Learning Goal: I’m working on a management discussion question and need support to help me learn.
Read Example 1. Comment and add additional information. Answer the question in Example 1. Your document should include about 250-300 words plus credible references.
Project managers follow a risk management process that helps to protect a project from and respond to risks. Wilson (2015) states that the process begins with risk identification, analysis, risk response, and risk control and monitoring.
Quantitative risk management in project management is the conversion of documented project risk into numerical data to determine the cost – financial and time uncertainty of the project; and the consequence of risk may constitute monetary or other values to the project. (Keshk, Maarouf & Annany, 2018)
Qualitative risk analysis on the other hand is a descriptive and generalized description of a project risk, it has no numerical value and are more subjective in its descriptors of the risk (Wilson, 2015)
An example of a current event that is utilizing qualitative and quantitative risk management is the exacerbated impact on the US academic achievement Gap. The US academic-achievement gap was first identified in 1966. Although an enormous amount of both qualitative and quantitative data is widely available on this topic, the issue remains persistence and has been exacerbated with the COVID -19 pandemic. An estimated economic impact on an average K–12 student in the United States could lose $61,000 to $82,000 in lifetime earnings (in constant 2020 dollars), or the equivalent of a year of full-time work, solely as a result of COVID-19– related learning losses (Dorn, Hancock, Sarakatsannis & Viruleg, 2020) This staggering stat along with many others will hopefully support the need to reassess our education framework; a framework that goes beyond the classroom to encompass policies, social and economic influences on education. Perhaps incorporating flexible learning models will help narrow the learning gap which disproportionately affects lower socio-economic children.
Regardless of which method is used, it is important for project managers to have documentation of all of the analysis performed on potential risks and any outcomes that were derived that could suggest the categorization, prioritization, and information available to develop risk responses (Wilson, 2015). In addition to documentation, what other elements would be necessary to ensure that the information is accurate and available to the project team?
Dorn, E., Hancock, Bryan., Sarakatsannis, J., Viruleg, E. (2020). COVID-19 and student learning in the United States: The hurt could last a lifetime. Mckinsey & Company Public Sector Practice. Retrieved from https://www.mckinsey.com/ (Links to an external site.)
Keshk, A. M., Maarouf, I., & Annany, Y. (2018). Special studies in management of construction project risks, risk concept, plan building, risk quantitative and qualitative analysis, risk response strategies. Alexandria Engineering Journal, 57(4), 3179–3187. https://doi.org/10.1016/j.aej.2017.12.003
Wilson, R. (2015). Mastering risk and procurement in project management: A guide to planning,
controlling, and resolving unexpected problems (1st ed.). Pearson. ISBN-13: 9780133837902
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