You are the project manager for the NHH project.
You are working with your project team to examine the project from four different defined perspectives to increase the breadth of identified risks by including internally generated risks.
What risk identification approach are you using in this example?
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A. B. C. D.C.
This is an example of SWOT analysis.
SWOT analysis examines the strengths, weaknesses, opportunities, and threats within the project and generated from within the organization.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
It is a part of business policy that helps an individual or a company to make decisions.
It includes the strategies to build the strength of a company and use the opportunities to make the company successful.
It also includes the strategies to overcome the weaknesses of and threats to the company.
Incorrect Answers: A: Root cause analysis examines causal factors for events within the project.
B: Influence diagramming techniques examines the relationships between things and events within the project.
D: Assumptions analysis does not use four pre-defined perspectives for review.
The risk identification approach being used in this example is SWOT analysis.
SWOT analysis is a strategic planning technique that helps identify the Strengths, Weaknesses, Opportunities, and Threats associated with a project or an organization. It involves examining the project from four different perspectives to increase the breadth of identified risks by including internally generated risks.
The four perspectives that are examined in a SWOT analysis are as follows:
Strengths: These are the internal factors that are favorable to achieving project objectives. Identifying the strengths of a project helps the team to leverage them to mitigate risks and achieve success.
Weaknesses: These are the internal factors that are unfavorable to achieving project objectives. Identifying the weaknesses of a project helps the team to address them and minimize the risks associated with them.
Opportunities: These are external factors that could positively impact the project. Identifying opportunities helps the team to leverage them to mitigate risks and achieve success.
Threats: These are external factors that could negatively impact the project. Identifying threats helps the team to plan for them and minimize their impact on the project.
By examining the project from these four different perspectives, the project team can identify a wide range of risks associated with the project, including internally generated risks. This helps to increase the breadth of identified risks and improve the overall risk management approach for the project.
Therefore, in this example, the project manager is using the SWOT analysis approach to identify risks associated with the NHH project.