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Risk refers to events that introduce an element of chance into a project. You can’t predict the future, so every project involves risk. Projects that include something innovative and therefore less predictable—for example, a new product design or a development process that you haven’t used previously—have a higher chance of failure than a project implementing a procedure that’s tried and true. In this chapter, we’ll discuss strategies to analyze and manage project risk. We’ll cover the following topics:
Assessing risk
Identifying high-risk project activities
Using PERT to estimate duration
Viewing the critical path
Using the network views
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