Integrating Risk Management with Earned Value Management
All future events come with some degree of uncertainty. When the uncertainty affects the outcome of the event in a negative manner, it is considered a risk. The ability to quantify the likelihood of the risk’s occurrence with the monetary value of its impact is a major goal of Risk Management (RM). RM, as a process, can potentially involve complicated mathematical formulae based on statistics and probability that analyze and interpret numerical data in terms of samples and populations. Managing projects and programs is challenging in the current environment of developing and delivering new products in rapidly decreasing schedule based on market requirements. Earned Value Management (EVM) is valuable tool to assist program management delivering quality products on schedule and within budget. EV is a process requiring advanced program control skills and an investment in EV education and tools. While each risk management and earned value management are valuable and useful processes; integrating thee processes increases the value of each. This class requires a basic understanding of risk management and earned value management. This presentation will explore techniques for integrating RM and EVM and will provide advantages for integrating RM and EVM.
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