is repeatedly asked for anyone who is present for every actvity identfed in the

Is repeatedly asked for anyone who is present for

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wrong?” is repeatedly asked for anyone who is present for every actvity identfed in the WBS - The SWOT analysis or Delphi technique can also be used Reviews - Downloaded by Shaun Mlangeni ([email protected]) lOMoARcPSD|3347332
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Understanding relatonships 3 types of methods to understand risk relatonships - A fowchart that shows how people, money, data or materials fow from one person or locaton to another - Root cause analysis – An analytcal technique to ascertain the fundamental or causal reason that afect one or more variances, defects or risks - Trigger conditons – Circumstance under which a risk strategy or risk acton will be invoked Risk Register - Document containing the results of the qualitatve risk analysis, quanttatve risk analysis and risk response planning - At the end of risk identfcaton the risk register only includes 3 risk categories - Identfed risks - Potental causes - Potental responses Qualitatve Risk Analysis - Process of prioritsing risks for further analysis or acton by addressing and combining their probability of occurrence and impact - One additonal type of qualitatve risk analysis is to determine cause-and-efect relatonships - A tool that is useful in this analysis is a cause and efect diagram - First the risk is listed in a box at the head of the diagram (fsh) - The next step is to name the big bones - The project team then asks why for each bone untl they cannot ask why anymore Downloaded by Shaun Mlangeni ([email protected]) lOMoARcPSD|3347332
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Quanttatve Risk Analysis - The process of numerically analysing the efect of identfed risks on overall project objectves - Some frequently used techniques - Decision tree analysis – A graphic tool depictng alternatve choices as branches - Expected monetary value (EMV) analysis – A statstcal technique to calculate present value of future outcomes to choose the best alternatve - Failure mode and efect analysis (FMEA) – A step-by-step approach for identfying all possible failures in a design, a manufacturing or assembly process or a product or service - Sensitvity analysis – what-if risk analysis technique that presents comparatve analyses of various desirable outcomes with respect to a fnancial measure or uncertainty - Tornado diagram – Used to represent the sensitvity analysis - Special type of bar chart and data where project goals are listed vertcally and risk uncertaintes are depicted horizontally as probability - Simulaton – A technique that mimics real situatons using uncertaintes and assessing their impact on project objectves - Criteria to select a suitable quanttatve risk technique - Use explicit knowledge of the project team members - Allow quick response - Help determine project cost and schedule consistency - Foster clear communicaton - Be easy to learn and use Plan Risk Responses - The process of developing optons and actons to enhance opportunites and to reduce threats to project objectves - This is ofen a creatve tme for the project teams as they decide how they will respond to each major risk Downloaded by Shaun Mlangeni ([email protected]) lOMoARcPSD|3347332
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