Chapter11 Summary - Chapter 11 Summary: Risk Management Key...

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Chapter 11 Summary: Risk Management Key Terms Brainstorming : A technique by which a group attempts to generate ideas or to solve a problem by amassing ideas simultaneously and without judgment. Contingency plans : predefined actions that the project team will take if an identified risk event occurs. Contingency reserves or allowances : Provisions held by the project sponsor that can be used to mitigate cost and/or schedule risk. Decision Tree : a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain. Delphi technique : An approach used to derive a consensus among a panel of experts, to make predictions about future developments. Expected Monetary Value (EMV) : The sum of all products of (risk event probability) times (its monetary value). Fallback plans : Plans developed for risks that have a high impact on meeting project's objectives. Influence Diagrams : diagrams that represent decision problems by displaying essential elements, including decisions, uncertainties, and objectives and how they influence each other. Monte Carlo Analysis
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Chapter11 Summary - Chapter 11 Summary: Risk Management Key...

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