REPORT ON PROJECT MANAGEMENT

Articulate and defend three common techniques used in quantitative risk analysis

There are several common techniques which are used in the quantitative risk analysis. The first technique that I have found for the quantitative risk analysis is the brainstorming. The brainstorming technique is very useful technique in the quantitative risk analysis because the project manager can identify the significant risks verbally (Al-Samarraie & Hurmuzan, 2017). The second technique is distribution of risk. It is effective way because by distributing the risks into the team members as well as with the members of the staff of different departments can make the team more effective to overcome from that risk. By distributing, it can analyze as well as calculate the impact of the risk (Abbassi, Bhandari, Khan, & Chai, 2016). The third technique is the expert advice that is also quantitative risk analysis (Purnus & Bodea, 2013). Most of the times, the development team and the quality management team may face some kind of issues which cannot be resolved in with the team members as well as they are unable to understand it. In this case, the project manager must have to take advice from the seniors or the experts (Adedokun, Ibironke, Dairo, & Aje, 2013)

Risk Response Strategies

Escalate

When you as a project manager recognize the effective risk as well as seeking that the project manager cannot handle it on his own risk.

Mitigate

To decrease the effect of the risk within the strategy of risk response. The mentioned strategy minimizes the harshness of the risk.

Transfer

The transfer strategy is applied when the employees have lack of skill or the lack of the needed resources to complete the tasks.

Avoid

The manager always try to remove the maximum effects of the risks. The manager can do this by bring the change into the timetable or in the complete management of the project.

A Strategy for Project Risk Register

            There are four things mentioned in the risk register. The first thing is regarding the project schedule, if it is not defined, then conduct schedule meetings with staff so that they can get it. The second risk is that risk does not have any specific purpose, and its solution is to analyze the whole business case to come up with a considerable purpose. The third and fourth risk is related to the completion of the project on time with the required quality. It is important to develop a strategy of measurement and evaluation at each step so that timely delivery and quality is ensured.

References for project management

Abbassi, R., Bhandari, J., Khan, F., & Chai, V. G. (2016). Developing a quantitative risk-based methodology for maintenance scheduling using Bayesian network. Chemical Engineering Transactions , 235-240.

Adedokun, O. A., Ibironke, O. T., Dairo, D. O., & Aje, I. O. (2013). Evaluation of qualitative risk analysis techniques in selected large construction companies in Nigeria. Journal of Facilities Management , 11 (4).

Al-Samarraie, H., & Hurmuzan, S. (2017). A Review of Brainstorming Techniques in Higher Education. Thinking Skills and Creativity , 27.

Purnus, A., & Bodea, C.-N. (2013). Considerations on Project Quantitative Risk Analysis. Procedia - Social and Behavioral Sciences , 74, 144-153.