Risk in projects
3 important questions on Risk in projects
What are the three important parts of risk management?
- Identifying potential sources of loss
- Measuring the financial consequences of a loss occurring
- Using controls to minimize actual losses or their financial consequences.
What is the equation of the FMEA?
Impact x probability x detection
Each of the dimensions have to be evaluated by the five point scale
Each of the dimensions have to be evaluated by the five point scale
For what kind of projects does the management uses CPM or PERT?
- Critical Path Method is used for the most frequent duration and is used for standardized projects
- Program Evaluation and Review Technique is used for projects with a high uncertainty and little experience in terms of personnel.
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