Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
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Chapter 7, Problem 3RQ
What is the difference between avoiding a risk and accepting a risk?
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Risk they say it’s in every decision we make as humans. Explain a positive or negative RISK that have been taken before or seen happening and its impact on you or the people that took such Risks
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Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- How do you build a risk model?arrow_forward1) All of these are risk management approaches except a) Risk avoidance b) Risk acceptance c) Risk conformance d) Risk transferencearrow_forwardHow do organizations account for and manage "unknown unknowns" or unforeseen risks in their risk management strategies?arrow_forward
- Look at either where you work currently, your homelife, or even your current journey through Post University. In any of these scenarios, you are going to meet risk. And in any of these, I’m sure you’ve already experienced some level of risk. So how can we better manage that risk moving forward? Think of how you currently handle risk in a given event, what your objectives have been, what actions you took, and what the outcome was for the risk associated with these events. Team objectives Process for handling risk events Team activities Team outputs. Please answer the following: How can you define risk? Risk should be dealt with factually and practically. So how can a group of individuals discuss risk in a practical manner? Projects require a timeline, budget, and technical inputs. How can you improve your estimates for each? Regarding the budget, be it work, home or with Post University, what’s the best way to show those with the money that contingency funds are a necessity?…arrow_forwardHow does risk transfer differ from risk mitigation in risk management strategies?arrow_forwardBelow are four categories of risk and ways that a company is currently handling the risks. Which risk handling options are being used? More than one answer may apply. a. A company is handling its high R&D financial risk by taking on partners and hiring subcontractors. The partners/subcontractors are expected to invest some of their own funds in the R&D effort in exchange for sole-source, long-term production contracts if the product undergoes successful commercialization. b. A company has decided to handle its marketing risks by offering a family of products to its customer base. Different features exist for each product offered. c. A company has product lines with a life expectancy of ten years or more. The company is handling its technical risks by performing extensive testing on new components and performing parallel technical development efforts for downstream enhancements. d. A company has large manufacturing costs for its high-tech products. The company will not…arrow_forward
- Distinguish between risk probability, risk impact and risk exposure. Include their impact on risk analysis within your answer.arrow_forwardHow can these four types of risk: financial, operational, market and hazard manifest itself in a business and how do you propose to deal with that.arrow_forwardexplain increasing awerrness of risk and give examplesarrow_forward
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