Risk Management & Cost Estimation Budgeting

Answer the below questions after reading the respective case studies: Activity I – Qualitative Risk Assessment. Imagine that you are a member of a project team that has been charged with developing a new product for the residential building industry. Using a qualitative risk analysis matrix, develop a risk assessment for a project based on the following information: : Identified risk factors Likelihood 1. Key team members pulled off project 1. High 2. Chance of economic downturn 2. Low 3. Project funding cut 3. Medium 4. Project scope changes 4. High 5. Poor spec. performance 5. Low Activity II – Sochi Olympics—What’s the Cost of National Prestige? Requirements: 2 and half pages Based on this information, how would you rate the consequences of each of the identified risk factors? Why? Construct the risk matrix and classify each of the risk factors in the matrix. Consider the following statement: “Government-funded projects intended to serve as ‘prestige projects,’ such as the Sochi Olympics, should not be judged on the basis of cost.” Do you agree or disagree with this statement? Why? Project success is defined as adherence to budget, schedule, functionality (performance), and client satisfaction. Under these criteria, cite evidence that suggests the Sochi Olympics project was a success and/or failure. When a project has a “hard gate,” like being ready on time, how does that affect normal success criteria? Is it fair to judge a project with a critical completion date by normal project success standards? Why or why not? Consider the problems with the Rio Olympics sites that quickly occurred following completion of the 2016 Summer Games. Access the internet to find evidence of the current state of the Sochi Olympic site. How is it being used and what are the current problems and opportunities for Sochi? Based on this information, how would you rate the consequences of each of the identified risk factors? Why? Construct the risk matrix and classify each of the risk factors in the matrix. Consider the following statement: “Government-funded projects intended to serve as ‘prestige projects,’ such as the Sochi Olympics, should not be judged on the basis of cost.” Do you agree or disagree with this statement? Why?
Project success is defined as adherence to budget, schedule, functionality (performance), and client satisfaction. Under these criteria, cite evidence that suggests the Sochi Olympics project was a success and/or failure.
When a project has a “hard gate,” like being ready on time, how does that affect normal success criteria? Is it fair to judge a project with a critical completion date by normal project success standards? Why or why not?
Consider the problems with the Rio Olympics sites that quickly occurred following completion of the 2016 Summer Games. Access the internet to find evidence of the current state of the Sochi Olympic site. How is it being used and what are the current problems and opportunities for Sochi?