Professional Documents
Culture Documents
2.
What is Risk Opportunity and Management
System (ROMS)? What are its benefits?
Ans- Risk and Opportunity Management System (ROMS)
An opportunity is usually created by an external event. However, it may be possible
to create them internally by taking an advantage of the favourable conditions that
help project managers execute projects much more efficiently. This approach was
called optimise, reuse and leverage. In the early days of project management,
when the project management methodologies were getting created and tested, the
entire focus used to be on risk management alone. At that time, opportunity
management was relatively a new focus area. Later, it was realised that project
risks and opportunities should be studied together. A holistic view of risk and
opportunity management requires a single comprehensive
6.
Explain the three point estimates used in
quantitative risk analysis.
Ans- Three-Point Estimates
The three-point estimates are widely used in a quantitative risk analysis. Threepoint estimates describe three scenarios (pessimistic, base case and optimistic) and
thus,
help
in
considering
different
outcomes
and their impacts.
Three-point estimates provide a simple means of representing the magnitude and
range of a risk impact or effect. These are most often used for estimating the cost
or schedule effects of a project risk. They can also be used in connection with other
important variables of a project. For example, one of the key factors in an aircraft
design is weight and a rigorous quantitative analysis is done to see the impact of