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Tools for project risk management

How can Microsoft Project, Open Workbench and/or Excel be used in project risk management?

(Provide references to the work and add a personal conclusion, length minimum 500 words. References do not count to the wording total).

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Project Risk Management
Risk is an event that causes deviation from expected results. Risk management is the process of identifying, mitigating, and controlling known risks so that probability of project getting completed on time is increased. All projects have risks but it is not possible to avoid all risks. Project management is keeping track of deadlines, status, risks, issues, etc. Hence organizations have to understand risks and minimize them. Quantitative risk analysis is an important part of project management and tools like Microsoft Project, Open Workbench and Excel help in performing quantitative analysis. Quantitative risk analysis is the process of analyzing risk events and assigning numerical rating to those risks. It allows project managers to see the effect of risks on project schedules. As a result project managers are able to mitigate risk factors and manage their projects better ...

Solution Summary

The tools for project risk management are provided for Microsoft Project.