Complete the following and submit as a Microsoft Excel Document: Risk assessment
ID: 355065 • Letter: C
Question
Complete the following and submit as a Microsoft Excel Document: Risk assessment for hiring new employees
1A) Risk Analysis.
Create a sample risk analysis
Compute at least one quantitative risk.
How might you mitigate each of these six risks?
1B) Cost Estimate.
Create a cost table noting the wage rate of the personnel and how many weeks the person is needed. Use an overhead rate of 40%.
1C) Time-Phased Budget.
Create a time-phased budget based on your Work Breakdown Schedule (WBS)
Note if your project is 100% labor costs, then the total budget from problem #2 and this problem #3 should equal.
Explanation / Answer
Risk Identification and Analysis
INTRODUCTION
Ensuring that adequate and timely risk identification is performed is the responsibility of the owner, as the owner is the first participant in the project. The sooner risks are identified, the sooner plans can be made to mitigate or manage them. Assigning the risk identification process to a contractor or an individual member of the project staff is rarely successful and may be considered a way to achieve the appearance of risk identification without actually doing it.
It is important, however, that all project management personnel receive specific training in risk management methodology. This training should cover not only risk analysis techniques but also the managerial skills needed to interpret risk assessments. Because the owner may lack the specific expertise and experience to identify all the risks of a project without assistance, it is the responsibility of DOE’s project directors to ensure that all significant risks are identified by the integrated project team (IPT). The actual identification of risks may be carried out by the owner’s representatives, by contractors, and by internal and external consultants or advisors. The risk identification function should not be left to chance but should be explicitly covered in a number of project documents:
Statement of work (SOW),
Work breakdown structure (WBS),
Budget,
Schedule,