Exploring Project Risk Analysis and Control

🔍 The video explores the integration of project control and risk analysis.

🔄 There is overlap between risk analysis and risk management and the project management phases.

📊 Monitoring and control play a crucial role in project risk analysis and management.

📝 Project risk analysis involves assessing low, base, and high estimates for potential risks.

💼 Project control includes creating a schedule, assigning risks to schedule and costs, and performing Monte Carlo simulations.

📊 The tracking view displays the original baseline and the cone of uncertainty, which represents the variations in actual project duration and costs.

📊 Project risk analysis involves monitoring the project, entering actual data, and performing analysis for forecast duration and cost.

🔄 Risk analysis is an ongoing process repeated at each phase gate or project review.

📉 The visualization of the changing cone of uncertainty shows the reduction in uncertainty as the project progresses.

Project risk analysis involves estimating cost and schedule at completion.

The cone of uncertainty and range of uncertainty decrease as the project progresses and more actual performance data is obtained.

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