Explain risk management and its associated activities

Reference no: EM13765785

Write a three (3) page paper in which you

1. Explain risk management and its associated activities and defend the need for a risk management plan.

2. Describe the Delphi technique used to identify risks and infer on types of projects where this technique is most accurate.

3. Examine the four (4) types of risk response (i.e., avoidance, acceptance, transference, and mitigation) and determine the appropriate situation where each should be used.

4. Complete the table with the risk response type (i.e., avoidance, acceptance, transference, and mitigation) and a description of the response.

5. Create a decision tree with the software of your choice to address risk number 6. Assume that when you check the schedule on day 60 of the project, it becomes evident that two (2) additional engineers are needed to ensure on-time completion of the project. The engineers cost $25,000 each and a fee of $120,000 is issued by the legacy provider. The probability of completing the project on time is as follows: With the current personnel - 60%; With one (1) engineer - 80%; With both engineers - 98%.

6. Explain the methodology utilized to create a decision tree and recommend the appropriate action to take based on your decision tree from criterion 5.

7. Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Reference no: EM13765785

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