Pm 584 Quantitative Risk Assessment
Running head: QUANTITATIVE RISK ASSESSMENT
Quantitative Risk Assessment
Jeffrey Smith
University of Phoenix
PM/584 Project Risk Management
Leon Baudot
October 6, 2014
Quantitative Risk Assessment
For the project of redesigning packing for the Canadian market, quantitative risk assessment plays an important role. Quantitative risk assessment is, “A process for assigning a numeric value to the probability of loss based on known risks and available, objective data… used to determine potential direct and indirect costs to the company based on values assigned to company assets and their exposure to risk” (InvestorWords.com, 2014). For this particular project, quantitative risk assessment will be useful in determining not only which …show more content…
Project Manager
Review Delays
Reduce Risk
Consistent communication with key reviewers. Engage alternate reviews if primary reviews are unavailable. Enlist managers is alternate reviewers are unavailable.
Greater than two days review time by each responsible team member.
Project Manager
Pre-Production and Printing Delays
Reduce Risk
Constant communication with pre-production team and printer will reduce or eliminate risks. Buffers in timing are already built into production times.
Delays indicated by pre-production team or printer.
Project Manager
Corporate Delays
Blame Someone Else
Corporate has final say… blame them.
Delays indicated by Corporate.
Management
References
Cooper, D. F., Grey, S., Raymond, G., & Walker, P. (2005). Project risk management guidelines: Managing risk in large projects and complex procurements. West Sussex, England: John Wiley & Sons.
InvestorWords.com. (2014). quantitative risk assessment. Retrieved October 1, 2014, from http://www.investorwords.com/19179/quantitative_risk_assessment.html Loch, C. H., DeMeyer, A., & Pich, M. T. (2006). Managing the unknown: A new approach to managing high uncertainty and risk in projects. Hoboken, NJ: John Wiley &
Quantitative Risk Assessment
Jeffrey Smith
University of Phoenix
PM/584 Project Risk Management
Leon Baudot
October 6, 2014
Quantitative Risk Assessment
For the project of redesigning packing for the Canadian market, quantitative risk assessment plays an important role. Quantitative risk assessment is, “A process for assigning a numeric value to the probability of loss based on known risks and available, objective data… used to determine potential direct and indirect costs to the company based on values assigned to company assets and their exposure to risk” (InvestorWords.com, 2014). For this particular project, quantitative risk assessment will be useful in determining not only which …show more content…
Project Manager
Review Delays
Reduce Risk
Consistent communication with key reviewers. Engage alternate reviews if primary reviews are unavailable. Enlist managers is alternate reviewers are unavailable.
Greater than two days review time by each responsible team member.
Project Manager
Pre-Production and Printing Delays
Reduce Risk
Constant communication with pre-production team and printer will reduce or eliminate risks. Buffers in timing are already built into production times.
Delays indicated by pre-production team or printer.
Project Manager
Corporate Delays
Blame Someone Else
Corporate has final say… blame them.
Delays indicated by Corporate.
Management
References
Cooper, D. F., Grey, S., Raymond, G., & Walker, P. (2005). Project risk management guidelines: Managing risk in large projects and complex procurements. West Sussex, England: John Wiley & Sons.
InvestorWords.com. (2014). quantitative risk assessment. Retrieved October 1, 2014, from http://www.investorwords.com/19179/quantitative_risk_assessment.html Loch, C. H., DeMeyer, A., & Pich, M. T. (2006). Managing the unknown: A new approach to managing high uncertainty and risk in projects. Hoboken, NJ: John Wiley &