How to prioritize risks to cost and risk mitigation

Reference no: EM132810653

Assignment: As a project manager, you are considering using either the risk driver method of project cost risk analysis or the traditional 3-point cost analysis on your latest project.

1. Write a paper with a minimum of 5-7 pages comparing and contrasting the steps of the traditional 3-point cost analysis method and the risk driver method.

2. Provide a specific example that determines total project cost with 4 cost elements using the 3-point cost analysis method.

3. Show each step of the process and the associated tables to depict the data.

4. Your paper should do the following:

• Fully define and describe the steps of the risk driver method and the 3-point method.

• Compare and contrast each method giving pros and cons.

• Develop sample project cost estimate using a spreadsheet as well as discuss contingencies.

• Include a table with the following data to support your example:

• Project cost element table with associated 3-point estimates, mean, and variances.

• Total project standard deviation and total project mean.

• Discuss how to prioritize risks to cost, risk mitigation and schedule.

• Cumulative probability distribution (10%-90%) table for the total project cost.

Reference no: EM132810653

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