Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you help me expand on this paragraph with details abouteach area with examples. A risk as a cause and if it occurs a consequence.

Can you help me expand on this paragraph with details abouteach area with examples.

A risk as a cause and if it occurs a consequence. Risk identifies it an iterative process. Objective is to decrease the probability and impact of negative events in vice versa.

Risk management planning - deciding on how to approach plan and execute risk management activities for a project.

Risk identification - determining which risk can affect the project and documenting their characteristics.

Qualitative risk analysis - prioritizing risks for subsequent further analysis or action by assessing in combining their probability of occurrence and impact.

Quantitative risk analysis - numerically and analyzing the effect on overall project objectives of identified risks.

Risk response planning - Developing options and actions to enhance Ops and reduce threats to project objectives.

Risk monitoring and control - tracking identified, risks monitoring residual risk, identifying new risks, executing risk response plans and evaluating the effectiveness through the Project Life Cycle.

Risk management register - the register is the essential to the management of risk. As risks are identified they should be logged on the register in action should be taken to respond to the risk.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sams Teach Yourself Beginning Databases In 24 Hours

Authors: Ryan Stephens, Ron Plew

1st Edition

067232492X, 978-0672324925

More Books

Students also viewed these Databases questions