Vendor Shortlisting
Zachary Wright | 2025-04-07 02:59:45
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Although the process of managing risk is essential to managing a project, project managers must often skip this PMBOK Guide knowledge area, primarily because of the time involved in managing risk and the need to generate project results quickly. This paper examines a simplistic approach--the Visual Ishikawa Risk Technique (VIRT)--that can help project managers quickly and effectively manage the risks involved in managing their project teams and implementing their project commitments. In doing so, it describes the PMBOK Guide's approach to managing project risk, identifying its six processes as well as the reasons that deter project managers from using risk management practices. It also looks at the factors that could help project managers both better recognize and better manage project risks. It then defines the purpose and process of applying VIRT to manage risks, a technique that includes using a risk breakdown structure (RBS). It discusses the four advantages of using VIRT and outlines the process of apply
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