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Project Risk Assessment: Qualitative Versus Quantitative Approach - Assignment Example

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The objective of this assignment is to carry out a comparative analysis of the effectiveness of qualitative and quantitative risk analysis methodologies within the context of project management. Moreover, the assignment describes the underlying aspects of conducting a risk analysis…
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Project Risk Assessment: Qualitative Versus Quantitative Approach
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Download file to see previous pages The risks may vary in terms of nature or scope according to the situation. So since the risk is so common in project management, a very important aspect of managing a project is analyzing all the possible risks that are associated with that particular project. It makes no sense of going on with a project and not giving a thought to the risks that could affect the success. Once these risks are analyzed, the project manager will have all the possible risks in front of him. He will know the degree of risk and also the benefits that the organization will get if the risk is taken. Therefore only after a risk analysis, the project manager is in a position to conclude whether or not it is worth taking the risk and going on with a certain project. Now the question remains why are there risks involved with projects? Risks are there because before going on with a project, the management is unsure and there are many uncertainties involved in whether or not their strategy will turn out to be the way they expected. This uncertainty could result in situations that the management did not expect or intend and these are basically the risks that they work with.
Now we move on to qualitative and quantitative risk analysis. Every project comes with numerous risks and uncertainties of a different sort. These different types of risks and uncertainties affect the project in their own way. Therefore it is very important to understand the different types of risks in order to study all the possible ways in which they can affect them. In order to understand these different types of risks, either qualitative risk analysis is used or quantitative risk analysis is used.
Qualitative risk analysis is a very important tool for project managers who want to take action against risks and uncertainties before or at the onset of a certain project.    ...Download file to see next pagesRead More
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