Case Study on Sydney opera house.
Views: 11438 Project Management South Africa
Risk Assessment of Construction projects. Part -1 - Tutorial 17 Mr. Sawant wants his Quality Manual to be simple, fast and relevant. He has realised the importance of addressing Risk for improved construction Quality. In this video we have outlined 10 major Activities on a construction project. We have also categorised the areas in Major – Minor or Low Risk based on our experience. We have also presented - Risk Factors, Project Constrains Risk Mitigation activities. These are not comprehensive , But in this Tutorial we have presented a simplified approach. In any project, if you do not consider the Risk involved or a detailed study of Risk associated with key activities – your project may land in trouble. “Project Management” is a High Risk item. You need to consider carefully various Risk Factors depending on the project. If you are working on a Metro Project – the Risks involved will be different- compared to Multi-storied Bldgs. Or Bridges or Dams or a Road project. Construction Industry needs to learn to evaluate Risk Factors carefully & work on Mitigating the risks so that our projects do not suffer from : TIME Over runs Cost Overruns And with Defective Quality. And save our Nation Thousands of crores of Rupees in Revenue. Risk Assessment video is divided in Two parts – Part 1 consists of 5 Major Activities Part 2 consists of the balance 5 Activities.
Views: 843 Construction Learning
Watch this video to learn all about risk management in projects, as explained by a PMP. Try our Award-Winning PM Software for free: https://www.projectmanager.com/?utm_source=youtube.com&utm_medium=social&utm_campaign=WhatIsRiskManagementInProjects What is risk management? How is risk management in projects defined? What role does the Triple Constraint play in project management? These questions centered around risk management in projects are all answered in this brief video hosted by Director, Jennifer Whitt. Be sure to WATCH THE ENTIRE VIDEO and learn exactly what project risk management is, along with how and when to apply it. Learn about the Triple Constraint and how elements of risk can affect the scope, quality cost or time of a project. Jennifer also talks about the relationship between the project management plan and the risk management plan. What is entailed in the risk management plan? Basically, it's the (risk management) process or the determination of how to manage risk on the project. Risk management tools such as project management software, excel and templates are also a vital part of project risk management Plus, you'll learn about all the activities used to manage risk throughout the entire project. Want to know more? Watch this video on project risk management and then... Click the link below to CLAIM YOUR FREE 30 DAY TRIAL OF PROJECTMANAGER.COM https://www.projectmanager.com/?utm_source=youtube.com&utm_medium=social&utm_campaign=WhatIsRiskManagementInProjects SUBSCRIBE to our YouTube Channel here: https://www.youtube.com/user/projectmanagervideos
Views: 116370 Project Management Videos
This video talks about risk management for construction projects. How to identify, analyze, track and monitor project risks during a construction project, for project managers. Software for risk management is recommended. The software used in this video is RiskMP and is available online: https://riskmp.com/
Views: 6451 Anne Leroux
This webinar discusses the most common types of risk faced in the construction industry, the impact of risk in terms of claims and disputes, the most effective risk evaluation and mitigation practices, and increased collaboration is a fundamental strategy for reducing risk
Views: 1436 Dodge Data & Analytics
Risk Analysis can be complex, as you'll need to draw on detailed information such as project plans, financial data, security protocols, marketing forecasts, and ... PLEASE REFER THE LINKS AS FOLLOW IF YOU NEED LEARN MORE: - You Can Ace Your PMP® Exam With The World’s Most Popular PMP® Video Training Course! : http://bit.ly/2AnUnGh - The PMI-ACP® Exam Simulator Features : http://bit.ly/2k7GuoW - CAPM® Exam Prep and CAPM® Exam Simulator : http://bit.ly/2Af7dWC - Free PMI-ACP® Exam Simulator : http://bit.ly/2nixIWw - The CAPM® Exam Simulator Features : http://bit.ly/2Ah2qUE - The PMP Exam is Changing in 2018 : http://bit.ly/2AmSk5f - PMP Exam Prep Essentials Overview Your Condensed PMP® Exam Prep Study Guide : http://bit.ly/2ngB8ZQ - eBook The PMP Exam Prep Essentials Study Guide : http://bit.ly/2ngB8ZQ - The PMP Exam Printable FlashCards (PDF FlashCards Only) : http://bit.ly/2ByCiTE - The PMP Exam eFlashCards (Portable eFlashCards Only) : http://bit.ly/2i3lUBQ - The PMP Exam FlashCards (eFlashCards & PDF