Coursework 7.18. Questions. Management Assignment.

COURSEWORK 7.18
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COURSEWORK 7.18
Question 1
Risk mitigation strategies refer to various techniques designed to eradicate, diminish, or control the effect of identified risks. Several techniques are used to determine the best risk mitigation strategies that a firm (Herrera, 2013). First, the organization needs to identify the risk experienced in the firm. The technique helps people to recognize and describe the risks that would cause an outcome to the organization. Secondly, the organization requires to analyze the identified risk. The technique enables the firm to understand the nature of the risk and the goals and objectives it could affect (Herrera, 2013). Thirdly, evaluation of the risk which helps the organization to determine whether the risk is acceptable. The technique allows the company to rank the risk with its magnitude to the company.
During the risk mitigation process, qualitative analysis is better than quantitative analysis (Goodrich, 2017). Qualitative risk analysis can be used on all risks and projects, while the quantitative risk analysis has some limitations based on the category of the project. On the other hand, the qualitative analysis provides in-depth and detailed information that can help the firm identify the risk factors quickly. It also ranks and records people’s behavior, feelings, and attitudes, which is not possible in quantitative analysis (Goodrich, 2017). Additionally, it creates openness, allowing people to speak their thoughts, which contributes to the mitigation process's success.
Question 2
In any organization, once the project is broken down, several activities and assigned the necessary resources. The next step is to determine the activity durations. There are three ways that one can use to estimate activities durations. These ways include analogous estimating, three-point estimating, and parametric estimating (Praveen Malik, 2020). In this assignment, I will focus on three points estimating and the use of subject matter experts. The use of subject matter expert estimation is also referred to as expert judgment. The experts estimate the duration of activities b...