Risk management
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| + | == Definitions == | ||
| + | |||
| + | The first question to be asked on this topic is: "What is a '''Risk'''?". Briefly and commonly known a "Risk" is: | ||
| + | |||
| + | - The possibility of suffering a harm or lost. | ||
| + | |||
| + | - An element, factor or way that includes unknown dangers. | ||
| + | |||
| + | - An event that could happen and reduces the chance of success. | ||
| + | |||
| + | In a Project management approach, it can be consider that: "A risk is '''PROBLEM WAITING TO HAPPEN'''". | ||
| + | To better understand and indentify a risk, it is indicated to look for some particular properties of it, like: | ||
| + | |||
| + | - A Risk is an event in the '''future''', not in the present. | ||
| + | |||
| + | - It '''could''' happen (is not a fact) | ||
| + | |||
| + | - It is '''potentially''' harmful | ||
| + | |||
| + | - It could increase, decrease, disappear or happen | ||
| + | |||
| + | Now passing on to the second aspect of risk in an organizational and economic entity, it is time to ask: "What is '''Risk Management'''?". We can define this concept as being: "The process of identifying risks, analyzing the exposure to them and determining how to best handle such exposure in order to decrease the probability of a project failure". | ||
| + | |||
| + | In practice, Risk Management has the following key elements: | ||
| + | |||
| + | *Objective | ||
| + | |||
| + | - Identify and qualify project risks | ||
| + | |||
| + | *Directives | ||
| + | |||
| + | - Identify project risks (3 to 5 risks) | ||
| + | |||
| + | - Build risk statements | ||
| + | |||
| + | - Identify project probability and loss, and calculate exposure | ||
| + | |||
| + | - Rank risks | ||
| + | |||
| + | *In group | ||
| + | |||
| + | - Discuss the identified top n risks | ||
Revision as of 08:51, 14 March 2012
| [hide] Project Visions and Visioning | |
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| This article is developed within the scope of the Project Visions and Visioning, an effort to enhance Foresight learning through collaborative work. |
Definitions
The first question to be asked on this topic is: "What is a Risk?". Briefly and commonly known a "Risk" is:
- The possibility of suffering a harm or lost.
- An element, factor or way that includes unknown dangers.
- An event that could happen and reduces the chance of success.
In a Project management approach, it can be consider that: "A risk is PROBLEM WAITING TO HAPPEN". To better understand and indentify a risk, it is indicated to look for some particular properties of it, like:
- A Risk is an event in the future, not in the present.
- It could happen (is not a fact)
- It is potentially harmful
- It could increase, decrease, disappear or happen
Now passing on to the second aspect of risk in an organizational and economic entity, it is time to ask: "What is Risk Management?". We can define this concept as being: "The process of identifying risks, analyzing the exposure to them and determining how to best handle such exposure in order to decrease the probability of a project failure".
In practice, Risk Management has the following key elements:
- Objective
- Identify and qualify project risks
- Directives
- Identify project risks (3 to 5 risks)
- Build risk statements
- Identify project probability and loss, and calculate exposure
- Rank risks
- In group
- Discuss the identified top n risks