Bundle) : http://bit.ly/2BAEuKr - PMP Exam Formula Study Guide (Free, Redacted Version) : http://bit.ly/2kbPoBU - The PM StudyCoach (For PMBOK Guide 5th Edition) : http://bit.ly/2Bnn035 - The PDU Podcast (Year 3) : http://bit.ly/2AmAY65 - Earn PDUs with The PM PrepCast : http://bit.ly/2zAXgjc - Earn PDUs with The Agile PrepCast : http://bit.ly/2Alns2n - The PM PrepCast (For PMBOK Guide 5th Edition) : http://bit.ly/2ipC5NZ - The Free Agile PrepCast : http://bit.ly/2kd0VRl - The Agile PrepCast : http://bit.ly/2nieb8w - The PDU Podcast (Year 2) : http://bit.ly/2Af9qRU - The PDU Podcast (Year 1) : http://bit.ly/2Af9ykm - The Free PM PrepCast - Sample Videos and Free PMP Exam Prep Material : http://bit.ly/2k9tBuK - The PDU Podcast (Monthly Subscription) : http://bit.ly/2ne1uLO - PMP Exam Formula Study Guide : http://bit.ly/2ALYfRU
Views: 13998 PMP - Project Management Professional
A risk assessment is simply a careful examination of anything that may cause harm to you or others during the course of your work. Once this is done, you will then be able to decide upon the most appropriate action to take to minimize the likelihood of anyone being hurt. The aim is to prevent accident and illness. It is carried out by identifying risk and using appropriate control measures to minimize or eliminate the risk. Risk Assessment of all activities is required by Law.
Views: 246 Drilling HSE
Video shows how schedule risk analysis is performed in RiskyProject project risk management and risk analysis software. Monte Carlo simulations require inputs to perform the analysis: duration estimates and statistical distributions. In this video, we describe what a statistical distribution for schedules is and use a real life example to gather the distribution data and describe them using frequency histograms and cumulative probability plots. Finally, we use the data we generated from this real life example, to create a risk analysis model in the software and run a Monte Carlo simulation. For more information how to perform schedule risk analysis using RiskyProject software please visit Intaver Institute web site: http://www.intaver.com. About Intaver Institute. Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise.
Views: 28843 Intaver Institute Inc.
Learn how to implement project risk management best practices from our expert at https://www.projectmanager.com/?utm_source=youtube.com&utm_medium=social&utm_campaign=ProjectRiskManagementPlottingandManagingRiskInProjects so that you can more effectively plot and manage risk factors in projects. Watch the video as ProjectManager.com Director Devin Deen takes you through the 4 steps to bring together your project management risk register. Find out why the most important first step is to get your risk list together. Many project managers simply email their project team members and ask them to send in things they think might go wrong in terms of risk to the project. Not so with Devin. He prefers to get his entire project team together, along with some of his client representatives on the project and do a risk identification session in terms of scope, time, cost and quality. Get Your Free 30 Day Trial of the world's leading project management software here: https://www.projectmanager.com/?utm_source=youtube.com&utm_medium=social&utm_campaign=ProjectRiskManagementPlottingandManagingRiskInProjects TO SUBSCRIBE to our YouTube Channel here: https://www.youtube.com/user/projectmanagervideos To see another project risk management video, check out: "What Is Risk Management In Projects?" Simply click the link below: https://www.youtube.com/watch?v=x7A9idByPA4
Views: 108384 Project Management Videos
The video show basic concepts behind Monte Carlo project schedule risk analysis. Based on example of very simple project schedule this video demonstrates Monte Carlo sampling process. The video also shows basics steps of Monte Carlo simulation for the precedence network. The results of a Monte Carlo schedule risk analysis can be thought of as a risk adjusted project schedule. Risk adjusted project schedules can be created using mean duration, start and finish time, or a particular percentile of statistical distributions for start, finish time, and duration. It is very convenient to show a risk adjusted project schedule alongside the original deterministic (no uncertainties) project schedule. Both schedules can be shown on a single Gantt chart. Monte Carlo offers a universal method to analyze your schedule. It does not matter what combination of tasks you have and what distributions they have, Monte Carlo will be able to calculate an accurate, if probabilistic, answer. About Intaver Institute: Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise. http://www.intaver.com/
Views: 31540 Intaver Institute Inc.
