Statistics, Probablity and Risk Management
Statistics constitutes methods useful for the analysis of information utilized for decisions. One of the greatest risks to projects is the lack of adequate and appropriate planning and an important part of project planning is risk management. Risk management in all its forms both simple and complex will potentially have a positive effect on the implementation of projects. This will include:
Explain basic definitions and terminologies in probability and statistics
Describe frequency distribution, cumulative probability curve and normal curve
Apply statistical techniques in project management decisions
Explain basic steps of a risk management process
Describe risk mitigation options
Apply decision tree analysis
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