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Take the example of risk management with respect to project time, for which simulation techniques like 'monte-carlo' are available where the program calculates the probabilities of completing the project in a particular time duration given duration of individual activities and associated probability by choosing a large number of iterations so as to make the result as reliable as one desires. Readers can for example refer to PERT Master Program developed for P3
Risk management should be a key area. We can learn lot of things from analysing risk data from previous and similar projects. Keeping records of data, analysis,solutions, control measures taken, will aid a PM team in managing the risks without panic. Managing an uncertain issue( A.K.A , risk) always kill productivity,though leads to creative ideas for tuning up effective solutions at the expenditure of Time& Cost bounded with quality.
Sajid, Good point the main area of concern in managing the uncertain risks which cannot be fully analyzed during the pre analysis phase. The project management methodology needs to be extended in order to achieve the total process efficiency.
