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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