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Need an research paper on project risk strategies: monte carlo simulation. Needs to be 6 pages. Please no plagiarism.
Need an research paper on project risk strategies: monte carlo simulation. Needs to be 6 pages. Please no plagiarism. The next strategy is carrying out a qualitative analysis of the identified risks. A quantitative analysis is part of the strategies that are used to address the threats that arise from the project. The fourth strategy is incorporating response plans and finally monitoring and controlling the identified risks according to a developed risk management plan.
Identification of risks is simply a process which one determines what the risks that can affect the project, as it is ongoing (Kloppenborg, 2012). The risks are to be documented. This process involves gathering information. Identifying risks is a brainstorming process guided by asking what would go wrong during the project. The can be as many suggestions that are presented and, all stakeholder is to be involved. The project team should then review the project documents in order to come up with more risks that are possible. Reviews should be on useful documents, and each review presents its type of risk. Identifying risks also involves understanding the cause and effect relationship of the events leading to the risks. This can be done by use of flowcharts showing the movement of money, materials, and people various people or places (Kloppenborg, 2012). The other way of understanding the risks is by asking why the risk event occurs. Finally identifying risks involves logging them in a risk register. At this specific point, a risk register will contain the risk categories identified, their potential causes and responses.
Qualitative risk analysis is a strategy employed to address threats that may arise due to an ongoing project. Analyzing risks is to separate risks that are classed based on how major they are their need in order to ensure they are managed carefully. A qualitative analysis involves prioritizing the risks by analyzing their probability and their impacts (Kloppenborg, 2012). From the risks identified, they are classed as major and minor risks. .
