Risk Paper2

Risk Paper#2

Introduction

In a tender evaluation process, it is vital to identify, assess and quantify risks that might be associated with the tender. Risk management is vital in the tender evaluation process, because risks associated with specific tender responses are identified at an early stage, so they can be addressed explicitly in the tender evaluation. The high-risk areas on which the greatest attention and effort should be focused in the evaluation of tender responses are identified. The goal of this paper is to compare and contrast the two phases of the case study Tender Evaluation. “Phase 1 is concerned with establishing a baseline against which tenders can be assessed, prior to bids being received. Phase 2 compares each submitted tender offer with the baseline, to develop a comparative risk assessment for each one. Both phases are important in order to understand the risks during the tender evaluation process.

1. Which case study does a better job at identifying risks? Explain why.

I think Phase 1 is the one that does a better job at identifying risks. Phase 1 is described as a detailed process that is used to baseline the risks of a project at the Work Breakdown Structure (WBS) level. Phase1 carries out the task of giving an initial indication of the presence of significant risks in the project without any prior response from the tenders. In tender evaluation, the risk assessment through a considerable number of well stated and credible assumptions to ensure the conduct of the project is in the best possible manner. In addition, Phase 1 also ensures that the project team conducts a comprehensive risk-perspective assessment of the project, with the aid of the project team specialist knowledge and project documents. Phase 1 involves a detailed scrutiny of the project, as well as involvement of all the team members in brainstorming processes.

2. Which case study does a better job at quantifying risks? Explain why.

Phase...