Discussion 5.docx - Discussion 5 Risk Analysis/Estimation...

This preview shows page 1 - 2 out of 2 pages.

Discussion 5 Risk Analysis/Estimation “Decisions must be made in the face of ambiguity that results from uncertain information” (Meredith &Mantel, 2012, p. 308). Risk is in every project, decision, and step of a project. In order to minimize risk, effective project managers must be able to perform risk analysis to estimate the risk that a particular decision will create and to plan to either deal with or mitigate the risk as it happens. There is no way to eliminate any uncertainty or risk within a project. “Risk estimation and analysis do not remove the ambiguity; it simply describes the uncertainties in a way that provides the decision maker witha useful insight into their nature” (Meredith & Mantel, 20120, p. 308). Effective PMs will be able to estimate and mitigate risk throughout the project. The better a PM is at estimating the risk, the better prepared and smoother the project runs. A project manager can apply risk estimation and analysis principles by using risk profiles to compare the probability of a certain risk happening. A risk profile is the
Image of page 1

Subscribe to view the full document.

Image of page 2

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern