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Below is a classmate's post please respond by giving feedback in about one to two paragraphs.

Hello Class,

1. What is the value of expert judgment, and when is it appropriate for project risk management?

Expert Judgment is invaluable when leveraging the knowledge of SMEs to deal with complex and uncertain situations. It helps to make better-informed decisions, estimate costs, assess risks, and ensure overall planning accuracy. Expert judgment is appropriately used when there is limited data, high uncertainty, or the project team lacks the specialized knowledge to make the necessary informed decisions.

2. How does it compare to other tools utilized in the implementation of risk responses?

It is more qualitative in function because it's gathered from knowledgeable individuals and it's best used as supplemental data for quantitative because it adds to the understanding of it. While the impact and probability matrices rely heavily on quantitative approaches.

3. Mentioned in Section 2.8.6 Interactions with Other Performance Domains of thePMBOK Guide (seventh edition), how can risk uncertainty be addressed?

The project team members and stakeholders provide information. The choice of life cycle and development approach impacts how we approach uncertainty. When you have a relatively stable scope reserve in schedule and budget can be used. Where projects have a lot of fluctuation or ambiguity adjustments to the plans may be necessary to deal with uncertainty.

Reference:

The Standard for Project Management and A Guide to the Project Management Body of Knowledge(PMBOK guide). (2021). Project Management Institute, Inc.