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RISK MANAGEMENT

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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,.

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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 ...

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