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Inputs
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Function
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Outputs
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Identify
and Analyze Project Specific Risk
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Risk
Identification
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Checklists;
Interviews; Tolerance ID; Historic and Statistical Data
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Risk
Analysis, Expert Opinions, Statistical Quantifications
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Risk
Quantification
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Cost
Benefit Analysis; Decision Trees; Risk Analysis Tables
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Threats
and Opportunities
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Risk
Response
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Procurement
Plan; Insurance Plan; Alternative Strategies; Contingency
Planning
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Updated
Workplans, Updated Risk Management Plans
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Risk
Control
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Equipment
and Resource Redundancy; Corrective Action Plans
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Key Factors for Success:
develop and use experienced project personnel; see risks for what they
are; don't fear risk but see it as something to control
Key Techniques and Tools: manage by phase and
break project into modules; get buy-in and prepare contingency plans;
don't take risks if there are practical alternatives, the loss cannot be
afforded, benefits are unclear or statistics are against successful
outcomes
Key Concepts: larger projects have higher
risk associated with them; in-experienced resources have higher risk;
technical environment affects risks; not all risk is negative
Back
to Project Management
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