Section 8

Project Risk Management

1 QUESTION

What is Project Risk Management?

ANSWER

The processes concerned with planning, identifying, analyzing, responding, and monitoring and controlling project risk. It also includes maximizing the results of positive events as well as minimizing the consequences of adverse events to project objectives.

[Planning, Monitoring and Controlling]

2 QUESTION

How is Monte Carlo analysis used in schedule simulations?

ANSWER

To “perform” the project many times in order to provide a statistical distribution of the calculated results. For a schedule risk analysis, the schedule network diagram and duration estimates are used.

[Planning]

3 QUESTION

Generally speaking, in what project phase are risk and opportunity greater, ...

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