Assessing risk factors and defining project costs are important components of project planning. This assignment allows you to work through different risk and cost assessment activities using Microsoft Excel.
Click here to download the Microsoft Excel template to use for this assignmentPreview the documentView in a new window.
1. Qualitative Risk Assessment. Imagine that you are a member of a project team that has been charged to develop a new product for the residential building industry. Using a qualitative risk analysis matrix, develop a risk assessment for a project based on the information provided in the Excel template. Based on this information, how would you rate the consequences of each of the identified risk factors? Why? Construct a risk matrix and classify each of the risk factors in the matrix.
2. Risk Mitigation Strategies. Develop a preliminary risk mitigation strategy for each of the risk factors identified in the prior question. If you were to prioritize your efforts, what risk factors would you address first? Why?
3. Quantitative Risk Assessment. Review the probability and consequence data provided in the Excel template. Calculate the overall risk factor for this project. Would you rate this level of risk as low, moderate, or high? Why?
4. Cost of Labor. Calculate the fully loaded cost of your project team using the data provided in the Excel template.
5. Planned and Cumulative Costs. Calculate the planned and cumulative costs for the time-phased budget information provided in the Excel template.
6. Complexity Cost Weighting. The Project Manager is asked to compute the expected costs of a software project at your organization. Calculate the total estimated number of function points and total expected cost for the project data provided in the Excel template.
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