Reference no: EM133828651

Question

Risk management is inherent in all projects. For this reason, the effects of any activity cannot be predicted precisely, and a range of outcomes can occur. Together, the set of opportunities and threats comprise the set of project risks. Evaluate the several options for responding to uncertainty in projects. Apply this information to a project of your choice. There are several options for responding to uncertainty: Gather Information - Uncertainty can be reduced by finding out more information, such as conducting research, engaging experts, or performing a market analysis Prepare for Multiple Outcomes - In situations where there are only a few possible outcomes from an area of uncertainty, the project team can prepare for each of those outcomes Set-based Design - Multiple designs or alternatives can be investigated early in the project to reduce uncertainty. This allows the project team to look at trade-offs, such as time versus cost, quality versus cost, risk versus schedule, or schedule versus quality Build in Resilience - Resilience is the ability to adapt and respond quickly to unexpected changes. Resilience applies to both project team members and organisational processes. If the initial approach to product design or a prototype is not effective, the project team and the organisation need to be able to learn, adapt, and respond quickly.