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Two Risk Management Problems

Elimination û Removing a task from a project plan would eliminate any risk which that task brought to the project as a whole.

Reduction û Designing a prototype of a risky piece of equipment allows potential problems to be identified and solved before the project goes forward, thereby reducing the risk brought by that piece of equipment.

Transfer û Asking a client to do part of the project transfers the risk associated with that part of the project to the client.

Acceptance û Training your staff on conflict resolution is preparing them to deal with the problems which their projects have a risk of developing.

Elimination û Removing a tense resource eliminates the risk associated with that resource. [OR] Reduction û Removing a resource that is creating conflict among team members reduced the risk that problems will arise.

Reduction û Training a team member on the subject associated with his or her task reduces the risk that the team member will do the task incorrectly.

Expected monetary value is the sum of the payoff of each possible outcome multiplied by that outcomeÆs probability.

100,000 * .6 - 100,000 * 4 = Expected Monetary Value

The Expected Monetary Value for this project is $20,000.

Brent. ôRisk Management Strategyö. http://www.brent.gov.uk/procurement.nsf/0/f32bdfca79a18b4c80256f17005404fc?OpenDocument Accessed March 28, 2005.

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Two Risk Management Problems. (1969, December 31). In LotsofEssays.com. Retrieved 18:09, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1713227.html