Answer the questions provided below and provide a small reflection on the topics mentioned below?
The total paper should have 450+ words.
Answers for questions:
1.Give some examples of projects using each of the risk mitigation strategies (accept, minimize, share, or transfer). How successful were these strategies? In hindsight, would another approach have been better?
2.Consider the following observation: “The problem with risk analysis is that it is possible to imagine virtually anything going wrong on a project. Where do you draw the line? In other words, how far do you take risk analysis before it becomes overkill?” How would you respond?
Topics for reflection:
7.1. Define project risk.
7.2. Recognize four key stages in project risk management and the steps necessary to manage risk.
7.3. Explain the Project Risk Analysis and Management (P R A M) process.
8.1. Understand the various types of common project costs and key differences between them.
8.2. Apply common forms of cost estimation for project work, including ballpark estimates, definitive estimates, parametric estimates, and learning curve.
8.3. Apply top-down, bottom-up, activity-based, and time-phased budgeting procedures for cost management.
8.4. Recognize the appropriateness of applying contingency funds for cost estimation.
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