Question

The VP of Engineering wants all of the people in the firm to be more cognizant of project risks and to manage them more effectively. A key concern is having expensive resources idle and expensive professionals on the bench, as opposed to productively scheduled to appropriate and funded projects. How can uncertainty and risk management be better merged with project management resource scheduling? Provide concrete examples and supported rationale.

Answer 1

Risk management measures the uncertaininty involved when you start a project and helps a project manager to reach on decision on how to best handle risks and unexpected events on the project. It includes is assessment and a mitigation strategy for those risks. The project management team will assign the appropriate resources to the managers to assure the accomplishment of project goals. The project management team may develop a list of items perceived to be higher risk and track them during project reviews. Statistical models are sometimes used to evaluate risk such as Monte Carlo simulation,