BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contracting, contingency planning, alternative strategies, and insurance.
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Interviewing, historical results, workarounds, and response development.
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Checklists, damage control reports, standard allowances, and inspection.
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Expert judgment, data gathering, simulations, and decision tree analysis.
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Detailed explanation-1: -These techniques include the probability distribution, data gathering and representation techniques, sensitivity analysis, expected monetary value analysis, decision tree analysis, tornado diagrams and expert judgment.
Detailed explanation-2: -The Monte Carlo simulation is an example of a quantitative risk analysis tool. It’s a probability technique that uses a computerized method to estimate the likelihood of a risk. It’s used as input for project management decision-making.
Detailed explanation-3: -There are several techniques when performing qualitative risk analysis to determine the probability and impact of risks, including the following: Brainstorming, interviewing, Delphi technique. Historical data. Strength, weakness, opportunity, and threats analysis (SWOT analysis)
Detailed explanation-4: -The four common risk assessment tools are: risk matrix, decision tree, failure modes and effects analysis (FMEA), and bowtie model. Other risk assessment techniques include what-if analysis, failure tree analysis, and hazard operability analysis.