CPMGT
302 Week 1 Risk Identification Scenarios
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Risk
Identification Scenarios
Review
each of the following scenarios and identify the risk events, the probability
of those risks, and the impact of the risk events. Some scenarios may have more
risks than others.
Scenario One
A
retail firm has a project that is focused on expansion into third-world
countries to sell pharmaceutical products. The project timeline is, as always,
aggressive. The scope is well documented and understood by the project team and
key members of the firm. The firm is financially sound, with project funds
secure; however, the stakeholders expect that the project will pay for itself
within 2 years of deployment.
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Risk
event
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Probability
of risk event
(1=high; 3=medium; 5=low)
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Impact
of risk event
(1=high; 3=medium; 5=low)
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Scenario Two
A
construction company has been awarded the contract to build a pipeline in
Alaska. The project timeline is of the highest priority because work can only
be completed during summer months due to adverse weather conditions. One of the
suppliers of a key component has longer lead time than is required to complete
the pipeline, but may be able to deliver if the construction company will pay
fees to expedite. There are other suppliers, but these suppliers are not on the
construction company’s approved suppler list and it would take time to get them
approved. There is a huge penalty in the contract if the project is not
completed on time.
|
Risk
event
|
Probability
of risk event
(1=high; 3=medium; 5=low)
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Impact
of risk event
(1=high; 3=medium; 5=low)
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Scenario Three
A
telecommunications company has just assigned you to be project manager for a
product improvement project. The scope statement of the project simply says,
“Make this product better.” The engineering team believes that they know how to
make the product better and have ignored ideas from the sales team. The project
funds are secure, as the company believes that improving this product will give
them strategic advantages.
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Risk
event
|
Probability
of risk event
(1=high; 3=medium; 5=low)
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Impact
of risk event
(1=high; 3=medium; 5=low)
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