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Operations Management: Processes and Supply Chains, 12th Edition by Larry P. Ritzman, Manoj K. Malhotra, Lee J. Krajewski

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Assessing and Analyzing Risks

Risk is a measure of the probability and consequence of not reaching a defined project goal. Risk involves the notion of uncertainty as it relates to project timing and costs. Often, project teams must deal with uncertainty caused by labor shortages, weather, supply delays, or the outcomes of critical tests. In this section, we discuss risk management plans and the tools managers can use to analyze the risks, such as simulation and statistical analysis, which enable managers to estimate the probability of completing a project on time and the potential for near-critical paths to affect the project completion time.

Risk-Management Plans

A major responsibility of the project manager at the start of a project is to develop ...

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