Common assumption following the completion of the project would be that sun would rise next day. Assume for a moment sun didn't rise. Severity of this risk would threaten not only completion of this project but most other projects. In other words, the risk posed by the sun not rising is extremely high; however, the likelihood of that happening is relatively small.
Or we can say, consider different sort of risk. Consider that one of the billing system database servers has been destroyed. Probability of this happening is considerably higher than probability of sun not rising. Unless database was not recently backed up, severity of this risk is relatively low. Or we can says, neither of these risks rises to a level which would threaten completion of project.
Write down the differences between qualitative and quantitative risk analysis? When is each kind of analysis suiatble? What kind of analysis will you use for customer service system project?
Address the following in 750-900 words:
Write down the differences between qualitative and quantitative risk analysis? Describe.
When is each kind of analysis appropriate? Describe.
What kind of analysis will you utilize for IRTC customer service system project? Describe why?
Illustrate the process for performing risk management and steps and techniques for each element.
Manage project scope throughout project life cycle.
Compose project plan and sub-plans which establish how different organizational elements will work and interface to include problem resolution processes