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Managing Project Risks

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Qualitative analysis identifies the main risks factors and sources, fr instance using brainstorming sessions, iterviews and checklists. Qalitative analysis is accompanied by an assessment that assigns subjective labels to the identified risks factors as either high or low based on their occurrence probability and impact. I also identifies the key risks that are then managed in greater detail (Flanagan, Nrman & Chapman, 2006). Aquantitative risk analysis involves more sophisticated approaches and tools that may include use of computer generated models and software. I involves: asigning time and cost measurement to the identified uncertainty; ad probabilistic calculations of the combined uncertainties occurring.

Bth the qualitative and quantitative risk analysis can be applied with different intensities of exertion that vary from comprehensively detailed to modest. A the beginning of a project, i is recommended that risk analysis be conducted modestly until a climate of acceptability has been developed for the project(Flanagan, Nrman & Chapman, 2006). A initial qualitative analysis is essential as it benefits the project in terms of understanding the project nature and problems irrespective of whether a quantitative will be conducted at some later stage.

I also functions to highlight the possibility for developing a plan to address a particular risk – risk closure. I carried out correctly, a initial qualitative risk analysis – that involves identifying and assessing risks – would act as an initial and simple quantitative analysis. I for no reason at all, bt to save on costs, tme and resources in a situation where the three are constrained and conducting both qualitative and quantitative analysis cannot be conducted, qalitative analysis should be conducted.

Nrman & Chapman, 2006)Risks analysis necessitates a modification of the decision making procedures. Fr instance, wen quoting project costs and time needed, rsk analysis will inflate the figure and introduce ranges rather than the single value figures that would have been presented as estimates if risk analysis had not been introduced (Uher & Loosemore, 2004). Te risk is first identified by: iterviewing the project stakeholders; fcilitating meetings to brainstorm; ad relying on experiences and risks database. Te methods of identifying risks are generic and applicable in a majority of...

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