We have all worked on projects whether formally (implementation of new software) or informally (planning a school program). In general, the Project Manager is assigned the role of managing the risk of the project, but everyone involved in the project including project team members, sponsors, key business unit stakeholders and the like, are responsible for the project. Consider your experience on a project and what contributed to its success or failure. Perhaps it is the project’s completion on time, in scope, within budget limits, stakeholder satisfaction, increase in market share, quality improvement, or other business measures of success or failure. Articulate and defend three common techniques used in quantitative risk analysis. Devise a ‘risk register’ format for a project with which you are familiar, describe the four basic response strategies for negative risks, and suggest a strategy for at least four items on your specific project risk register.
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