10.1 The nature of risk and risk management (Continued) - Response control or mitigation (2)
- Formal techniques may be required by
- Organisation policy
- Client demand
- Benefits
- Improvements to plans, better reflecting reality
- Highlighting areas that need attention and contingency planning
- Harnessing the ‘gut-feel’/intuition element
- Allowing factors/events to be traced historically
- Building up experience in a structured way
10.1 The nature of risk and risk management (Continued) - Response control or mitigation (3)
- Benefits from ongoing process through the project
- Support documentation
- the risk register or the risk log
- Risk register/risk log:
- List identified risks
- Their occurrence
- Actions taken to mitigate them
- Results of the actions taken
- Add new risks as they become apparent
- Remove expired risks
- Beneficial as highlights ongoing process
10.2 Qualitative and quantitative approaches - How risky is an event or activity?
- How likely is it to occur, what is the probability?
- Improbable to highly likely
- What might be the effect (impact/severity) of the event?
- Critical – will cause total failure
- Major – will hold up or increase costs in one or more areas
- Minor – will only cause inconvenience
10.2 Qualitative and quantitative approaches (Continued) - Qualitative approaches
- Gather peoples’ perceptions as to probability and impact
- Use scales
- Low–medium–high; 1 to 3; 1 to 5 (APM); 1 to 10 (PMI)
- Ratings based on opinion or perception
- Chart on matrix
- Visual identity of high risks needing attention
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