Response and Contingency Planning: What is the difference between response planning and contingency planning? Why are...

Response and Contingency Planning:

What is the difference between response planning and contingency planning? Why are both valuable to project risk management?

Qualitative and Quantitative Risk Analysis:

What is the difference between qualitative and quantitative risk assessment? Why do we use both and when it is appropriate to use each of these methods of assessment?

Expert Solution

Response Planning

In Response Planning early detection of risks of a project are possible.Project manaement team developing a systematic structure for dealing the threats leads to build a successful projects.Response planning is sincere dedication to the specific project.

Contigency Planning

Contigency planning is a adanced plan to manage the future contigencies of a project.Future contigencies include financial and Non financial risks

Both are important for a successful Project.

Qualitative Risk Analysis

Qualitative Analysis to determine the average level of risk regards to the series of projects.

Quantitative Risk Analysis

It is Numerical analysis of the risk of a project

Risk is a inborn nature of a project.Risk always soluble to the project.Sometimes,It will be identifiable,sometimes Invisible so the above analysis will helps to identify the risk and providing a proper solution for the risk management.

keosha answered 5 months ago

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