Too much room for interpretation based on individual

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too much room for interpretation based on individual thinking and past experiences, which may not be pertinent in this situation. The Monte Carlo method gives you statistical information. Although, the Risk driver has already prioritized the risks which could also save time. I think for me the benefit is using an equation that provides me with all the possible things that may occur without leaving room for individual interpretation. What are your thoughts?
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Week 7 Planning for Unknowns" Please respond to the following: Evaluate your project management options in terms of schedule, performance, and cost for the following scenario. Support your evaluation. An office building construction project is 80% complete in the southern Virginia area, when a major hurricane strikes, and stops progress on the worksite for 10 days while damage is assessed and repairs are completed. The project has a fixed budget and a completion date that cannot be moved any further to the right. In this scenario, the project manager would not have the option to cancel the project because it was nearly in the completion stage with 80% done. If the budget was previously determined risk should have been calculated from the onset of the project. It would be vital for the project manager to have evaluated the weather and natural occurrences for that time of year and in that part of the country. When a project does not have any room for fluctuation with the budget a risk plan/register must be included in the plan. “Risk, after all, is primarily about uncertainty. Analyzing the risks tells you about the possible outcomes for the risk, and the response plan addresses how to deal with those outcomes”   ( Heldman, 2005, p. 151). Moreover, not only should funds have been allocated for unexpected expenses, additional time should have been calculated to provide a buffer for any time constraints. Time and cost contingency reserves should be included in each project especially those with very little room for error. Addressing performance initially a risk owner needed to be identified at the start of the project. This allows all risks to receive the proper attention needed to stay ahead of any issues. The risk owner in this scenario should have been well prepared to handle this situation had they prepared properly for their assigned risk. Reference Heldman, K. (2005). Project manager's spotlight on risk management (p. 151). San Francisco: Harbor Light Press. Week 7 Response Hi Julia, I think the insurance included into the contingency plan is definitely necessary. Additionally, any geographical area that has known threats such as hurricanes should be prepared knowing that the occurrence of one is essentially guaranteed. Although, if we assumed this project manager did not have the proper risk management plan, would you suggest cutting other portions of the project in attempt to complete on schedule? Or would it be the responsibility of the project manager for lack of planning to cover the additional funds needed to complete the project and or request additional funds from the stakeholders? If the funds are not available something would have to be done. What are your thoughts?
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