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risk analysis techniques

In a meeting with other members of my class, the following arguments were raised.
1. List and explain two quantitative risk analysis techniques. Which is better? Briefly compose a reasoned response to this statement.
2. Assume that you are the project manager and the one ultimately responsible for planning and implementing the project plan, you believe that risk management is "everybody's business." Your team understands what risk management is; What are some questions that should be addressed in the risk management plan (RAP) ?

Solution Preview

1. List and explain two quantitative risk analysis techniques. Which is better? Briefly compose a reasoned response to this statement.

Sensitivity Analysis - Sensitivity analysis measures the impact of one risk with all other variables at a level plane. The risk currently being analyzed is given variable values based upon the possible outcomes. This is a great method to ascertain the impact of a single risk, however the method does not yield a combine effect for risk analysis.

Decision Tree Analysis - Decision tree analysis is a detailed review of the information available to evaluate different ...

Solution Summary

List and explain two quantitative risk analysis techniques. Which is better? Briefly compose a reasoned response to this statement.

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