RISK MANAGEMENT FOR DIGITAL MEDIA PROJECTS

1. DITGITAL MEDIA PROJECT RISKS MANAGEMENT A RISK IS ANY POTENTIAL DIFFICULTY OR ISSUE THAT MAY HAVE SOME IMPACT ON THE SUCCESS OF THE PROJECT

2. RISK ARISES OUT OF UNCERTAINTY. IT IS MEASURED IN TERMS OF THE: LIKELIHOOD OF IT HAPPENING AND THE CONSEQUENCES IF IT DOES HAPPEN

3. RISK MANAGEMENT IS THE PROCESS WHICH IS USED TO AVOID, REDUCE OR CONTROL RISKS.

4. RISK MANAGEMENT PROCESS

5. context WHAT IS THE PROJECT? WHAT IS THE INTENDED OUTCOME? WHO IS INVOLVED? WHAT ARE THE RISK CRITERIA? e.g. Lose money Harm reputation Cause injury Equipment damage Litigation Quality

6. Identify risks EXPERIENCE SWOT ANALYSIS PROCESS ANALYSIS (flowchart) EXISITING CHECKLIST Aim to generate a comprehensive list.

8. evaluate EXTREME LEVEL Cannot tolerate HIGH LEVEL Tolerable only if risk reduction is impractical MODERATE LEVEL Tolerable if risk controls exist LOW LEVEL Monitor impact Likelihood Consequences Insignificant Minor Moderate Major Almost certain H H E E Likely M H H E Moderate L M H E Unlikely L L M H Rare L L M H

9. treat AVOID REDUCE LIKELIHOOD REDUCE CONSEQUENCE TRANSFER ACCEPT