This event is designed to provide an entry-level introduction into probabilistic analysis and will show how simple it is to add Monte Carlo simulation and other techniques into your cost estimating and risk register models.
Views: 16224 Palisade
Forensic Architecture and engineering services center on the professional analysis of ‘what went wrong’ on partially built or completely built buildings, sites, and other construction environments. It uses the application of codes, practices, ethical responsibility, and standards of legal responsibilities to persuade juries and courts that the public welfare has been protected through adherence to professional performance standards. Liable parties include those involved in the design process, in the distribution and manufacture of building materials, and in the construction creating the built environment. It is critical to better prepare for the possibility of litigation in the future through this presentation of both historical and theoretical examinations of forensic building issues. In a 90 minute webinar held on February 21, 2017, Louis A. DiGeronimo, AIA and Suzanne DiGeronimo, FAIA FSAME of DiGeronimo Architects provided new insights into the context of design and construction conflicts; and insight on corrective actions used to mitigate harm. This interactive webinar allowed participants to ask questions and learn from these experienced professionals who hold between them some 90+ years’ experience in planning, architecture, construction contract administration, and interior design.
Views: 90 Society of American Military Engineers
The basics of portfolio risk management is the art of attaining a specific investment goal without exposing yourself to certain risks and biases. Here, I introduce you to the basic steps of portfolio risk management. I hope that you’ll learn something new here, instead of the usual “invest in low-volatility, blue-chip stocks” http://damonverial.com/ One of the biggest risks of a portfolio is the hidden biases you were exposed to when you were building your portfolio. Here, I demonstrate a set of practical principles for basic risk management. I start with three main principles and then introduce practical methods that stem from these principles. First, we discuss diversifying across investments. Then, we talk about hedging (with stock options). Finally, we discuss diversifying across time, which is hardly ever mentioned in diversifying your portfolio. #portfolioriskmanagement
Views: 6068 Damon Verial
Schedule risk analysis is often a requirement for planning and managing projects. On large projects this can be time consuming and the results are often hard to communicate. In this webinar, you will learn about few simple steps how to streamline your risk analysis and communicate the results. In this webinar you will learn how to: • ensure schedule quality • assign risks to the tasks • use groups and filters to quickly and uncertainties to activities • use results to add appropriate margin and management reserve to your plan. • communicate the analysis using histogram, cumulative probability, and various reports. About Intaver Institute: Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise. http://www.intaver.com/
Views: 2232 Intaver Institute Inc.
In this video we will take a look at what risk is and how to use a simple risk matrix. This video was created by Ranil Appuhamy Voiceover - James Clark -------------------------------------------------------------------------------------------------------- Disclaimer: These videos are provided for educational purposes only. Users should not rely solely on the information contained within these videos and is not intended to be a substitute for advice from other relevant sources. The author/s do not warrant or represent that the information contained in the videos are accurate, current or complete and do not accept any legal liability or responsibility for any loss, damages, costs or expenses incurred by the use of, or reliance on, or interpretation of, the information contained in the videos.
Views: 22997 Let's Learn Public Health
Risk Assessment of Construction Projects – Part 2. Tutorial 17 In this tutorial, We have included more case studies for Risk Assessment. You can move the tables of “Risk factors”, “Project constraints” & “Risk Mitigation activities” to find out which factors are applicable. In the example of “Crane” the Risk factors may be “not enough rest to crane operators” or “they may require special training” or “the operator might have consumed alcohol”. In project constraints there might be “number of cranes working at a time” so that the risk of not giving enough rest to the operators is not considered. The risk mitigation activities may involve:- 1. Giving adequate rest to crane operators. 2. Providing training and so on. Similarly for other case studies you can work out risk mitigation activities. The case studies and risk factors etc presented here are not comprehensive. This tutorial is a simplified approach, however you need to consider risks involved in a construction project and carryout a “detailed study of risks” associated with “key activities”. Your project may land in trouble if you have skipped considering risk of any major activity. Construction Industry is full of “high risk activities”. We need to learn to evaluate risk factors carefully and work on mitigating the risks, So that our projects progress smoothly. In this way we will be able to “Save Time” “Save Cost” “Save Life” “Achieve Defect Free Construction” on our Construction projects.
