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Risk Assessment in a Project

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What is risk reassessment and what advantage and disadvantage does it have within a project. Also what are the different type of reporting practices that can be use within a project and if they have any advantage and disadvantage within the project.

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Solution Summary

The expert determines what risk assessments are. The advantages and disadvantages of risk assessments within a project are determined.

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Managing project risks involve risk identification, risk assessment, examining mitigation and control options and implementing and monitoring systems.

Risk assessment is the next step in risk control which involves analysis of risks. Once risks are identified, they must be assessed on severity and probability of occurrence. The assessment not only identifies risk but also quantifies it.

Advantages: Benefits of risk assessment include setting right level for contingency. Risk assessment also gives a platform to the project team to come together for expressing their concerns, challenges or defending their assumptions. As a result project team comes together with better understanding of the ...

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