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Risk Management During a Project

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Summarize risk management in a project from your experience or reading. What tools can be used to assist in risk management?

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Solution Summary

This solution provides a brief summary of a methodology consisting of four tools for risk management.

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Risk Management (Summary)

Experiences from managing various projects have shown the distinctive difference between business risk and business issues. During the strategic planning process, when something is guaranteed to happen one hundred percent of the time it is not a risk, it is an issue. A risk is the probability factor coupled with the possibility of a positive or negative outcome happening at any time during the implementation process. The probability of an event happening must be above zero percent. When there is no probability of something happening it is not a risk. However, when risks have been identified then it is necessary to create a risk management plan.

Risk Management (Personal Experience)

As an entrepreneur, I started a business the consisted of teaching aspiring piano players how to play by ear versus the traditional method. This approach was very innovative. The way it worked is that I would schedule the ...

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