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Why do companies use methodologies?
To ensure that a consitent reproducible approach is applied to all project. Reduce the risk associated with shortcuts and mistake. produce complete and consistent documentation from one project to the next.
What feasibility determines if the project is an acceptable financial risk?
The feasibility of a project as an acceptable financial risk is determined by several key factors, including its projected return on investment (ROI), cost-benefit analysis, and market viability. A thorough assessment of cash flow projections and funding requirements also plays a crucial role in evaluating financial sustainability. Additionally, sensitivity analysis helps identify potential risks and uncertainties that could impact financial outcomes, ensuring that the project aligns with the organization's risk tolerance and strategic goals.
Who should do the prioritization of the project risks?
Prioritization of project risks should be conducted by the project manager in collaboration with key stakeholders, including team members, subject matter experts, and possibly clients. This collaborative approach ensures that various perspectives are considered, allowing for a comprehensive understanding of the risks involved. Ultimately, the project manager is responsible for integrating this feedback into a prioritized risk management plan that aligns with project objectives.
What feasibility determines if the project is an acceptable financial risk and if the organization can afford the expense and time needed to complete the project?
organizational
What are the strengths and weaknesses of risk management process?
The strengths are that a risk management process gets you thinking about the potential risks that may affect your project, so you can start thinking about mitigation's and taking proactive actions to help prevent them happening or try to limit the impact they may have on your project. You may never be able to completely limit risk. Another major strength out of risk management, is that it often allows you to think of opportunities to help improve your project. Risk goes hand in hand with opportunity. Some of the weaknesses of risk management are that people often only do it once at the start of the project and then forget about it during the project. They think that because they have followed the process their job is now done, and any future risk was unforeseeable and thus not their fault. A process is only as good as the people using it, and if you don't continue to use it, then it is not that effective. If not done appropriately, then you may be focusing your efforts on the wrong risks. You will never capture all the risks on the project, and assuming you can is misguided and you may feel that the risk management processes didn't help you and Project A, so why use it on Project B.
Is it correct that Sensitivity is the an absolute measure of risk?
Sensitivity is the an absolute measure of risk
What information does the plan risk management process provide for project charter?
The plan risk management process provides essential information for the project charter by outlining how risks will be identified, analyzed, and managed throughout the project lifecycle. It establishes the framework for risk governance, detailing roles, responsibilities, and methodologies for risk assessment. This process also defines the criteria for risk tolerance and the approach to risk communication, ensuring that stakeholders are informed and aligned on risk management strategies. Ultimately, it enhances the project charter by embedding a proactive approach to potential risks, thereby contributing to better project planning and execution.
What characteristics of a project call for a predictive approach to the SDLC?
Requirements well understood and well defined and have low technical risk.
How do you Plan Risk Management?
Risk management planning is the process used to decide how the risk management activities for the project at hand will be performed. The major goals for planning risk management are threefold: Ensure that the type, level, and visibility of risk management are proportionate to the actual risk involved in the project and the importance of the project to the organization; secure sufficient resources, including time for risk management activities; and set up an agreed-upon basis for evaluating risks. To be more explicit, you use the risk management planning process to determine the following: • How to approach the risk management activities for this project • How to plan the risk management activities • How to execute the risk management activities
Why do companies use methodologies?
To ensure that a consitent reproducible approach is applied to all project. Reduce the risk associated with shortcuts and mistake. produce complete and consistent documentation from one project to the next.
What the important of risk management?
Risk Management is extremely important because every project has atleast a few Risks that may affect it and if the manager doesnt plan for them, there is a 100% probability that the project will be a failure. That is why every manager has to plan risk management and execute the plan diligently Risk management planning is the process used to decide how the risk management activities for the project at hand will be performed. The major goals for planning risk management are threefold: Ensure that the type, level, and visibility of risk management are proportionate to the actual risk involved in the project and the importance of the project to the organization; secure sufficient resources, including time for risk management activities; and set up an agreed-upon basis for evaluating risks. To be more explicit, you use the risk management planning process to determine the following: • How to approach the risk management activities for this project • How to plan the risk management activities • How to execute the risk management activities
Defirent incremental model and spiral model?
The incremental model is a software development approach where the project is divided into smaller increments or iterations. Each iteration delivers a portion of the final product, allowing for incremental development and testing. The spiral model is a risk-driven approach where the project is divided into multiple phases, with each phase including risk analysis and mitigation. The spiral model combines elements of both iterative development and waterfall model, allowing for flexibility and risk management throughout the project lifecycle.
What is risk in project managament?
Risk, in Project Management, is the likelihood of occurrence of an event usually with negative impact on the project.
What are the advantages of iterative approach over sequential approach?
The iterative approach offers several advantages over the sequential approach, primarily in flexibility and risk management. It allows for continuous feedback and adjustments throughout the development process, enabling teams to respond to changing requirements and user needs more effectively. Additionally, by breaking the project into smaller iterations, issues can be identified and resolved earlier, reducing the risk of major failures at the end of the project. This approach also encourages collaboration and enhances innovation as stakeholders can engage more frequently throughout the development cycle.
What are the key differences between implementing a project using a big bang approach versus a phased approach?
The key difference between implementing a project using a big bang approach and a phased approach lies in the timing and scope of implementation. In a big bang approach, the entire project is implemented at once, with all components going live simultaneously. This can be risky as any issues that arise can affect the entire project at once. On the other hand, a phased approach involves breaking the project into smaller, manageable phases that are implemented one at a time. This allows for better risk management and the ability to address issues in one phase before moving on to the next. Overall, the big bang approach is faster but riskier, while the phased approach is slower but more controlled and manageable.
Who person or what organization or project showed that an ecological approach could affect major changes in the lives of troubled children?
ecological approach is used to analyze and assess multiple risk factors that contribute to, or inhibit a child wellbeing
When is risk highest in project management?
The risk is highest usually in the execution phase, risk is proportional to the timeline of the project.
