Project management risk assessment by Derek Hendrikz works with probability, impact, mitigation, contingency ratios as well as risk remedies and quantification techniques.
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13. What can we do to mitigate (lessen the
harshness) the risk in terms of frequency and
severity...
Mitigation plans are mostly part of a risk
management initiative.
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14. What can we do to manage an unplanned
event or occurrence when it happens or how
we can deal with it once it has happened...
Contingency plans are mostly part of a
disaster management initiative.
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16. The Risk Management Process:
Step 1: Risk Identification
Analyse the project to identify sources of risk
Step 2: Risk Assessment
Assess risk in terms of:
Severity of impact
Likelihood of occurring
Controllability
Step 4: Risk Response Control
Implement risk strategy
Monitor and adjust plan for new risks
Change management
Step 3: Risk Response Development
Develop a strategy to reduce possible damage
Develop contingency plans
Known Risks
Quantified Risk
Managed Risk
New Risks
New Risks
New Risks
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18. Level 1Triggers =We are warned before the event!!!
Level 2Triggers =We are warned during the event!!
Level 3 Triggers =We are warned after the event!
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22. Failure Mode and Effects
Analysis
FMEA
Impact x Probability x Detection = Risk Value
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23. Risk = Probability x Impact
(scale of the threat).
Reduction = Mitigation x Contingency
(ability to manage the threat).
Exposure = Risk – Reduction
(the amount of risk that you simply cannot avoid).
www.derekhendrikz.com