of actual risk ev ...

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