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MANAGEMENT
Risk Management
Technique
Monitor the
results-with
cost/benefit
analysis to see
if your is
successful.
Transfer the
risks-using
insurance or
indemnity
agreements
How
to
handl
e risk
Real careful
how you work,
implement
safety training,
know who you
work for and
who works for
you, review you
losses and
claims to
prevent them
from happening
again
Summary
QUALITATIVE
QUANTITATIVE
risk-level
project-level
subjective evaluation of
probability and impact
time consuming
Input
Mitigate
Transfer
In transfer risk response strategy, you transfer the risk to a third party to
manage it. Please note that the transfer of risk does not eliminate the risk; it
only transfers the responsibility of managing the risk to the third party.
Avoid
In this type of risk response strategy, you try to minimize either the
probability of the risks happening or the impact.
Here you try to eliminate the risk or its impact on your project objective. You
do this by either changing your project management plan, by making some
changes to the project scope, or by changing the schedule.
Accept
This risk response strategy can be used with both kinds of risks, i.e. either
positive risks or negative risks. Here you dont take any action to manage
the risk but you do acknowledge it. You can accept the risk either by actively
acknowledging it or passively acknowledging it. In active acceptance you
keep a separate contingency reserve to manage the risk if it occurs, and in
passive acceptance you do nothing except note down the risk.
Output
Contingency plans
Reserves
Contractual agreements
May be entered into for insurance, services, and other items as appropriate
in order to avoid or mitigate threats. Contractual terms and conditions will
have a significant effect on the degree of risk deduction.