Tools and Techniques for Risk Management, assignment help

Anonymous
timer Asked: Oct 12th, 2016
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Question Description

There are five tools and techniques for risk management :

Monte Carlo Technique

PERT (Program Evaluation and Review Technique)

The Delphi Method

Sensitivity Analysis

FMEA (Failure mode and effect analysis)

please introduce each of  them , show their use , advantages and disadvantages

Tutor Answer

Jkennish
School: New York University

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Tools and Techniques of Risk Management
Monte Carlo Simulation
It refers to a mathematical technique that allows people to account any variability in their process
so as to enhance decision making and quantitative analysis. It is widely used in the following
fields; finance, project management, energy, manufacturing, research, insurance companies. The
variation process is done through building models with results which are substituted with a range
of values, and then it is calculated over and over each time a different set of values are used.
Advantages
a)

The result not only shows what could happen but also the likely outcome

b)

Allows easier creation of graphs as a consequence of the data generated by the simulation

c)

It lets users s...

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Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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