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Project Management Blog
Saturday, 27 January 2007 17:32

Risk Response Planning

Risk Response Planning is the process of developing options, and determining actions to enhance opportunities and reduce threats to the project’s objectives. It follows the Qualitative Risk Analysis and Quantitative Risk Analysis processes. It includes the identification and assignment of one or more persons (the “risk response owner”) to take responsibility for each agreed-to and funded risk response. Risk Response Planning addresses the risks by their priority, inserting resources and activities into the budget, schedule, and project management plan, as needed. 
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Saturday, 27 January 2007 17:30

Quantitative Risk

Quantitative Risk Analysis is performed on risks that have been prioritized by the Qualitative Risk Analysis process as potentially and substantially impacting the project’s competing demands. The Quantitative Risk Analysis process analyzes the effect of those risk events and assigns a numerical rating to those risks. It also presents a quantitative approach to making decisions in the presence of uncertainty. This process uses techniques such as Monte Carlo simulation and decision tree (comment that you’ll take about decision tree in a moment) analysis to:
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Saturday, 27 January 2007 17:05

Project Risk Management

Risk Management is the process of measuring, or assessing risk and then developing strategies to manage the risk. In general, the strategies employed include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. The Risk Management Plan (RMP) is the document prepared by a Project manager to foresee risks, to estimate the effectiveness and to mitigate them.

 

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Thursday, 25 January 2007 19:16

Activity Duration Estimating

Duration includes the actual amount of time worked on an activity plus the elapsed time.

Effort is the number of workdays or work hours required to complete a task. Effort does not normally equal duration. People doing the work should help create estimates, and the PM should review them. Duration estimating is assessing the number of work periods (hours, days, weeks,) likely to be needed to complete each activity. Duration estimates always include some indication of the range of possible results, for example, 2 weeks + or – 2 days or 85% probability that the activity will take less than 3 weeks. Activity Duration Estimating:

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