Risk Management Project Management

Running head: RISK MANAGEMENT PROJECT MANAGEMENT
Risk Management Project Management
Name of the Student
Name of the University
Author note

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Question 2
This project is based on the consideration of building of a garage that would include the
different plans for defining of the project. This would include the use of optimistic, most likely
and pessimistic durations within the project. One of the most possible way for the reduction of
likelihood for the occurring is based on the use of @Risk Software. It would be important for
considering that MS Project would be used for scheduling the purposes of work. No form of
uncertainty would be taken into consideration. This would incur the process of Monte Carlo
Simulation that would be used for identifying the likely duration of each activities in relation
with the project.
With the help of probabilistic duration in relation to the project and the concerned finish
dates, the simulations would need to be transformed that would in turn represent the duration of
activities and accurate dates of performing each of the activities. The calculation of the project

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schedule has been completed within a time period of 84 days. As per the calculations performed
in the
The following graph would be considered in consideration of the probabilistic duration.
Two forms of technical formality based on which the probabilistic duration could be found.
These include:
1. With the use of 50th Percentile, which could be obtained from the grid and graph.
2. With the use of median that had been derived through calculations.
Based on determining the exact activities with the proper mention of dates, it could be
understood that the entire project duration was completed within a time period of 84 days.
However, in the graph, it can be seen that the probabilistic duration is 62.630 days. further, the
figure of the number of days could be defined as 63 days. Hence, from the above conclusion, it

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could mean that there would be a probability that the entire project might exceed for the next two
days. This could be irrespective of the fact that the critical path and the entire duration of the
project would be calculated.
As per the consideration of the Gantt chart, it could be understood that the project would
initiate on 12th October, 2009 and would complete within 4th January, 2010. The entire duration
of the project would include the duration considered as weekends and the additional two days
that would be considered within the probabilistic duration.
The sensitivity interpretation that have been described would allow for further
contribution towards the development of activities. It would also discuss the probability for each
considered activity that would be considered as critical. Any form of changes within the input
variables would result in a certain high impact towards the output.