Thursday, September 20, 2018
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Risk Management

The Risk Management page of the includes articles and blog posts for the Project Management Professional ( PMP ) Certification.

Negative Risk Response Strategies

Negative Risk Response Strategies

Risk management is an inseparable part of project management and the main purpose of the Plan Risk Responses process is to build the best strategies for managing project risks. Risk response...
Enhance Risk Response vs Exploit Risk Response

Enhance Risk Response vs Exploit Risk Response

Risk response strategies are applied to identified risks. It is very important in risk management to classify and identified risk positive or negative. In briefly, a negative risk could have harmful...
What is Monte Carlo Simulation

Monte Carlo Simulation: A Risk Analysis Technique

The Monte Carlo simulation is a quantitative risk analysis technique which is used to understand the impact of risk and uncertainty in project management.This method is commonly used to tackle a...
Expected Monetary Value (EMV)

Expected Monetary Value (EMV) Calculation

Expected Monetary Value (EMV) As a risk management tool, Expected monetary value (EMV) helps to quantify and compare risks in many aspects of the project. It is a statistical technique that is...
Contingency Reserve vs Management Reserve

Contingency Reserve vs Management Reserve

The Project Management Body of Knowledge (PMBOK) defines reserves as “A provision in the project management plan to mitigate cost and/or schedule risk. Often used with a modifier (e.g. Management Reserve...
Risk Management Plan

A Short Guide to Project Risk Management Plan

According to the PMBOK Guide, a risk is "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives. Risk management is a...
Decision Tree Analysis -The Expected Monetary Value (EMV)

Decision Tree Analysis Technique for Decision Making

Effective decision making process is vital for all organizations. It is the process of making a selection among other alternatives. Mostly uncertain circumstances may effect all the judgements. In the existence of...
Assumptions and Constraints in Project Management

Assumptions and Constraints in Project Management

Assumptions and Constraints Assumptions and Constraints - Many projects begin with limited accuracy. Only a few of them begin with adequate certainty. Some issues and facts are known at the beginning but most...