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Risk Management - general presentation

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Carmen-Maria Rosca

on 12 February 2016

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Transcript of Risk Management - general presentation

Risk Analysis Vocab

What is Risk Management?
Risk Assessment
Step 1. – Identify threats
Risk Management
Risk Analysis
A Risk Management Plan
Risk Review
Step 2 – Identify the consequences of each risk
Step 3 – Evaluate risks
Step 4 – Develop mitigation strategies.
Step 5 – Develop a contingency plan
Step 6 – Monitor risks
These threats can come from many different sources, such as:

- Cost – going over budget
- Time – not meeting the client’s deadline
- Quality – not meeting the expected quality standard
- Technical – failure of systems used in the projects workflow
- Procedural – failure of accountability, internal processes and checks
- Human – illness, holiday, loss of a key individual
Step 1 - Identify Risks/Threats
Step 2 - Identify the consequences of each risk
get key people together for a
kick-off meeting.
gather input (brainstorm) on what could happen, how to help prevent it and what to do if something does happen.
be as specific as possible
Step 3 – Evaluate risks
Risks are usually evaluated using 2 scales:
– How likely is it that the risk will materialize? This is usually determined by previous experience with similar situations
(Frequent, Likely, Occasional, Rare, Unlikely)
– What will be the effect on the project if a certain risk does materialize?
(Critical, Serious, Minimal)
Step 3 - Evaluate Risks
Risks are evaluated using 2 scales:
Step 4 – Develop mitigation strategies
Mitigation is designed to reduce the probability that a risk will materialize.
key points:
- cost-effective ways to reduce the risks, preferably using existing resources
- the end result should be a table where we have a mitigation strategy for each of the High and Medium risks identified during Steps 2 and 3
Step 5 – Develop a contingency plan
In case of a crisis situation, it’s very useful to have a solution in place that was thought of in advance.
Step 6 – Monitor risks
This stage involves assessing the effectiveness of the mitigation strategies (for future reference) and a re-evaluation of identified risks for similar future projects.
Action Plan
Communication strategy
Improvement ideas
All projects assume some element of risk, and it’s through risk management where tools and techniques are applied to monitor and track those events that have the potential to impact the outcome of a project.
Risk Management helps us understand risk, so that we can manage it, and minimize disruption/deviation in our workflows. It also helps us control risk in a cost-effective way.

What is Risk?
Risk is the effect (positive or negative) of an event or series of events that take place in one or several locations. It is calculated from the probability of the event becoming an issue and the impact it would have (See Risk = Probability X Impact).
changes to the WI in the DTP workflow: we'll have the kick-off meeting/call if one of these situations is met
Full transcript