Project Management Assignment:
Please refer to the attachment for complete details.
Write a three to five (3-5) page paper in which you:
Explain risk management and its associated activities and defend the need for a risk management plan.
Describe the Delphi technique used to identify risks and infer on types of projects where this technique is most accurate.
Examine the four (4) types of risk response (i.e., avoidance, acceptance, transference, and mitigation) and determine the appropriate situation where each should be used.
Complete the table with the risk response type (i.e., avoidance, acceptance, transference, and mitigation) and a description of the response.
Create a decision tree with the software of your choice to address risk number 6. Assume that when you check the schedule on day 60 of the project, it becomes evident that two (2) additional engineers are needed to ensure on-time completion of the project. The engineers cost $25,000 each and a fee of $120,000 is issued by the legacy provider. The probability of completing the project on time is as follows: With the current personnel – 60%; With one (1) engineer – 80%; With both engineers – 98%.
Explain the methodology utilized to create a decision tree and recommend the appropriate action to take based on your decision tree from criterion 5.
Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Include the decision tree created in your chosen software. The completed decision tree must be imported into the Word document before the paper is submitted.
Important note : Step 1 to 7 are mandatory. APA format references including inline reference. Assignment Introduction and Summary is also required.
It will go back to re-work if incomplete.
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