Risk Management with the Probability Times Impact Analysis

It is good practice for the project management team to have a working understanding of statistical and numerical methods to apply to projects. Most of what we have discussed has been aimed at managing risk so that the project delivers business value and satisfies the business users and sponsors. Experienced project managers know that the number of identified risks in projects can quickly grow to a long list, a list so long as to lose meaning and be awkward and ineffective to manage. The project manager's objective is to filter the list and identify the risks that have a prospect of impacting the outcome of the project. For this filtering task, a common tool is the P * I analysis, or the "probability times impact" analysis.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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