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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 dete rmine 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.