Risk Management

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Risk Management

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Risk Management

 

Risk is the positive or negative uncertainty of a potential outcome, the difference between the best and worst case scenarios in terms of time and cost.

Reasons for Risk are defined in a tree structure to allow for Risks to be reported individually or as a group, i.e. Weather can include Rain, Wind and Snow, and Rain can include Heavy Rain, Sleet, and Drizzle. (See Navigator->Risks)

·Risk is assigned to Tasks and a value attributed, and can only be incurred once a Task has been Started.
·The value of Risk can be described in terms of having a fixed or variable impact.
·The likelihood or potential of the Risk being incurred (High, Medium, Low) and whether the Risk is considered to be additive or subtractive are also set once a Risk is assigned to a Task.
·Once Risks are assigned, users can choose to mitigate a Risk, or move Risk to buffer positions at a chosen point in a chain of Tasks.
·By using buffering, target programs and therefore target demand can be established, Risk is not increased, and should a Task begin to fail then Buffered Risk can be reassigned.
·All Tasks downstream of the buffer will not be affected
·For all assigned Risks on Tasks, a register is provided displaying highest impact / highest value first.
·The Risk Register can be filtered to show entries for one or more Risk reasons, for one or more companies, for one or more Tasks.

Related Topics:

 Risk Analysis

 Risk Types

 Risk Buffering