Quantitative Risk Analysis in Project Management

Quantitative Risk Analysis PMP Overview

Quantitative risk analysis assists (QRA) in identifying factors impacting individual projects or organizations by applying research methodologies with the purpose of measuring and projecting future conditions. This type of analysis takes the probability and impact of risks on a project or organization using numerical data, thus creating a quantitative risk assessment (QRA). In addition to …

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Avoid Risk

Avoid Risk in Project Management

The goal of project risk management should include establishing the objectives to increase chances and impact of positive risks occurring while simultaneously decreasing the chances or impact of negative risks occurring. Risk avoidance is a risk response strategy to eliminate such risk from affecting the project. Risk avoidance would considered if a project is running …

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Risk Exposure

Understanding Risk Exposure

The success of a project is highly dependent on the ability of the management team to avoid or control exposure to risk. Implementing effective strategies towards the minimizing or eliminating exposure to risk can lead to elimination of unwanted expenses and business continuity. What is risk exposure? Risk exposure refers to the process of quantifying …

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Residual Risks

Residual Risk Explained

Within the field of project management, the assessment of risk exposure is crucial. It’s the most important process to ensuring an optimal outcome. This article discusses residual risk, or threats that remain indefinitely with that outcome after its development phase is complete. PMI defines residual risk as: Residual risks that are expected to remain after …

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