References:
https://slcrail.com/projects/coventry-station-masterplan/ https://www.coventrytelegraph.net/news/coventry-news/coventry-train-railway- station-masterplan-14897214
Question on the Unlock Project Management game
Question 1 – 25 points
Make a table illustrating how each of the stakeholders (Jeff, Sally, Alessandro) prioritize the three success factors (time, quality, cost). Then identify the three most serious risk events you encountered during the game, connect them to one or more success factors, and discuss the risk response you chose for each of these risks. Give examples of how your in-game decisions reflected trade-offs, and how they influenced stakeholder satisfaction at the end of the game. Finally, assess your project performance. Did you meet all project goals with all stakeholders satisfied? What was the greatest obstacle to project success?
Note: From the game report, include a figure showing stakeholder satisfaction, your budget, and the project time. Do NOT attach the entire game debrief report.
Questions on the Coventry rail station case study
Question 2 – 15 points
Develop a suitable Risk Breakdown Structure (RBS) for the Coventry rail station project and connect each of the risks in the risk register to this RBS. Present your RBS categories and possible hierarchy, including the number of risks falling into each category. Explain how your RBS categories are comprehensive and non-overlapping, and give examples of how you map one or two risks into each category.
Make a Likelihood-Impact matrix that shows how many risks from each RBS category fit into each sector of the matrix. Do not identify independent risks – instead use symbols (e.g. ,,…) to highlight risks from different categories. Using your Likelihood-Impact matrix, rank the categories in the RBS from most to least important, and explain your reasoning.
Question 3 – 15 points
Separately for each success factor in the project (denoted risk measure in the table), investigate the frequencies of likelihood, impact, and Composite Risk Index (CRI) scores. Explain how the different success factors compare in terms of likelihood, impact, and CRI, and present your analysis clearly using one or more tables or diagrams.
Rank the success factors from most at-risk to least at-risk, and explain why. Connected to the most at-risk success factor, identify two suitable risk responses and explain how they will help to manage the associated risks.
Question 4 – 20 points
You are asked to conduct a decision tree analysis for purchasing insurance for a fire- risk in the site in a risk-neutral way. There are two decisions: “buy insurance” or “Don’t buy insurance”. The insurance costs £18,000 and insurance covers all losses (damages) in the case of a fire. It is known to you that there is a 1% chance that a big fire will happen and it will cause £1,000,000 damage. There is a 2% chance that a medium fire will happen and it will cause £500,000 damage. There is a 97% chance that there will be no fire (£0 damage) during the project lifetime.
Use following decision tree to decide whether to buy insurance in your company. Discuss your recommendation to your company.
Question 5 – 20 points
Discuss the importance of risk monitoring and control strategy for this project.
Explain how to implement risk monitoring and control in this project. What specific tools and techniques can be used for risk monitoring and control to handle important risks in this project?
Explain how to communicate risks in this project. How should risk communication be managed in this project?
Question 6 – 5 points
Explain how project manager can collect data for quantitative risk analysis for this project. What are data resources for risk analysis for this project?
Appendix- Risk Register
