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Project Risk ManagementINSERT Diagram 1: Decision Tree on AlternativesThe decision tree is a probability tree that is instrumental in making the decision on either to continue construction as per the plan or to accelerate the projects construction. The decision tree will be instrumental in coming up with the best alternative. The primary concentration in the above two alternatives is time and cost. The best alternative will be the one with a low cost. Calculation of the best alternativeAccept risk = (0.6 * $ 12,000) + (0.4 * 0) = $ 7,200Accelerate construction = (0.6 * $ 8000) + (0.4 *0) = $ 4,800The best option will be to accelerate construction, as the project will cost lower than accepting the risk. Project Monitoring and Controlling ProcessesMemorandumTo: The SupervisorFrom: Project Te...
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