SAB9#130_#131_Risk_vs_Workarounds & Analysis_Quantitative_Risks

SAB9#130_#131_Risk_vs_Workarounds & Analysis_Quantitative_Risks

1. Workarounds

   • Corrective action to bring the project back in line when it has deviated from the base line
   • Workarounds are unplanned responses developed to deal with the occurrence of unanticipated events or problems
   • PM who do not perform risk management spend a lot of their time creating workarounds

2. Risk Reassessment

   • The team needs to periodically review the risk management plan and risk register and adjust the documentation
   • Newly identified risks
   • Additional qualitative or quantitative risk analysis
   • Further risk response planning
   • Risk Audits
   • Reserve Analysis
   • meetings
   • Closing of Risk That are no Longer Applicable
   • Outputs of Control Risks

3. Perform Quantitative Risk Analysis

   • QUANTITATIVE risk analysis is more objective or numerical evaluation, the rating of each risk is based on an attempt to measure the actual probability and amount at stake QUALITATIVE risk analysis is a subjective evaluation, even though numbers are used for the rating.
   • Involves numerically analyzing the probability and impact
   • Looks at how risks could affect the objectives of the project
   • Determine wich risk events warrant a response
   • Determine overall project risk
   • Determine the quantified probability of meeting project objectives
   • Determine cost and schedule reserves
   • Identify risks requiringthe most attention
   • Create realistic and achievable cost, schedule, or scope targets

4. You should always do cualitative risk analysis, but quantitative risk analysis is not required for all projects

5. Determining Quantitative Probability and Impact

   • Interviewing
   • Cost and time estimating
   • Delphi technique
   • Use of historical records
   • Expert judgment
   • Sensitivity analysis
     • Analyze and comparethe potential impacts of identified risks
     • Tornado diagram
   • Expect monetary value analysis
     • It calculing the expected monetary value is a better measure to determine an overall ranking of risks.
   • Monte Carlo Analysis
     • Uses the network diagram and estimate to perform the project many times and to simulate the cost or schedule results of the project
   • Decision trees
     • Tjis can help ypu to analyze between many alternatives and how each choise benefits or hurts the project before making the decision

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