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Wednesday, February 20, 2013

Section Summary – Updates to Risk Register after Quantitative Analysis

In this section we covered all the updates that happen to the Risk Register after we complete the Quantitative Analysis process. Let us quickly summarize what we have learnt in this section before moving on to the next topic… 

• There are four updates that happen to the Risk Register after we complete Quantitative Analysis. They are: 
o Probabilistic Analysis of the Project
o Probability of meeting Project cost and time objectives
o Prioritized list of quantified risks 
o Trends in quantitative risk analysis results 
• The focus or purpose of “Probabilistic Analysis of the Project” is to identify the probabilities relating to the whole project. 
• How probable are we to achieve our project schedule? Or How probable are we to complete the project within budget? Are some questions that get answered at the end of quantitative analysis.  
• The probabilities are typically displayed as a Probability distribution
• Risks in the Risk Register are ordered based on either of the following: 
o Risks that pose the greatest threat or Opportunities to the Project 
o Risks that are most likely to impact the Project’s Critical Path
o Risks that require the largest contingency reserves
• Trends emerge whenever we perform an activity multiple times over the project’s lifecycle
• These trends can be used to create better and more efficient risk responses 

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Next: Introduction - Plan Risk Responses

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