Project Risk Management Planning the Research Paper

Open, View, and/or
Download this Document

Total Length: 805 words ( 3 double-spaced pages)

Total Sources: 1

Page 1 of 3



The advantages of a qualitative analysis approach are that it overcomes the challenge of accurate calculations of figures for asset value, cost of control etc. In a way less demanding procedure on the staff. Qualitative risk management projects can normally start to display noteworthy results in a matter of weeks, on the other hand those institutions or businesses that choose to employ a quantitative approach may experience limited benefit over months, or even a number of years of effort. The disadvantage of a qualitative analysis is that the consequential data is hazy and quite a number of strict decision makers, particularly the ones who have accounting backing or finance knowledge, may be hesitant to use the relative figures during a qualitative risk assessment.

The use quantitative approaches however also have got a number of drawbacks which include the following;

Dependence upon the scope and accuracy of specific measurement scales.

The likelihood of the outcome to be inaccurate and confusing when one uses the quantitative approach since it is not precise in nature.

Stuck Writing Your "Project Risk Management Planning The" Research Paper?

View All Our Example Project Risk Management Planning the Research Paper

Have A Custom Example Essay Written



The method doesn't allow for probabilities and numerical results.

The method is also costly since it demands for greater tools and equipments and also greater experience.

There is also existence of a significant number of relationships between the risks of all information technology projects, like the technology risks, financial risks but that which will be considered shared most is the market risks as discussed below.

Market risk

This is where the likelihood of a new product in a firm to be rejected and lack sufficient market is experienced. It is a common occurrence in the it world since there are new inventions by other market players as well. A good example is the mobile phone phenomenon, where if a brand of cell phones or a series of the known brands do not make the best of the market at their launch, the likelihood of a competitor adding a few more features and shoving the former out of market is very high......

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Project Risk Management Planning The" (2011, April 21) Retrieved May 17, 2024, from
https://www.aceyourpaper.com/essays/project-risk-management-planning-196760

Latest MLA Format (8th edition)

Copy Reference
"Project Risk Management Planning The" 21 April 2011. Web.17 May. 2024. <
https://www.aceyourpaper.com/essays/project-risk-management-planning-196760>

Latest Chicago Format (16th edition)

Copy Reference
"Project Risk Management Planning The", 21 April 2011, Accessed.17 May. 2024,
https://www.aceyourpaper.com/essays/project-risk-management-planning-196760
   

Open, View, and/or
Download this Document
order custom essay example