Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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It is essential for project managers to have a solid understanding of the four strategies available to them for mitigating risk.
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- How could a project manager adjust the cost of capital (i.e., appropriate discount rate) to increase the likelihood of having his/her project accepted? Is this ethical or financially sound?arrow_forwardWhat is project risk management and how does it work?arrow_forwardProject Risk Management: What are Contingencies and Management reserves? What are they used for?.arrow_forward
- List and discuss at least 5 critical success factors for project quality managementarrow_forwardProject management phases should be shown, but is that possible? How can a system be scientifically successful yet financially disastrous for the company?arrow_forwardDefine Risk and discuss why risk management is important for project success, and the process that can be taken to manage project risks.Explain different strategies that a project manager may use to respond to risks.arrow_forward
- Create a risk register for a project that you are familiar with. Capture at least ten (10) identified project risks. Demonstrate your understanding of the contents of the risk register.arrow_forwardA tool for assessing and managing risks is a risk assessment matrix (RAM), also referred to as a risk register, which includes potential risks, their potential impact, likelihood of occurrence, and response plan. Fully construct a RAM using two application examples Describe any project of your choice; then provide three examples of what risks you as the project manager could face.arrow_forwardWhy it is imperative and inevitable to pursue the path of project quality management?arrow_forward
- Why is Risk management so crucial to project management? How do you go about identifying risks? how would you decide if it's worth taking a risk or not in a project?arrow_forwardDevelop a comprehensive and practical Risk Management Plan for your Practice Project. The Risk Management Plan with the project title : design and construction supervision of a modern 150 bed nursing facility at knustDevelop a comprehensive list of at least 15 risks that may affect your Project and classify them as threats and opportunities.Evaluate the risks identified prioritizing the top five (5) threats and top three (3) opportunities.Develop innovative and sound risk response plans for the threats and opportunitiesarrow_forwardTalk about the four different ways an organization that's working on a project might deal with or lessen the impact of risk in a certain circumstance.arrow_forward
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