From the course: Strategic Project Risk Management
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Quantitative methods
From the course: Strategic Project Risk Management
Quantitative methods
- Let's explore how to quantify four key types of risks, variability, event, ambiguity, and emergent, with the tools that prepare us for any challenges our projects might face. Quantitative risk management, not only sharpens our ability to make smarter decisions, but also enhances the accuracy of our schedule and cost estimates. This will, of course, significantly boost the likelihood of competing projects within the planned time and budget. You may check out the exercise files for details of the calculations presented in this video. Let's start with variability risk. Consider a scenario where you are estimating the time required to code a software module. Say you estimate it'll most likely take four weeks. However, this estimate often fails to consider daily uncertainties, such as fluctuations in resource availability. To address this variability, you could estimate best case scenario, two weeks, and worst case scenario, seven weeks, scenarios alongside the most likely scenario of…
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