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After identifying risks, ranking is critical to resource allocation. This allows for the identification of critical risks.
After identifying risks, ranking is critical to resource allocation. This allows for the identification of critical risks. Risk assessment is just as important, if not more important, to risk identification. In addition to qualitative risk assessment such as SWOT, Delphi Technique, and brainstorming, quantitative risk assessment such as EVM and Pareto Analysis can also be conducted. •If you are conducting a risk assessment for a project, how much value can you put on EVM and the Pareto Analysis and why?•What are the merits and demerits of qualitative and quantitative risk management techniques?
Answer 1:EVM and Pareto analysis are the two techniques for the risk assessment. EVM (Earned ValueManagement) is the technique which helps in tracking the status of the project and forecast the...