Analysis
The introductory two chapters lay the groundwork for people that are new to project or risk management. He starts with the definition of risk as the "loss multiplied by the likelihood" and expands from there. He explains that this relates to uncertainty in estimates for duration and cost. He identifies the benefits as:
- Lowering cost and confusion
- Prioritization and stakeholder support
- Input for portfolio management
- Mitigation
- Setting expectations and establishing reserves
- Communication and control
Read more about this topic: Identifying And Managing Project Risk
Famous quotes containing the word analysis:
“The spider-mind acquires a faculty of memory, and, with it, a singular skill of analysis and synthesis, taking apart and putting together in different relations the meshes of its trap. Man had in the beginning no power of analysis or synthesis approaching that of the spider, or even of the honey-bee; but he had acute sensibility to the higher forces.”
—Henry Brooks Adams (1838–1918)
“Ask anyone committed to Marxist analysis how many angels on the head of a pin, and you will be asked in return to never mind the angels, tell me who controls the production of pins.”
—Joan Didion (b. 1934)
“Analysis as an instrument of enlightenment and civilization is good, in so far as it shatters absurd convictions, acts as a solvent upon natural prejudices, and undermines authority; good, in other words, in that it sets free, refines, humanizes, makes slaves ripe for freedom. But it is bad, very bad, in so far as it stands in the way of action, cannot shape the vital forces, maims life at its roots. Analysis can be a very unappetizing affair, as much so as death.”
—Thomas Mann (1875–1955)