DPRM402 PROJECT RISK MANAGEMENT

Description

SESSION	JULY-AUGUST 2025
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	4
COURSE CODE & NAME	DPRM402  PROJECT RISK MANAGEMENT

 

 

Assignment Set – 1

 

 

Q1. What is a Risk Breakdown Structure (RBS), and how does it support risk identification and management? 5+5    

Ans 1.

Risk Breakdown Structure (RBS) & Its Role in Risk Identification and Management

A Risk Breakdown Structure (RBS) is a hierarchical framework used to categorize and organize project risks systematically. Similar to a Work Breakdown Structure (WBS), the RBS structures risks into levels, beginning from broad categories and narrowing down to specific risk events. It acts as a visual and analytical tool that helps project managers understand the full risk landscape, uncover hidden threats, and ensure comprehensive coverage of all potential

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Q2. Explain the key steps involved in performing Quantitative Risk Analysis in project management. How do these steps help in making informed project decisions? Support your answer with a practical illustration.” 4+6           

Ans 2.

Steps in Quantitative Risk Analysis & Decision-Making with Illustration

Quantitative Risk Analysis helps project managers evaluate the numerical impact of risks on project objectives, particularly cost and schedule. Unlike qualitative assessment—which focuses on ranking risks—quantitative analysis uses mathematical tools, simulations, and probability models to measure uncertainties. This supports objective, evidence-based decision-making.

Key Steps of Quantitative Risk Analysis

1. Risk Data Gathering

 

 

Q3. Can you write in detail about Risk Acceptance & Risk mitigation? 5+5     

Ans 3.

Risk Acceptance & Risk Mitigation

Risk responses form a key part of project risk management because they determine how the project team will address identified threats. Two important response strategies are risk acceptance and risk mitigation. Both serve different purposes depending on the nature, probability, and potential impact of each risk. Understanding these strategies ensures that risks are handled in a balanced, cost-effective manner.

Risk Acceptance

 

 

 

Assignment Set – 2

 

Q4. How many types of insurance are available to transfer project risk? Give a suitable example for each type of insurance. 7+3

Ans 4.

Types of Insurance Available to Transfer Project Risk with Suitable Examples

Risk Transfer through Insurance

Insurance is one of the most widely used mechanisms for transferring project risk because it shifts the financial burden of uncertain events from the project organization to an insurance provider. Instead of absorbing losses directly, the project pays a premium to ensure that unexpected events do not negatively affect cost, schedule, or performance. Different types of insurance are designed to handle different categories of risk, allowing project managers to safeguard both assets and

 

Q5. What do you know about Risk models and frameworks? 10           

Ans 5.

Risk Models and Frameworks

Risk models and frameworks form the structural backbone of risk management by offering systematic approaches to identify, analyze, classify, and respond to uncertainties. They help organizations transform abstract uncertainty into structured insights that guide decision-making and long-term planning. In project environments where complexity and interdependencies are high,

 

Q6. Discuss in brief the correlation between Risk Response Planning, Monitor and Control of Risks? 10

Ans 6.

Correlation Between Risk Response Planning and Monitor & Control of Risks

Risk Response Planning and the Monitoring and Control of Risks are two interconnected components of project risk management. While planning focuses on developing strategies to address identified threats and opportunities, monitoring ensures that these strategies are implemented effectively and adjusted as the project evolves. Understanding their correlation is essential because risk