Essay on Cmgt 430 V4 Week2

1363 Words Oct 21st, 2014 6 Pages
Applying Risk Management

Table of Contents

1 Introduction 2

2 Aspect 1: Risk Analysis 2

3 Aspect 2: Risk Monitoring and Control Stage 3

4 Conclusion 5

5 Reference 6

1 Introduction

In our attempt to cover all areas of the Risk Management process within such a small time frame, some areas of this Project Management principal were briefly covered or overlooked. In my opinion the following two key aspects could have been better managed by our group towards the contribution of the final presentation:

• Risk Analysis Stage within the Risk Management Cycle (Refer to Figure 1 and 2) and,

• Risk Monitoring and Control Stage (Refer to Figure 1 and 2).

2 Aspect 1: Risk Analysis

In our final video
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The significance of this is that appropriately used quantitative methods enable some risks to be costed with a useful degree of assurance. This process uses techniques such as Monte Carlo simulation and decision tree analysis to:

• Quantify the possible outcomes for the project and their probabilities

• Assess the probability of achieving specific project objectives

• Identify Risks requiring the most attention by quantifying their relative contribution to overall project risk.

• Identify realistic and achievable cost, schedule, or scope targets, given the project risks.

• Determine the best project management decision when some conditions or outcomes are uncertain.

Quantitative Risk Analysis generally follows the Qualitative Risk Analysis process, although experienced risk managers sometimes perform it directly after Risk Identification. Although another deciding factor upon which method is to be used on any particular project is the availability of time and money.

In conclusion the significance of the quantitative approach over the qualitative to risk Analysis was overlooked by the group but perhaps may have not properly be understood by our intended audience

whom as understood by our client, will have no prior knowledge to Project Management but that is left to a concept of assumption. Thus there is no reason why we should not have at least defined the alternative method briefly to give the audience a concept of the two

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