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risk mgt (control risks (TT: risk audits (PM to decide frequency), O:…

- - - - series of horizontal bars
        largest bar is at the top
        
        Q: sensitive analysis, which display?
        A: tornado diagram
    - - predict project outcome by examining large numbers of randomly selected scenarios
  - - - calculate the avg outcome when the future includes scenarios that may or may not happen
      - opportunities +ve, threats -ve
- - - - by reduce scope
    - - e.g. insurance, outsourcing
    - - reduction/impact of an adverse risk
        by
        adopt less complex process -> less cost -> less risk
        choose a more stable seller
        
        Q: which risk strategy wil laply in +ve and -ve risk?
        A: accept
        Q: your boss decide to set up a factory nearby reiver, you choose upper stream to set up? which risk strategy?
        A: mitigate
    - - passive acceptance (secondary risk)
        
        not ideal
        
        e.g obsolete machine
      - active acceptance
        
        contingency reserve
        
        residual risk
        e.g. assume machine down
  - - - eliminate the uncertainty
        
        assign most talented resources
        
        technology upgrades
    - - risk-shaping partnerships, e.g JV
    - - increase positive impacts
  - - - = active accept -> reserve $, no response plan
    - - response plan then risk occur, then secondary risk
- - - - PM to judge and define probability (estimate), can adjust in future
      - Project objective: cost, time, scope. quality, performance
      - Q: 1st time PI matrix, which process?
        A: output
        Q: use PI matrix, which process?
        A: TT