Risk Assessment
Identify, analyse, priortize, mitigate, monitor
Systematic process of identifying, analyzing, and evaluating potential risks to understand their likelihood and impact, informing decisions on risk management strategies and actions.
Risk Identification
Identify Risks: Spotting potential dangers early on
Risk identification is the process of systematically recognizing and documenting potential threats or uncertainties that could adversely affect a project's objectives, performance, or outcomes.
KEY FEATURES:
Systematic Process
Comprehensive Scope
Involves Stakeholders
Documentation
Categorization
Early Detection
Risk Classification
Risk Sorting: Organizing risks for strategic action
Risk classification is the process of categorizing identified risks based on specific criteria such as their source, impact, likelihood, or nature to prioritize and manage them effectively
KEY FEATURES:
Categorization Criteria
Prioritization
Enhanced Understanding
Consistency
Facilitates Communication
Supports Decision Making
Risk Quantification
Quantify Risks: Measuring risks for informed decisions
Risk quantification is the process of measuring and expressing risks in numerical terms, assessing their potential impact on project objectives to prioritize and plan effective mitigation strategies.
KEY FEATURES:
Numerical Measurement
Impact Assessment
Probability Analysis
Decision Support
Scenario Analysis
Cost-Benefit Analysis
Risk Prioritization
Ranking Risks: Focused action through prioritization
Risk prioritization is the process of ranking identified risks based on their severity, likelihood, and impact to focus attention and resources on the most critical threats to project objectives.
KEY FEATURES:
Ranking
Focus on Critical Risks
Impact Assessment
Likelihood Evaluation
Action Planning
Stakeholder Involvement
Communication & Reporting
Share updates: Informing stakeholders with timely updates
Communication and reporting involve sharing relevant information about project risks, progress, and outcomes with stakeholders through structured and transparent channels to ensure informed decision-making and effective risk management.
KEY FEATURES:
Transparency
Structured Channels
Stakeholder Engagement
Accuracy
Relevance
Documentation
Risk Mitigation Strategies
Reduce Risks: Strategically reducing risks for success
Risk mitigation strategies are proactive measures designed to reduce the likelihood or impact of identified risks, aiming to minimize their potential negative effects on project objectives and outcomes.
KEY FEATURES:
Proactive Approach
Risk Reduction
Tailored Solutions
Collaborative Effort
Contingency Planning
Monitoring and Review
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