STR N421 - Lecture 12 - 2011

Drmagedezzatgeorgy how to quantitatively assess

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Unformatted text preview: dentified risks. Both probabilities and impacts are assigned numeric values. The primary output is a prioritized list of quantified project risks. Dr. Maged Ezzat Georgy How to Quantitatively Assess Project Risks Tools/techniques for quantitatively assessing risks: ◦ Sensitivity analysis. ◦ Scenario analysis. ◦ Probability analysis. ◦ Expected value. ◦ Decision trees. ◦ Fault trees. Dr. Maged Ezzat Georgy How How to Quantitatively Assess Project Risks Tools/techniques for quantitatively assessing risks (continued): ◦ Program evaluation and review technique (PERT). ◦ Monte Carlo simulation. ◦ Artificial intelligence techniques, e.g., fuzzy models, belief networks. ◦ etc. Dr. Maged Ezzat Georgy Risk Response Planning This task involves deciding what actions to take to reduce reduce threats to the project. The actions are either taken: ◦ At the risk planning stage (e.g., buying an insurance policy before the work starts). ◦ When the risk occurs. Dr. Maged Ezzat Georgy Strategies… Strategies… There are four known strategies to deal with project risks: ◦ Acceptance. ◦ Avoidance. ◦ Transfer. ◦ Mitigation. Dr. Maged Ezzat Georgy Contingency There are risks that will be: ◦ accepted (passively or actively), or or ◦ mitigated so they become with the tolerance level of the risk owner. Thus, contingencies should be established to cover these risk if they occur. Dr. Maged Ezzat Georgy The The Risk Plan (as a document) This document typically contains the following: ◦ Purpose, definitions and methodology. ◦ Roles and responsibilities. ◦ Contingency. ◦ Risk register. ◦ Tracking system. ◦ Reporting. Dr. Maged Ezzat Georgy Risk Monitoring and Control The purpose of this task is to: ◦ Ensure proper risk management procedures are being followed, ◦ Track and monitor identified risks, ◦ Respond and deal with the risks as they occur, ◦ Identify new risks and plan for them (with proper updates updates to the existing plans), and ◦ Evaluate risk response plans for effectiveness. Dr. Maged Ezzat Georgy End of Course...
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This document was uploaded on 01/22/2014.

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