GMS 450 Lecture Notes - Lecture 9: Decision Tree Learning, Project Risk Management, Delphi Method
28 Mar 2017
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Document Summary
Effective project management requires an ability to deal with uncertainty. Uncertainty can"t be eliminated, but if managed properly, it can be minimized. Project risk: an uncertain event or condition that , if it occurs, has a positive or negative effect on at least one project objective. Risk management: the process of identifying, analyzing, monitoring, and responding to project risk in order to. A method for carrying out steps 2 through 5. Must ensure that the necessary resources can be applied in a timely and well organized manner. The factors that cause uncertainty change over time; therefore the planning process is a continuous process. Planning how to deal with uncertainty is an organizational problem, not speci cally a project problem. Many rms create a risk management group whose job is to aid the project management team in doing steps 2 through 5. Risk identi cation: failure mode & effect analysis (fmea)
