~processes in project risk management~~Chapter 11 has discussed about project risk management that will includes the understanding of the importance of good project management risk. As noted, there is the art and science of identifying, analyzing, and as well as responding to risk throughout the life of a project. It also can help improve project by helping select good projects, determining project scope, and developing realistic estimates. For the actual, risk can be a negative risk and positive risk. Negative risk mentioned that the responsibility of loss or injury, while positive risk is the risk that result in good things happening and also called an opportunity. There are have six processes in project risk management which risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, risk monitoring and control. ~
~sample of Risk breakdown structure~~There is much software that is provided to assist in project risk management for example like risk register can be created in a simple word or excel for those who not have any experience to use sophisticated risk software. For the expert use, the sophisticated software that is provide to assist such as Monte Carlo simulation tools which help in analyzing project risk. Result of good project risk management: unlike crisis management, good project risk management often goes unnoticed. Well-run project appear to be almost effortless, but a lot of work goes into running a project well. Project manager should strive to make their jobs look easy to reflect the results of well-run projects. ~
~Sample Monte Carlo Simulation Results for Project Schedule~