Views: 146 Construction Learning
In this and next videos I will explain how to incorporate risk and uncertainty in the economic evaluation of projects for the purpose of investment. I will explain how you can apply the sensitivity analysis techniques to evaluate the projects in this case. There are several quantitative methods for incorporating risk and uncertainty. I will explain two of these methods: 1) Sensitivity analysis or probabilistic sensitivity analysis 2)Expected value or expected net present value
Views: 7913 F. Tayari
This video describes Risk Analysis Techniques - Qualitative and Quantitative. It also describes techniques to do Qualitative and Quantitative Risk Analysis along with developing rating scales. -~-~~-~~~-~~-~- Please watch: "Introduction to MS Paint" https://www.youtube.com/watch?v=fhIGiUWdkzY -~-~~-~~~-~~-~-
Views: 20370 Project Management
A risk management plan will be to help the project manager prepare risks, estimate impacts, and define responses to issues. Team ALOW’s project is to reconstruct a retaining wall in the Bronx of New York. We will evaluate and look at all types of risks associated with this project and evaluate if they need to be avoided, controlled, accepted, or transferred. The project duration is roughly two years and costs around five and half million dollars. By foreseeing all types of risks and evaluating them early on, we will be able to avoid major delays to the project's schedule and impact to the budget. Also, developing an effective risk management plan will help keep less serious issues from developing into emergencies. Having a plan will us to to deal with adverse situations when they arise and, hopefully, avoid them before they can affect the project in a serious way. Risks can cause serious complications to a project's budget and schedule and we want to avoid them from seriously affecting the project at all cost.
Views: 193 Rajesh Alapati
(subtitles available in English, French, Dutch, Spanish, Chinese and Russian, German, and a French version is available here: https://youtu.be/wRmfvFYDNr8) Hazard, Risk & Safety Danger, risques et sécurité Gevaar, risico's en veiligheid Peligro, riesgo y seguridad Опасность, риск и безопасность Gefahr, Risiko und Sicherheit We all hear these terms on a daily basis. So and so a chemical, physical or a biological agent poses a risk; This or that product is a hazard or behaving a certain way is unsafe. A lot of the time “hazard” and “risk” are freely used to mean the same thing. However they are not. Hazard is the potential to cause harm. Risk on the other hand is the likelihood of harm in defined circumstances. In a nutshell, hazard and risk are not always aligned as the risk depends on the exposure to the hazard ; similarly, risk, safety and perception of risk are not always aligned; this can make political decisions regarding safety levels difficult to make, in these cases it is especially important to base them on facts rather than on subjective perceptions. http://www.greenfacts.org
Views: 369093 GreenFacts.org
Anna University Final Year Project ( 2009 - 2013 ) by Hari Krishnan, Loganathan, Balachander
Views: 1207 ராகவன் நாகராஜன்
Construction Sphere brings a workshop towards the industry on "Construction Project and Risk Assessment" to caters and to highlight the various problems that need to be solved. Construction Project and Risk Management will help to highlight an integral component of any construction project and it is intensively discussed in the construction industry.
Views: 1138 Construction Sphere
Get this $35 Udemy online course at a very special discount!!! Introduction to Risk Management - http://www.qualitygurus.com/link/risk-50-off/ http://www.qualitygurus.com/udemy-courses/ Get you best deals on Quality Management courses. +++++++++++++++++++++++++++++++++++++++++++
Views: 377765 QualityGurus
This webcast is designed to provide an entry-level introduction into probabilistic analysis and will show how Monte Carlo simulation and other techniques can be applied to your project schedule risk analysis.
Views: 16777 Palisade
To learn more about Quantopian, visit www.quantopian.com. To enter into our daily contest visit https://www.quantopian.com/contest. In our most recent video, “Risk Management and Portfolio Construction” Quantopian data scientist Max Margenot goes over the different ways in which you can use risk management to help understand your portfolio. Max reviews the process of creating a risk factor model, what to look for when creating a risk factor, and what our risk model has to offer. He also reviews the risk factor constraints in our daily contest. Learn more by subscribing to our Quantopian Channel to access all of our videos. As always, if there are any topics you would like us to focus on for future videos, please send us a quick note at [email protected] Disclaimer Quantopian provides this presentation to help people write trading algorithms - it is not intended to provide investment advice. More specifically, the material is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by Quantopian. In addition, the content neither constitutes investment advice nor offers any opinion with respect to the suitability of any security or any specific investment. Quantopian makes no guarantees as to accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances.
