Risk Paper Ii Chapter 13 Case Study

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Risk Paper II Chapter 13 Case Study Project Risk Management PROJ595 Which phase dose a better job at identifying risk? After reviewing each phase I have determined that phase I does a better job at identifying risk. According to the text the WBS is reviewed and clarified thoroughly documenting key assumptions and documenting the items for likelihood and impact. Risk likelihood and impact factors are assessed. (Cooper, Grey, Raymond and Walker, 2005 pg.152) This process breaks down each step and the risks involved with the steps as well as document these steps. This will be a vital document that will assist the team repeatedly throughout the process and can be used to assist in the planning of future similar projects. See graph on page 155 of the text for the likelihood assessment. Which phase does a better job at quantifying risk? Phase II does a better job at quantifying risk for this project. This phase builds on the phase I process. Using the assumptions that were documented as discussed above these are elaborated upon and compared to the cost, schedule and scope of the project quantifying the risk and documenting it. As stated in the text quantitative risk modeling provides a basis in which to inter-mingle the consequences of each risk into an overall assessment to support decision-making and management control. (Cooper, Grey, Raymond and Walker, 2005 pg.188) Which phase did you find easier to follow with regards to the risk assessment? I felt that it was easier to follow phase I as it was the initial steps in the project structure in regards to risk assessment. Building the WBS and reviewing it with key staff and the project manager helps to clarify the process and lay out the risks involved. In this phase the team reviews each risk in the WBS defining each step at the start and documenting each item and

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