they recommended the appropriate response and identified its type for one of the risks identified .
Write a three to five ( 3-5 ) page paper in which you :
1 . Explain risk management and its associated activities and defend the need for a risk management plan .
2 . Describe the Delphi technique used to identify risks and infer on types of projects where this technique is most accurate .
3 . Examine the four ( 4 ) types of risk response ( i . e ., avoidance , acceptance , transference , and mitigation ) and determine the appropriate situation where each should be used .
4 . Complete the table with the risk response type ( i . e ., avoidance , acceptance , transference , and mitigation ) and a description of the response .
5 . Create a decision tree with the software of your choice to address risk number 6 . Assume that when you check the schedule on day 60 of the project , it becomes evident that two ( 2 ) additional engineers are needed to ensure on-time completion of the project . The engineers cost $ 25,000 each and a fee of $ 120,000 is issued by the legacy provider . The probability of completing the project on time is as follows : With the current personnel – 60 %; With one ( 1 ) engineer – 80 %; With both engineers – 98 %.
6 . Explain the methodology utilized to create a decision tree and recommend the appropriate action to take based on your decision tree from criterion 5 .
7 . Use at least two ( 2 ) quality resources in this assignment . Note : Wikipedia and similar Websites do not qualify as quality resources .