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What are the disadvantages of expert judgment method of estimating task duration?
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What are the Tools and Techniques used for Qualitative Risk Analysis?
Prioritizing risks based on their probability of occurrence and their impact if they do occur is the central goal of qualitative risk analysis. Accordingly, most of the tools and techniques used involve estimating probability and impact.Risk probability and impact assessment - Risk probability refers to the likelihood that a risk will occur, and impact refers to the effect the risk will have on a project objective if it occurs. The probability for each risk and the impact of each risk on project objectives, such as cost, quality, scope, and time, must be assessed. Note that probability and impact are assessed for each identified risk.Methods used in making the probability and impact assessment include holding meetings, interviewing, considering expert judgment, and using an information base from previous projects.A risk with a high probability might have a very low impact, and a risk with a low probability might have a very high impact. To prioritize the risks, you need to look at both probability and impact.Assessment of the risk data quality - Qualitative risk analysis is performed to analyze the risk data to prioritize risks. However, before you do it, you must examine the risk data for its quality, which is crucial because the credibility of the results of qualitative risk analysis depend upon the quality of the risk data. If the quality of the risk data is found to be unacceptable, you might decide to gather better quality data. The technique to assess the risk data quality involves examining the accuracy, reliability, and integrity of the data and also examining how good that data is relevant to the specific risk and project for which it is being used.Risk urgency assessment - This is a risk prioritization technique based on time urgency. For example, a risk that is going to occur now is more urgent to address than a risk that might occur a few months from now.Probability and impact matrix - Risks need to be prioritized for quantitative analysis, response planning, or both. The prioritization can be performed by using a probability and impact matrix; a lookup table that can be used to rate a risk based on where it falls both on the probability scale and on the impact scale.Look at the table below: RXY, where X and Y are integers that represent risks in the two-dimensional (probability and impact) space.ProbabilityImpact0.000.050.150.250.350.450.550.650.750.900.20R11R12R13R14R15R16R17R18R190.40R21R22R23R24R25R26R27R28R290.60R31R32R33R34R35R36R37R38R390.80R41R42R43R44R45R46R47R48R49This is how you read this matrix. R21 has a 40% probability of occurring and will have a 5% impact on the project. Similarly R49 has a 80% probability and will have a 90% impact on the project.How to calculate the numerical scales for the probability and impact matrix and what they mean depends upon the project and the organization. However, remember the relative meaning: Higher value of a risk on the probability scale means greater likelihood of risk occurrence, and higher value on the impact scale means greater effect on the project objectives.Each risk is rated (prioritized) according to the probability and the impact value assigned to it separately for each objective. Generally, you can divide the matrix in the table above into three areas; high-priority risks represented by higher numbers, such as R49, medium-priority risks represented by moderate numbers, such as R25, and low-priority risks represented by lower numbers, such as R12. However, each organization has to design its own risk score and risk threshold to guide the risk response plan.Note that impact can be a threat (a negative effect) or an opportunity (a positive effect). You will have separate matrices for threats and opportunities. Threats in the high-priority area might require priority actions and aggressive responses. Also, you will want to capitalize on those opportunities in the high-priority area, which you can do with relatively little effort. Risks posing threats in the low-priority area might not need any response, but they must be kept on the watch list to ensure that you don't get any unwanted or unexpected surprises towards the end of the project.Risk categorization - You defined the risk categories during the risk management planning and risk identification processes. Now you can assign the identified risks to those categories. You can also revisit the categorization scheme, such as RBS, that you developed for your project, because now you have more information about risks for the project. Categorizing risks by their causes often helps you develop effective risk responses.Expert judgment - You may need expert judgment to assess the probability and impact of each risk. To find an expert, look for people who've had experience with similar projects in the not too distant past. While weighing the expert judgment, look for possible biases. Often experts are biased toward their area or idea.
What is a Six sigma x y matrix?
X y matrix is the tool for Six sigma used mostly during the DMAIC measure phase. If you want to learn much about it then you need to ask an expert who is available in six sigma training
Why use six sigma?
Six Sigma mean reduce variation and it is one of the core parts for determining the quality and the best result of a business product or service. In short, by using six sigma a business could filter its own lacunas and improvise its service or product. For that, a six sigma expert is required who can manage six sigma work in proper way.
What is difference between standard allowed minutes and standard minute value?
Most of the time they are used alternatively as many people even the expert one's don't know the difference. Standard Allowed Minutes means Time (in minutes) that is assigned to a specific operation after doing time study or using PDMTS. Standard Minute Value means the Cost Factor that is multiplied with SAM to get the Cost/Minute of the operation. For Example: Operation Name: Registration of Customer Complaint SAM: 1.3 Minutes SMV: 0.10 Cents Cost/Minute: 13 Cents
How important are the dissertation statistics for a student's career?
