Risk analyses are often based on detailed information that may come from a variety of techniques. Pick ONE Risk Analysis technique, use a real or hypothetical example to explain how this technique would be used.
PROFESSOR’S GUIDANCE FOR THIS WEEK’S LE:
Risk Analysis is an essential project management practice to ensure all possible risks are foreseen. The future is difficult to predict with certainty and as such, having a streamlined risk management process is significantly critical to predicting the further uncertainties and minimizing the detrimental impact of these uncertainties. The risk assessment is an iterative process, and each facet of risk management being risk identification, risk valuation, risk control, and risk handling should be planned, developed, and followed during each phase of the project.