Risk Assignment/Project Mgt.
Objective
This assignment is intended to address Course Objective 3 – Evaluate project risk using quantitative methods and a systems approach. It includes one topic in the Course Outline:
Systems and procedures for planning and control, (f) Project risk management
Reference
• Project and System Definition – Nicholas & Steyn – Ch. 10
• Ch.10 Power Point
• Risk Assessment Calculations.docx
Assignment
Submit the assignment in Word or .pdf document to the appropriate Dropbox.
1. Risk Likelihood (4 pts.)
A product improvement project involves an existing product (M), with minor complexity (C), and is dependent for schedule on an existing system (D). Therefore,
M = 0.1, C = 0.3, D = 0.3
(as reference Risk Assessment Calculations document, Likelihood table).
Consider that criteria are weighted as follows:
M is (0.5), C is (0.3), D is (0.2), therefore W1 = 0.5, W2 = 0.3, W3 = 0.2
Calculate the Composite Likelihood Factor (CLF).
2. Risk Impact (4 pts.)
A product test failure is expected to have a minor impact on overall technical performance and be correctable within 2 months at a cost of 10 percent. Therefore,
TI = 0.3, CI = 0.5, SI = 0.5
(as per reference Risk Assessment Calculations document, Impact table).
Consider that criteria are weighted as follows:
TI is Moderate (0.5), CI is Minor (0.3), SI is Low (0.2) therefore W1 = 0.5, W2 = 0.3, W3 = 0.2
Calculate the Composite Impact Factor (CIF).
3. Risk Consequence Rating (4 pts.)
Use the previous problems (#1 Risk Likelihood and #2 Risk Impact) and calculate the Risk Consequence Rating (RCR).
5. Risk Time (RT), Risk Cost (RC), Expected Time (ET), Expected Cost (EC) (8 pts.) Critical Path (L – V – R – C)
Below is a table with calculated Risk Time (RT) and Risk Cost (RC) for all the WBS elements (individual values and total values). These calculations are based on the information in the table above.
WBS
ELEMENT RC in dollars
(corrective time x likelihood) RT in weeks
(corrective time x likelihood)
L $800 0.4 weeks CP
V 1,200 0.6 CP
T 80 0.2
U 2,400 0.6
S 1,200 0.3
J 400 0.1
R 1,200 0.9 CP
C 1,500 0.6 CP
TOTAL $8,780.00
3.7 (CP = 2.5)
Given the information in the tables above. Hint: Use the critical path for RT (L – V – R – C_ .
a) What is the project expected cost (EC) for the total project (4 pts.)
b) What is the project expected time (ET) for the total project (4 pts.)
4. Decision Tree (5 pts.)
An author decides to write a book. Historical data indicates that if the market is strong, gross sales will be $1 Million. If the market is weak, the gross sales will be only $50,000. There is a 70% chance of a strong market and a 30% chance of a weak market.
The author must decide whether to use a publisher or self-publish the book himself. If he self-published the book, all the sales go to himself as the author. If he uses a published, the publisher will receive 10% royalty on sales.
The decision tree for the problem is shown below. Determine:
a) The expected value for the publisher branch/option. (2 pts.)
b) The expected value for the self-publishing branch/option. (2 pts.)
c) Which branch/option should the author take (1 pt.)
Our Service Charter
-
Excellent Quality / 100% Plagiarism-Free
We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers. -
Free Revisions
We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed. -
Confidentiality / 100% No Disclosure
We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service. -
Money Back Guarantee
If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit. -
24/7 Customer Support
We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.