Project Risk management 2

Project Risk management 2 - 1. Risk assessment is a formal...

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1. Risk assessment is a formal process of increasing ones understanding of the risk associated with an activity. The process of risk assessment should answer which of the following questions? What are the impacts? Can we assign a rank to this in comparison to the other risk assessed items? What can go wrong? How likely is it? (To happen?) All of the above. 2. Question: The Risk Assessment Methodology is described as basically: Select risk event from the WBS and Identify the item description. Assess the impact and Develop a numerical rank of the item Assess the impact and Develop a risk score Assess probability 3. Question: The goals of risk assessment are: Offset the normal tendency to be optimistic in project planning. To rank order risks in terms of severity and impact. To increase understanding of the project. To serve as the basis for identifying alternative approaches to response and risk management. All of the above.
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This note was uploaded on 07/09/2010 for the course PROJ 420 taught by Professor Private during the Spring '10 term at DeVry Fremont.

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Project Risk management 2 - 1. Risk assessment is a formal...

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