Views: 1483 Quantopian
HAZARD IDENTIFICATION, RISK ASSESSMENT & RISK CONTROL CASE STUDY: HIGH RISE BUILDING CONSTRUCTION AT LIMITED SPACE
Views: 718 Firdaus Faezal
Successfully Managing Project Risks for Construction
Views: 1418 Encore Group
on 24-25 March 2016 CONFERENCE OVERVIEW: The CONSTRUCTION RISK MANAGEMENT comes at a time where construction risk is unavoidable and collaborative efforts are more important than ever. Hear how the use of technology will improve your risk management processes. All elements of risk will be discussed; contractual risk, project risk and financial risks. Covering project delivery delays, managing what happens on the construction site as well as OH&S issues. This conference fosters a forum to discuss best practice case studies, emerging risks, early detection and project risk analysis....... Read more please click http://www.planetandforum.com/project-content.php?id=100&name=CONSTRUCTION+PROJECT+RISK+MANAGEMENT+2016 WHO SHOULD ATTEND?: - Risk Managers & Advisors - Project Managers - Site Managers - Construction Risk Underwriters - Construction Lawyers - Insurance Advisors - Contract Managers - Auditors - Design Managers - Engineers - Environmental Managers/Consultants - OH&S Managers - Procurement Managers - Finance Managers - Quality Assurance Specialists - Quantitative and Qualitative Managers For more information please visite: http://www.planetandforum.com/project-content.php?id=100&name=CONSTRUCTION+PROJECT+RISK+MANAGEMENT+2016 or contact us: 02 5214549 email: [email protected] www.facebook.com/planetpacificandforum
Views: 20 PP&F Planet Pacific and Forum Co., Ltd.
CFA | FRM | SFM | Excel Live Classes | Videos Available Globally For Details: www.aswinibajaj.com WhatsApp: +91 9830497377 or https://api.whatsapp.com/send?phone=919830497377&text=Want%20to%20know%20more%20about%20FRM%20classes & we shall get back to you. E-mail: [email protected] Hope you had a great learning experience! Do Like and Subscribe! And check our other videos on Finance (CFA, FRM, SFM), Resume making, Career options, etc. Click to access playlist. https://www.youtube.com/channel/UCyt8himITSzS0U9ktWIxc8g/playlists Thank you.
Views: 2635 ASWINI BAJAJ
Whether we are developing something new for a customer, or leading an initiative to improve the company, every project we undertake contains some level of uncertainty. Because of this, and particularly when the stakes are high, some level of risk analysis is always a good idea. Rather than just scoring risks as high, medium or low, this method will help you actually quantify a financial value for risk and unknowns that can be included in the project's business case. This video provides an overview of how to create a risk assessment matrix for your project. You can download the presentation shown from following page: http://www.managersresourcehandbook.com/project-risk-matrix-template/
Views: 4031 Managers Resource Handbook .Com
Hazard: Anything (e.g. condition, situation, practice, behavior) that has the potential to cause harm, including injury, disease, death, environmental, property and equipment damage. A hazard can be a thing or a situation. Hazard Identification: This is the process of examining each work area and work task for the purpose of identifying all the hazards which are “inherent in the job”. Work areas include but are not limited to machine workshops, laboratories, office areas, agricultural and horticultural environments, stores and transport, maintenance and grounds, reprographics, and lecture theatres and teaching spaces. Tasks can include (but may not be limited to) using screen-based equipment, audio and visual equipment, industrial equipment, hazardous substances and/or teaching/dealing with people, driving a vehicle, dealing with emergency situations, construction. This process is about finding what could cause harm in work task or area. Risk: The likelihood, or possibility, that harm (injury, illness, death, damage etc) may occur from exposure to a hazard. Risk Assessment: Is defined as the process of assessing the risks associated with each of the hazards identified so the nature of the risk can be understood. This includes the nature of the harm that may result from the hazard, the severity of that harm and the likelihood of this occurring. Please Be SAFE & ALERT. Trainer's Name - Mohd. Syeed Siddiqui https://www.linkedin.com/in/mohdsyeeds/ For any business related queries, please contact - [email protected] Like Us on Facebook www.fb.com/teamohse Follow us on Instagram @teamohse
Views: 51629 Team OHSE
