GMS 450 Study Guide - Final Guide: Ditch Witch, Critical Path Method, Package Testing

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 450
• Professor: Peter Khaiter

Document Summary

Role of pm (cid:0) managing tradeoff b/w budget, scope and risk. 1risk management planning (cid:0) plan for managing activities (cid:0) planning how to deal with uncertainty is an organizational problem. 2risk identification (cid:0) risks that can effect the project , documentation reviews, info gather techniques ( brainstorm, interview) Source of risk outside control (cid:0) unpredictable (natural hazards) and predictable (cost of money) (cid:0) // (cid:0) source of risk within control (cid:0) nontechnical (safety), technical (design problems), legal (law suits) List failure and is likelihood of occurring , 4. 4quantitative risk analysis (cid:0) developing measures for probability of the risk and impact. Objective: illustrate to managers the distribution/risk profile of outcomes of investing in certain projects (cid:0) use estimates & expected values & simulations. 5risk response planning(cid:0) ways to reduce ve impact // contingency plan (cid:0) backup for emergency or unplanned event//logic chart(cid:0) flow of activates once a backup plan is initiated {{threat (cid:0) avoid, transfer, mitigate, accept.