Description

SESSION JUL – AUG 2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER IV
COURSE CODE & NAME DPRM402 PROJECT RISK MANAGEMENT

Assignment Set – 1

1. What is your understanding risk management process?
Ans 1.
Understanding the Risk Management Process
Risk management is a systematic approach to identifying, assessing, and mitigating risks that
could negatively impact an organization or project. It involves a proactive strategy to anticipate
potential issues and implement measures to minimize their effect on objectives. The process is
essential in achieving sustainable success, especially in complex environments like project
management or business operations.
The risk management process begins with risk identification, where potential risks are
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2. Discuss upon good manufacturing practices, benchmarking, process maturity model.
Ans 2.
Good Manufacturing Practices, Benchmarking, and Process Maturity Model
Good Manufacturing Practices (GMP), benchmarking, and the process maturity model are
three interconnected concepts that contribute to enhancing organizational efficiency and
product quality.
Good Manufacturing Practices (GMP) are guidelines designed to ensure that products are
consistently produced and controlled according to quality standards. These practices are crucial
in industries such as pharmaceuticals, food, and cosmetics, where safety and efficacy are
3. Explain the objectives and tracking of risk handling strategies.
Ans 3.
Objectives and Tracking of Risk Handling Strategies
Risk handling strategies are critical components of the risk management process. They aim to
ensure that identified risks are managed effectively to minimize their adverse effects on a
project or organization. These strategies require clear objectives and robust tracking
mechanisms to remain effective throughout the project lifecycle.
Objectives of Risk Handling Strategies
1. Minimizing Negative Impact: One of the primary objectives is to reduce the potential
negative consequences of risks. This includes minimizing disruptions, financial losses,
Assignment Set – 2
4. What is your opinion on Well-designed Risk Communication Plan?
Ans 4.
Opinion on a Well-Designed Risk Communication Plan
A well-designed risk communication plan is a cornerstone of effective risk management. It
ensures that information about risks is conveyed clearly and efficiently to all relevant
stakeholders, enabling informed decision-making and fostering collaboration. Such a plan is
not merely a document but a dynamic system that enhances organizational resilience and trust.
Purpose of Risk Communication
The primary purpose of a risk communication plan is to provide timely, accurate, and relevant
5. Discuss the reasons of failure of change, resistance to change.
Ans 5.
Reasons for Failure of Change and Resistance to Change
Change is an inevitable aspect of organizational growth and project management. However, it
often fails due to various reasons, including resistance to change. Understanding these causes
is critical to addressing challenges and ensuring successful change management.
Reasons for Failure of Change
 Lack of Clear Vision: Change initiatives often fail when there is no clear and
compelling vision to guide the process. Employees and stakeholders need to understand
6. Explain the types and components of project risk audit.
Ans 6.
Types and Components of Project Risk Audit
A project risk audit is a systematic review of the risk management process to ensure its
effectiveness and alignment with project objectives. It evaluates whether risks are identified,
assessed, mitigated, and monitored appropriately. Conducting risk audits helps organizations
maintain control over uncertainties and improve their risk management practices.
Types of Project Risk Audit
 Internal Risk Audit: Conducted by the organization’s internal team, this audit assesses
risk management practices within the project to ensure compliance with internal