Probability and Impact • Weight 5% of the final grade • Due no later than 11:00 p.m. on Sunday of Unit 6 Objectives [CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6] On successful completion of this assignment, students should be able to: • outline in detail different facets of project execution, monitoring, controlling, and closing; • explain specific inputs, tools, techniques, and outputs that allow project managers to execute, control, and close projects effectively; • explore the entire range of key issues and fully articulate the potential pros and cons of the possible measures; and • make effective project management decisions and communicate succinctly. Textbook/Case Source Milosevic, D. Z., Patanakul, P., & Srivannaboon S. (2010). Probability and Impact. In Case studies in project, program, and organizational project management (pp. 245-246). Hoboken, NJ: John Wiley & Sons Inc. This probability and impact case study presents the use of probability and impact as a risk analysis procedure. The case discusses the development of appropriate risk thresholds for the nature of risk events during the execution of projects. This case shows how risk analysis procedures can be adjusted to address different types of risks. Description In your analysis of this case, you must ensure that you include the following: • An introductory paragraph and brief summary of what this case study is about. • An explanation of the benefits of project risk management (provide at least three benefits), providing details as to how risk management was conducted in the case. • Explain the components of a robust Risk Management Plan and Risk Register and discuss how risk management was conducted in this case. • A short paragraph as a conclusion.