1. DESCRIBE RISK PREFERENCES AND UTILITY CURVES EXHIBITED BY PROJECT MANAGERS.
2. DESCRIBE STEPS IN TYPICAL RISK MANAGEMENT PROCESS.
3. EXPLAIN WHAT OPTIONS ARE OPTEN TO PROJECT MANAGERS TO HANDLE RISK,.© BrainMass Inc. brainmass.com March 4, 2021, 6:07 pm ad1c9bdddf
The display of utility curves, help the project managers to formulate relationships and dependencies between the attributes. This process facilitate stakeholer's preferential viewpoint regarding a specific business process design.The steps in the typical risk management process are:
1. First Establish the context
2. Identify the risks.
3. Analyse the risks.
4. Evaluate the risks
5. Treat the risks.
6. Monitor and review
7. Communicate & consult
Once the above assessment has been accomplished then a risk management plan should be developed.
Risk management options are usually know as risk handling options ...