In particular, if the student is pursuing a field of study that significantly relies on quantitative data analysis, dissertation statistics can be crucial to their career. Research relies heavily on statistics, and a well-written dissertation that includes strong statistical analysis can greatly improve a student's chances of succeeding academically and professionally. Students are advised to seek expert masters dissertation help because of this. If you're looking for one, I can recommend companies like ResearchMyAssignment, HomeofDissertations, and MyAssignmentHelp. The value of dissertation statistics may differ based on the student's subject of study, it is necessary to keep in mind. Qualitative research areas could give alternative research methodologies precedence while quantitative research fields heavily emphasise statistical analysis. In light of the significance of dissertation statistics, it is crucial for students to comprehend the standards and specifications of their particular sector.
What is the duration of The Expert TV series?
The duration of The Expert - TV series - is 3000.0 seconds.
What is the duration of The Ultimate W Expert Challenge?
The duration of The Ultimate W Expert Challenge is 1800.0 seconds.
Advantages and disadvantages of expert power?
There are many advantages and disadvantages to expert power. One being, the power gets to their head. While it can be good by they know what they are talking about.
How does a quantitative forecasting differ from a qualitative forecasting?
Qualitative forecasting is an estimating method that relies upon human judgement, usually the judgment of a perceived expert. Quantitative forecasting uses statistics to make predictions on future outcomes. These prior experiences use past trends to try to predict future outcomes.
What are the advantages and disadvantages of focus niche strategy?
Advantage: You become an expert in one areaDisadvantage: You only are an expert in one area
Which techiques are used for the Plan Risk Management process?
- Meetings -Expert judgment -Analytical techniques
Who are the only entities who can provide Expert Judgment to contribute to the Project Charter?
Expert judgment might come from many different sources, including Subject Matter Experts (SME's), consultants, other project managers, stakeholders, customers, and the Project Management Office.
What are the Tools and Techniques for Activity Resource Estimating?
The tools & techniques that can be used for activity resource estimation are: • Alternative analysis - Alternative analysis is all about exploring alternative solutions to a problem. In the case of estimating resource requirements, you will need to consider alternatives available for resources needed for some schedule activities. For example, you might need to decide whether you want to buy or develop a tool needed to perform an activity, what types of machines (for example, Windows or Linux) to use, which computers to use to do the development, or what level of skills is needed etc. • Bottom-up estimating - You might discover that it is rather complex to estimate resources for a given schedule activity. If the problem is inherent to the activity, it might be helpful in certain cases to decompose the activity into smaller components for the purpose of resource estimating and, then estimate the resource for each component, and then aggregate the resources to get an estimate for the whole activity. In aggregation, you must consider the possible relationships (overlaps and other dependencies) among different components of the activity so you don't double-count the resources or consider a seamless summation of the smaller component estimates. • Expert judgment - Expert judgment can be used to assess the input and determine the output of the resource estimating process. • Published estimating data - Information published by various vendors, such as costs for resources, can also be useful in estimating the resources. • Project management software - Depending upon the sophistication of the resource requirements and the capabilities of the available features, project management software might be useful in estimating and managing the resources. It can also be used to create resource breakdown structures. You can use a combination of these tools and techniques to generate the output of the resource estimating process. But, at the end of the day, it is the project manager and his capabilities that determine how accurately the resource estimation happens.
What are the steps you would take to estimate all resources needed to complete a work package in a work breakdown structure?
The tools & techniques that can be used for activity resource estimation are: • Alternative analysis - Alternative analysis is all about exploring alternative solutions to a problem. In the case of estimating resource requirements, you will need to consider alternatives available for resources needed for some schedule activities. For example, you might need to decide whether you want to buy or develop a tool needed to perform an activity, what types of machines (for example, Windows or Linux) to use, which computers to use to do the development, or what level of skills is needed etc. • Bottom-up estimating - You might discover that it is rather complex to estimate resources for a given schedule activity. If the problem is inherent to the activity, it might be helpful in certain cases to decompose the activity into smaller components for the purpose of resource estimating and, then estimate the resource for each component, and then aggregate the resources to get an estimate for the whole activity. In aggregation, you must consider the possible relationships (overlaps and other dependencies) among different components of the activity so you don't double-count the resources or consider a seamless summation of the smaller component estimates. • Expert judgment - Expert judgment can be used to assess the input and determine the output of the resource estimating process. • Published estimating data - Information published by various vendors, such as costs for resources, can also be useful in estimating the resources. • Project management software - Depending upon the sophistication of the resource requirements and the capabilities of the available features, project management software might be useful in estimating and managing the resources. It can also be used to create resource breakdown structures.
How much is a homestead certificate with President Coolidge worth?
It is impossible to make any evaluation without more information. An expert would need to see the document or at least have a clear photocopy of it before estimating its value.
What are the Advantages and disadvantages of sales tax?
not an expert on this, so refer to this website: http://www.wisegeek.com/what-are-the-advantages-and-disadvantages-of-a-consumption-tax.htm I hold no claim to it or anything like that. Just want to spread a really informative article on this.
What role do you think expert judgment plays in developing a project management plan?
-It helps you in tailoring processes to meet project needs -It assists you in developing technical and management details
