Attention Writing King: Prioritize Project Risks and Summarize a Quantitative Risk Analysis Method

Assignment Part 1 - Prioritize Project Risks

Instructions
This assignment has two parts.  In the first part, prepare and submit an Excel spreadsheet in which you quantitatively rate the project risks you identified in the Week 2 assignment, calculate a Risk Factor for each risk, and then sort the risks from highest to lowest Risk Factor.  Be sure  to use a scale of 1-10 for the Likelihood (with 1 being not very likely and 10 being practically certain) and a scale of 1-10 for the Impact (or Consequence) (with 1 being negligible and 10 being catastrophic).  Use the RF = P X C method for calculating the Risk Factor for each risk and  use a formula in Excel so that if the Likelihood or Impact rating changed, the Risk Factor would automatically change.  You must sort all of the risks in your Excel spreadsheet from highest Risk Factor to lowest Risk Factor.

Assignment Part 2 – Summarize a Quantitative Risk Analysis Method

Instructions
The second part of this assignment requires you to write a paper that summarizes any four quantitative risk analysis methods described in Part III of the Cooper et. al. (2014) text and pages 333 to 341 of the PMBOK® Guide (2013).

Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 6 pages not including title and reference pages

Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.

Resources

PMBOK Read pages 333-341 (attached)

Project manager's spotlight on risk management. Read pages 136-143 (attached)

Video:

Edureka, (2014). Understanding quantitative risk analysis [Video file].
https://www.youtube.com/watch?v=fk9CSZZon6E