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Project Risk Management - Assignment Example

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The author of the assignment under the title "Project Risk Management" aims to address a two-fold objective to wit: (1) to discuss the importance of Monte Carlo techniques and (2) to explain the Risk Response Matrix using information from outside sources…
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Project Risk Management
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Therefore, errors in approximation are really possible in different kinds of method and the Monte Carlo methods come up to minimize the errors (Pengelly, 2002, p. 1-2).
The use of inputs is really essential especially in using a financial model for forecasting because there is a number of inputs into the sample model that are unknown and one technique is to obtain the approximate estimate for each input. The Monte Carlo models and methods use the probability distribution of the inputs and generated random inputs. On the contrary, if the approach used is the probability distribution rather than using the best single estimate or the inputs, it is not that easy and often simply impossible (Pietersz, 2011, n.p.)
Please briefly define the "Risk Response Matrix". Why is the grid populated by "+" and "-" signs and what purpose does this serve? Would you ever use this method?
Risk Assessment Process is defined as the process in which businesses, companies, and organizations focus on vital and serious areas of concern and prioritize resources in order to maximize the response and recovery efforts (Michigan State University, 2004, n.p.). In addition, risk management plans will not be more effective and complete if risk response strategies are not suitable for developing mitigating risks (Ahmed, Azhar & Panthi, 2007, n.p.).
The risk response matrix grid is populated by a (+) and a (-) signs because it is very useful in making and finalizing a certain decision. The Grid Analysis (+) sign describes the number of good or positive alternatives to select from and other factors to consider while the (-) sign is not clear and preferred another option to choose from (Manktelow, 2011, n.p.). Thus, I would prefer to use the Monte Carlo Method as it helps a lot in solving mathematical problems in a fast and easy manner. The (+) and (-) signs that are used in Risk Response Matrix contribute to making decisions confidently, clusters the good ideas from bad ones and lesser the time required when people are struggling to make a decision. Read More
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