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Qualitative Analysis for Management

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Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work.

What do the terms heuristic and optimization (or optimal) mean?
What is a quantitative application for each? Some independent research is needed.
What was your source(s) for addressing this question? Provide a URL address(s) if applicable.
Don't hesitate to use outside sources in addressing questions in this course, and apply your understanding as it relates to your prior knowledge and experience where appropriate.

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Solution Summary

This solution explains the meaning of the terms heuristic and optimization (or optimal), as well as examples of a quantitative application for each. Research validated.

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Qualitative and Quantitative Risk Analysis

A common assumption following the completion of a project would be that the sun would rise the next day. Suppose for a moment the sun did not rise. The severity of this risk would threaten not only the completion of this project but most other projects. In other words, the risk posed by the sun not rising is extremely high; however, the likelihood of that happening is relatively small.

On the other hand, consider a different sort of risk. Consider that one of the billing system database servers has been destroyed. The likelihood of this happening is considerably higher than the likelihood of the sun not rising. Unless the database was not recently backed up, the severity of this risk is relatively low. In other words, neither of these risks rises to a level that would threaten the completion of the project.

What are the differences between qualitative and quantitative risk analysis? When is each type of analysis appropriate? What type of analysis will you use for the customer service system project?

Address the following in 750-900 words:
What are the differences between qualitative and quantitative risk analysis? Explain.
When is each type of analysis appropriate? Explain.
What type of analysis will you use for the IRTC customer service system project? Why?

Use correctly APA style formatted references of solid academic quality for your resources and use correctly formatted APA style in-text citations to your references to substantiate your information and positions as well as to give credit to other author's work.

Show the process for performing risk management and the steps and techniques for each element.
Manage project scope throughout the project life cycle.
Compose project plan and sub-plans that establish how various organizational elements will work and interface to include problem resolution processes.

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