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Project Risk Management

Project Risk Management. Everything is sweetened by risk. ─ Alexander Smith But boundless risk must pay for boundless gain. ─ William Morris. Qualitative Risk Analysis. Assessing the likelihood & impact of identified risks, to determine their magnitude & priority (Schwalbe, 2006, p. 441)

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Project Risk Management

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  1. Project Risk Management Everything is sweetened by risk. ─ Alexander Smith But boundless risk must pay for boundless gain. ─ William Morris

  2. Qualitative Risk Analysis • Assessing the likelihood & impact of identified risks, to determine their magnitude & priority (Schwalbe, 2006, p. 441) • Qualitative Tools: • Probability/Impact Matrix (p. 442) • Top Ten Risk Item Tracking (p. 446) • Expert Judgment (p. 446 – 447)

  3. Quantitative Risk Analysis • Includes data gathering, quantitative risk analysis, & modeling techniques • Can follow Qualitative Risk Analysis, or both can be done together, or separately • Quantitative Tools: • Decision Trees (p. 448) • Simulation (p. 449) • Sensitivity Analysis (p. 452)

  4. Risk Responses • Avoidance – eliminate cause of risk • Acceptance – accept consequences • Transference – shift consequence to 3rd party • Mitigation – reduce impact of risk

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