BUSI 3309 Lecture Notes - Lecture 3: Delphi Method

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Risk management planning: project risks take shape during planning, focus on externalities, must be done first. Risk identification: risk dependant on technical/environmental factors, delphi method is useful. Qualitative risk analysis: ways project can fail, based on severity, likelihood, ability to detect, risk priority number (rpn, rpn = severity x likelihood x ability to detect. Contingency plan: alternative plan for foreseeable risks, risks of no plan, slow managerial response, high pressure can be dangerous/costly. Opportunity management tactics: exploit: ensure opportunity happens by eliminating uncertainty, share: share ownership of opportunity with other party, enhance: increase probability/positive impact of opportunity, accept: take action if opportunity shows up but take no action to pursue it. Contingency funds: budget reserves: linked to the identified risks of specific work packages, management reserves: large funds to cover unforeseen risks, time buffers: time used to compensate for unplanned delays in project schedule.

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