Description
Instructions
Create a document for this week's assignment to include the following sections.
Cover Page: Include your name, the project or company name, and the course name and number.
Quantitative Risk Analysis: Measure the risk impact using specified project management techniques that align quantitative risk factors to the qualitative risk analysis. You can add monetary or time elements to the risks from the qualitative risk analysis.
Explanation & Answer
Attached.
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Quantitative risk analysis: Blue Whale Expedition's mission
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Quantitative risk analysis: Blue Whale Expedition's mission
The blue whale expedition mission aims to study blue whales in their natural surrounding,
enabling it to gather essential information on their behaviours, population, geographic
distribution, and health. According to the National Oceanic and Atmospheric Administration
agency, oceans cover 70% of the Earth's surface and 97% of the world's water (Tao, 2022). This
mission will transverse the world's oceans, studying the target population. Therefore, transverse
the oceans and risk management practices will require significant logistical planning to ensure its
success. Nabawy & Khodeir (2020) highlight that quantitative risk analysis is the best method to
identify, measure, and mitigate potential risks. The author states that the technique allows
researchers to numerically represent the likelihood of possible risk and its impact on the project.
Quantitative risk analysis is essential in project management since it will enable managers to
understand likely risks and implement meditative measures to safeguard the project.
Need for quantitative risk analysis.
Guo et al. (2020) ...
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