Discuss the most common sources of risk in IT projects, as well as mitigation strategies. How do decision trees and Monte Carlo analysis quantify risk?
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Discuss the most common sources of risk in IT projects, as well as mitigation strategies.
How do decision trees and Monte Carlo analysis quantify risk?
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- Discuss typical sources of risk in IT projects and ways to manage them. Describing how to use decision trees and Monte Carlo to assess riskDiscuss IT project risk and mitigation. Decision trees with Monte Carlo analysis for risk assessment?Explain the relationship between scenario analysis and risk management.
- Do the engineers face the decision problem involving the selection of the best course of action when there are several ways to meet a project's requirements?Discuss the differences between decision making under certainty, under risk, and under uncertainty.State the differences between decision making under certainty, under risk, and under uncertainty.
- Problems had been building at Columbus Instruments, Inc. (CIC) (not its real name) for several years now with the new product development process. The last six "high visibility" projects had either been scrapped outright after excessive cost and schedule overruns or, once released to the marketplace, had been a commercial disaster. In the past two years, CIC estimated that it had squandered over $15 million on poorly developed or failed projects. Every time a new project venture fails, the company conducts extensive post-project review meetings, documentation analysis, and market research to try to determine the underlying cause. To date, all it has been able to determine is that it appears that the problems lie with the project management and development process. Something somewhere is going very wrong. You have been called into the organization as a consultant to try to understand the source of the problems that are leading to widespread demoralization across the firm. After spending…Identify how the simulation project exercise qualifies as a project and identify the five major characteristics of the project.Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document the risks in a list. They never ranked the risks or developed any response strategies. Because the project has had several problems, such as key team members leaving the company, users being uncooperative, and team members not providing good status information, Tony has decided to be more proactive in managing risks. He also wants to address positive risks as well as negative risks. 1. Create a risk register for the project. Identify six potential risks, including risks related to the problems described in the previous paragraph. Include negative and positive risks. 2. Plot the six risks on a probability/impact matrix. Also assign a numeric value for the probability and impact of each risk on meeting the main project objective. Use a scale of 1 to 10 in assigning the values, with 1 representing the lowest values. For a simple risk factor…
- Explain the difference between transportation systems evaluation and transportation project evaluation? In transportation project evaluation, quantitative and qualitative methods are typically used. Explain why it is necessary to use the two categories of methods? Explain why life-cycle cost analysis is required for transportation project evaluation? What is a life-cycle cost profile in one service lifespan and in perpetuity, respectively? Explain the differences among certainty, risk, and uncertainty cases of an input factor (such as agency cost, traffic forecast, and discount rate) for evaluation of a transportation project. Explain the interdependent impacts of jointly implementing multiple transportation projects.Solve the question : Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document the risks in a list. They never ranked the risks or developed any response strategies. Because the project has had several problems, such as key team members leaving the company, users being uncooperative, and team members not providing good status information. Tony has decided to be more proactive in managing risks. He also wants to address positive risks as well as negative risks. The question is : assign a numeric value for the probability and impact of each risk on meeting the main project objective.A recent report, dated February 3, 2020, on executive awareness of and involvement in corporate pandemic preparedness by Michael Evangelides, Principal at Deloitte Consulting LLP, states that, there is a need for more staff training on COVID 19 to improve health and safety in the workplace, reduction of workplace absences. Most top executives and boards of directors are not engaged in the pandemic planning process and won't give it equal billing to other potential disruptions until at least one of the following occurs: Media attention to pandemic influenza increases. Legislation or Regulation are passed, requiring enactment Shareholders and investors demand a high level of preparedness. The financial impact of a pandemic on the corporation becomes evident. A new collective bargaining agreement for Haze Trelawny LLP, a steel manufacturing company, is quickly approaching. The entity just penned a huge contract and would require all hands on deck in order to meet the stringent…