Pfi 3361 Managing Risk Unit 1 Project Learning Goals Define The Concept Of Risk And Identify The Different Types Of Ri 1 (70.32 KiB) Viewed 28 times
PFI 3361: Managing Risk Unit 1 Project Learning Goals: Define the concept of risk and identify the different types of risk. Explain the principles of risk management and strategies for managing economic risk. Read each scenario. Identify and describe 3 risks in each scenario. Use the risk management matrix to identify the quadrant for each risk (include frequency and severity). Finally, identify a method for managing each risk, then explain why and how it manages each risk: Scenario 1: Jim is a student at TTU and enjoys spending time with his friends and maintains a job working part time. Often times Jim will forego preparing for exams and completing assignments in order to hang out with friends at their favorite bar. He is very proud of his new $3,000 watch and he likes to wear it and show it off wherever he goes. Jim has a dog name Butch that he takes for walks when he exercises. He hopes to enter an Iron Man competition later this year. Jim also enjoys having nice things and often treats himself to new clothes whenever he wants to feel better about himself. Jim is an outgoing guy who is casually dating. He lives close to school in a relatively nice neighborhood and leases out vehicles in order to maintain the newest version of his favorite Cadillac. At Jim's work he is supposed to work until his shift is complete, but he leaves early often in order to get home to let Dutch outside to prevent accidents. Jim also really enjoys scuba diving but since there are not great places to go near Lubbock, he goes a long distance and his friends usually can't make the trip, so he dives alone mostly. 1. Identify 3 risks from the above scenario and describe why they are risks: a. b. C. 2. Identify the area of risk management matrix (Transfer, Retain, Reduce, or Avoid) for each risk and include the frequency (high or low) and severity (high or low): a. b. C. 3. Identify a method for managing each risk and explain why and how it manages the risk: a. b. C. Scenario 2: Stephanie is a student athlete attending TTU majoring in Mechanical Engineering and is a Volleyball star. Due to her hard work in high school to earn Valedictorian, her parents bought her a new car for her to use as needed on and off of campus. Stephanie is also in a serious relationship with her high school sweetheart, Nathan. Nathan attends college at UTEP, so they don't get to see each other much. Stephanie hates living with her roommates but is in a lease for another 8 months and doesn't know if she should break the lease and move out, potentially damaging her friendship with one of the roommates who is a close friend in her program. Stephanie works hard to keep her grades up, but because her major is challenging, she has to condition and train for volleyball a lot, and she tries to speak with her boyfriend regularly, she doesn't have as much time for studies as she would like. Stephanie is also very social and likes to hang out with her friends in her spare time, but her friends have expensive hobbies so she ends up spending more on entertainment than she would care to admit. 1. Identify 3 risks from the above scenario and describe why they are risks: a.
b. C. 2. Identify the area of risk management matrix (Transfer, Retain, Reduce, or Avoid) for each risk and include the frequency (high or low) and severity (high or low): a. b. C. 3. Identify a method for managing each risk and explain why and how it manages the risk: a. b. C. Scenario 3: Now, think about your own college life. What are the potential risks that you face each day? How you can manage them? Please provide appropriate solutions to support your answer. 4. Identify 3 risks you face and describe why they are risks: a. b. C. 5. Identify the area of risk management matrix (Transfer, Retain, Reduce, or Avoid) for each risk and include the frequency (high or low) and severity (high or low): d. e. f. 6. Identify a method for managing each risk and explain why and how it manages the risk: g. h. a.
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