Question
How could one provide a response of the material below to the author? What comments and questions can be asked of the author to keep
How could one provide a response of the material below to the author? What comments and questions can be asked of the author to keep the conversation going?
We dove into different tools for risk management. We started by discussing what the difference between issues and risks were, namely how issues have already occurred while risks have not happened yet. I would also further add that risks can potentially be positive and also become an opportunity instead whereas issues are solely negative. We then briefly covered agile risk management and even though we took a class on various agile techniques last semester, the T chart was a new concept that I found interesting. Another tool that was mentioned was risk registers, which we also utilized during our risk management class. In our breakout room, we discussed how we use risk management in our workplace and in our group, we heard one of our classmates explain his experiences in the construction industry. It was not similar to my company's risk management because my team specifically is purely engineering and not production, so many of the operations and maintenance focused risk processes did not apply. We then covered Monte Carlo analysis, which is essentially running simulations over and over thousands of times to see trends of outcomes through probability analysis. Over time, one should be able to see which outcomes are statistically significant. To treat risks, we can either eliminate, minimize, accept, monitor, or transfer them.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started