MIS 600 Milestone 5

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MIS 600 Milestone 5 
When we do a risk analysis, why is it important to be as specific as possible? What should or…

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MIS 600 Milestone 5

MIS 600 Milestone 5

Discussions Week 6 All Students Posts 16 Pages 

When we do a risk analysis, why is it important to be as specific as possible? What should or should not be included in this analysis?  What are the steps suggested by the Project Management Institute (PMI)? How might you apply them to your project?…

Class how do you apply the steps to your projects?  For example, how do you identify risks for your project?  Can you offer examples of risk avoidance, acceptance, transference or mitigation?  What is mitigation?  Has anyone used risk transference?

Class in many organizations where I have consulted they created a contingency fund for risk in their projects.  Basically they calculated the amount by multiplying the impact of all of their risks by the respective probabilities.  They then summed the results to come up with a dollar figure.  The fund was adjusted, as needed, throughout the project.  How do your organizations budget for risks in your project planning?  What are some ways to enter costs and resources in Microsoft Project?…