Risk Sequence question.

Submitted by mpavas on Mon, 11/26/2012 - 02:49

 Help required on the risk questions. Generally I have lot of gap in risk management and i have difficulty in answering the below likd of questions. I am scoring low in Risk always. Can you help me in the technique i should use to answer below type of questions. And all these are sequence questions 

 

A projeect manager asked various stakeholders to detrmine the  probability and impact of a number of risks. He then analyzed assumptions. He is about to move to the next step of risk management. Based on this infomation, what hs the project manager forgotten to do?

A. Evaluate trends in risk analysis

B. Identify triggers

C. Provide a standard risk rating matrix

D. Involvement of other stakeholders 

 

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admin

Mon, 11/26/2012 - 04:56

D is ruled out since the question mentions that PM has involved stakeholders and Since the risks are rated we can assume that risk rating matrix was used during risk analysis so C is ruled out.

So Answer can be A , which is trends in risk analysis.

 

 

mpavas

Mon, 11/26/2012 - 08:47

Thanks for the response. I did understand the answer and it makes sense. But the bigger question is how should i fill the gap which I have in Risk. It is difficult for me to kind of undersand the sequencing. And reference on risk chapter which you can provide to help me better fill my gaps

amber

Tue, 11/27/2012 - 12:51

can not B is the answer ? pls advise why not ? Thanks.

amber

Tue, 11/27/2012 - 12:52

whu option B can not be the answer any reason /logic... pls explain thanks.

krantikumar50

Tue, 11/27/2012 - 14:02

Because Amber Risk Triggers are identified during Risk Responses.


 


The Answer is "A" since you do analyse trends during Id Risks. And this project has just enetered Qualitative Risk Analysis. And lots of SHs were also dealt with.


 


Hence, "A" is Truest of all.


God and RPS are Great!


 


KK....

rajesh.thallam

Tue, 11/27/2012 - 15:05

 KK,

I also marked "A" with pretty much same reasoning.

But Rita's has something different to say. This Q is from Rita's and answer is C.

This is the explanation given

"PM is in Perform Qualititative Risk Analysis process. Activities of this process include assumptions testing (risk data quality assessment), and probability and impact matrix development. It appears PM has not yet completed the matrix. Trend analysis, identification of triggers and development of fallback plans will occur later in risk management,"

krantikumar50

Tue, 11/27/2012 - 15:26

No wonder, I have stopped referring to Rita "COMPLETELY" in spite of having Rita Fast-Track on me. The moment you see the most negative answers, its Rita. This is not negative though.


 


No matter how much one has studied, however, refer Rita and she would make one feel "UNLETTERED". Or as they say in India, "Dilli abhi dur hai"!


 


Such is the majesty of the Lady!


 


Still whatever Rita answer says, nobody can dilute my thought process and that is God and RPS are indeed great!


 


Warmly, KK....

mhk

Sun, 01/06/2013 - 10:59

C to some extent is right as in Rita it says that different person different rating.

I may be a risk averse person and for me a rating of 4 or 5 on 10 is also very high and if you are a risk friendly person for you 7 also might be low.

Hence as the PM has involved all of the stakeholders which generally would be a team of experts or focus group he knows who is risk averse and who is risk friendly hence can standardize the risk rating according to himself as he is the one who will be managing the project.

Hope this helps.

nmandara

Sun, 04/14/2013 - 15:53

I agree C seems correct - Reason- we are in the Qualitative risk analysis process - the main output of this process is to look at all identified risks (Risk Register) and rank then depending on the P& I data (Probability and Impact)..

Thanks

sspawar

Sun, 01/06/2013 - 12:52

In this question , in my view, i got 2 mistakes:



  1. Analyse assumptions is a tool of ( a step required in) - Idrntify risks process. and Rita in this question putting this step after a step - probability and impact analysis - a tool of qualitative analysis. itsa blunder. Then she is asking , what have PM forgotten in between?

  2. Second thing if supposed PM is in , qualitative risk analysis - would he will ask to determine P&I from various stakeholders? its second blunder.

thats why everybody is confusing.