Project Risk identification is the most important process in the Risk Management Planning. Risk Identification determines which risks might affect the project and documents their characteristics. PLEASE REFER THE LINKS AS FOLLOW IF YOU NEED LEARN MORE: - You Can Ace Your PMP® Exam With The World’s Most Popular PMP® Video Training Course! : http://bit.ly/2AnUnGh - The PMI-ACP® Exam Simulator Features : http://bit.ly/2k7GuoW - CAPM® Exam Prep and CAPM® Exam Simulator : http://bit.ly/2Af7dWC - Free PMI-ACP® Exam Simulator : http://bit.ly/2nixIWw - The CAPM® Exam Simulator Features : http://bit.ly/2Ah2qUE - The PMP Exam is Changing in 2018 : http://bit.ly/2AmSk5f - PMP Exam Prep Essentials Overview Your Condensed PMP® Exam Prep Study Guide : http://bit.ly/2ngB8ZQ - eBook The PMP Exam Prep Essentials Study Guide : http://bit.ly/2ngB8ZQ - The PMP Exam Printable FlashCards (PDF FlashCards Only) : http://bit.ly/2ByCiTE - The PMP Exam eFlashCards (Portable eFlashCards Only) : http://bit.ly/2i3lUBQ - The PMP Exam FlashCards (eFlashCards & PDF Bundle) : http://bit.ly/2BAEuKr - PMP Exam Formula Study Guide (Free, Redacted Version) : http://bit.ly/2kbPoBU - The PM StudyCoach (For PMBOK Guide 5th Edition) : http://bit.ly/2Bnn035 - The PDU Podcast (Year 3) : http://bit.ly/2AmAY65 - Earn PDUs with The PM PrepCast : http://bit.ly/2zAXgjc - Earn PDUs with The Agile PrepCast : http://bit.ly/2Alns2n - The PM PrepCast (For PMBOK Guide 5th Edition) : http://bit.ly/2ipC5NZ - The Free Agile PrepCast : http://bit.ly/2kd0VRl - The Agile PrepCast : http://bit.ly/2nieb8w - The PDU Podcast (Year 2) : http://bit.ly/2Af9qRU - The PDU Podcast (Year 1) : http://bit.ly/2Af9ykm - The Free PM PrepCast - Sample Videos and Free PMP Exam Prep Material : http://bit.ly/2k9tBuK - The PDU Podcast (Monthly Subscription) : http://bit.ly/2ne1uLO - PMP Exam Formula Study Guide : http://bit.ly/2ALYfRU
Views: 11348 PMP - Project Management Professional
Lets learn about the important Tools and Techniques used in Perform Quantitative Risk Analysis in PMI PMP PMBOK based project management tutorial: Here are some Data Gathering and Representation Techniques for your reference which is part of perfom quantitative risk analysis. interviewing: Interviewing techniques draw on experience and historical data to quantify the probability and impact of risks on project objectives. The information needed depends upon the type of probability distributions that will be used. For instance, information would be gathered on the optimistic ,pessimistic, and most likely scenarios for some commonly used distributions. Here is an Example of three point estimates for cost. Probability distributions: Continuous probability distributions, which are used extensively in modelling and simulation, represent the uncertainty in values such as durations of schedule activities and costs of project components. Discrete distributions can be used to represent uncertain events, such as the outcome of a test or a possible scenario in a decision tree. Here are the two widely used continuous distribution for your reference. Beta Distribution and ,Triangular Distribution Here are the perform quantitative risk analysis another tools Quantitative Risk Analysis and Modeling Techniques. Sensitivity analysis: Sensitivity analysis helps to determine which risks have the most potential impact on the project. It helps to understand how the variations in project’s objectives correlate with variations in different uncertainties Expected monetary value analysis: Expected monetary value (EMV) analysis is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen (i.e., analysis under uncertainty). Modeling and simulation: A project simulation uses a model that translates the specified detailed uncertainties of the project into their potential impact on project objectives. Simulations are typically performed using the Monte Carlo technique. Expert Judgment
Views: 2356 Kavin Kumar
Stuck with PMP? Enroll in our PMP Online Training and Get PMP in 45 Days with PMBOK5 http://goo.gl/l2aQOq Be a part of the latest discussions on PMP Training and PMP Exam http://goo.gl/91L1cw We have once again brought you an interesting topic. An Example of Decision Tree given in PMBOK 5 is discussed in detail explaining how Decision Tree and EMV for each decision path are calculated. We have to identify whether we want to build a plan or upgrade it. Most of the professionals find this decision tree analysis diagram very confusing. Let us know how you find the video presentation. Are all your queries sorted out? If not, then do drop us a comment in the following thread. We will respond with an immediate effect.
Views: 54588 iZenBridge Consultancy Pvt Ltd