Please Provide Me As Per The Question Requirement Activity 4

Please Provide Me As Per The Question Requirementactivity 4activity I

Please provide me as per the question requirement. Activity 4 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 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. Activity II - Sochi Olympics—What’s the Cost of National Prestige? The Sochi Olympics was an example of project costs running out of control; so much so that the final price tag (estimated to be more than $50 billion), dwarfed the costs of every other Olympic Games to this point in time. In addition to picking a questionable, sub-tropical location for the Games, from the very beginning, the process of developing the site was subject to meddling from politicians, including President Vladimir Putin. Another major cost to the final price tag was related to charges of wide-spread corruption, as sub-projects for the Games (such as infrastructure, buildings, and roads) ended up with highly inflated price tags. This is a great case for general class discussion as we consider the purpose for Olympic Games, the challenges of cost control with critical deadlines that must be adhered to, and the fact that costs are rising for Games to the point where in 2017, Rome, Budapest, and several other cities withdrew their bids to host the 2024 Olympics because they could not trust the final costs and could not justify the value they would gain versus the costs of the project. Questions 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?

Paper For Above instruction

The assignment involves two core components: conducting a qualitative risk assessment for a new residential building product development project, and analyzing the broader implications and lessons from the Sochi Olympics project.

Firstly, the risk assessment requires constructing a qualitative risk matrix based on specified risk factors, their likelihood, and then evaluating the potential impact of each risk. The risk factors identified include key team members being pulled off the project, economic downturn, project funding cuts, scope changes, and poor specifications’ performance. Using a qualitative risk matrix, these risks should be classified into categories such as low, medium, or high likelihood, and their potential consequences should be assessed based on their likelihood and the context. For example, team members being pulled off could have a severe impact, classified as high consequence, whereas a low likelihood economic downturn might have a different impact.

Constructing the matrix involves cross-referencing these likelihoods with potential consequences, considering factors such as project delays, increased costs, or compromised quality. Typically, a risk matrix helps visualize this by placing likelihood on one axis and consequence severity on the other, thus aiding project managers in prioritizing risk mitigation efforts. Risks with high likelihood and high impact require immediate attention, such as key personnel loss or scope changes, which could critically delay or derail the project.

Secondly, evaluating the Sochi Olympics project entails a discussion about the appropriateness of judging such prestige projects solely based on cost metrics. The assertion that government-funded prestige projects like the Olympics should not be evaluated primarily on cost can be debated. On one hand, such events are designed to elevate a nation's global standing and foster soft power, sometimes justifying higher expenditures. On the other hand, excessive costs undermine fiscal responsibility, especially when projects are marred by corruption and poor planning, ultimately leading to public dissatisfaction or underutilization of infrastructure.

When evaluating the success of the Sochi Olympics, criteria such as adherence to schedule, functionality, and stakeholder satisfaction are critical. Evidence suggests that while the project was completed on time, with infrastructure largely in place for the Games, the long-term utility and financial sustainability of the facilities have been questionable, indicating some elements of failure. A “hard gate” like strict deadlines can sometimes compromise other success metrics if project scope or quality is sacrificed for timeliness.

The issue of financial overruns and project viability is highlighted by the withdrawal of other cities from future Olympic bids due to concerns about costs and benefits. The current state of Sochi’s Olympic sites also provides insight into the post-event utilization of such investments, often revealing underuse or decay, which further questions the long-term value of these projects.

In conclusion, while prestige projects serve significant national interests, they must balance ambitions with fiscal and operational realities. Judging the success of projects like Sochi demands a nuanced approach considering both immediate completion and long-term sustainability, alongside effective risk management. The lessons learned from Sochi and other hosting cities should guide future planning and execution of similar large-scale projects.

References

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