Security Architecture
Cumulative Probabilities and Purpose of Project Risk Analysis
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Cumulative Probabilities
A cumulative probability in the field of statistics can be defined as the chance of a value of any random variable to fall under a specific range. It is the probability that any variable might be less than to any specific value or equal to the value (Berry & Mielke Jr, 1995). For example, after flipping a coin twice, a question might arise. The probability of the coin resulting in one can be a question. Again, resulting in less than one head might be uncertain as well. This uncertainty can be regarded as a cumulative probability. The coin resulting in zero heads might also be a probability.
Purpose of Project Risk Analysis
In management, project risk analysis is a process that identifies the number of risks at the time of the project. The process is streamlined as well as simple, and despite uncertainty, it serves an important purpose (Chapman & Ward, 1996). It would be effective in minimizing the risks and ensure project completion. The analysis involves identifying the project time, scope, quality, and cost. It also involves the identification of new kinds of risks. Conscious efforts to identify risks and managing it are possible by using this method. This, in turn, helps in building a team of experts who shall communicate issues effectively.
References
Berry, K. J., & Mielke Jr, P. W. (1995). Exact cumulative probabilities for the multinomial distribution. Educational and psychological measurement, 55(5), 769-772.
Chapman, C., & Ward, S. (1996). Project risk management: processes, techniques and insights. John Wiley.