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Managing risk on a project without having a clear understanding
of the severity of each risk is like aiming blindfold at a
target. Analysis requires more than a guess at ‘high/medium/low?because
guesses like this are heavily influenced by your prejudices
and possibly out-of-date experiences.
This seminar will take you step by step through both qualitative
and quantitative risk analysis consistent with Project Management
Institute (PMI) definitions. Qualitative analysis is based
on the twin concepts of risk impact and risk probability.
You will learn how to develop consistent and objective methods
for assessing these two quantities, how to combine them into
an overall measurement of risk severity, and how to assess
the quality of your measurements.
Quantitative analysis is typically used to determine whether
your project budget and schedule will be sufficient. Quantitative
analysis takes the uncertainties and adverse situations which
your project can reasonably be expected to meet and uses them
to develop recommended contingency budgets and risk exposure
estimates. This part of the seminar will explain the mysteries
of weighted costs, decision trees, Monte Carlo analysis and
tornado diagrams.
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