Risk management

From FORwiki

Revision as of 08:51, 14 March 2012 by Dan Grosu (Talk | contribs)
Jump to: navigation, search
Project Visions and Visioning
File:Vision.jpg This article is developed within the scope of the Project Visions and Visioning, an effort to enhance Foresight learning through collaborative work.


The first question to be asked on this topic is: "What is a Risk?". Briefly and commonly known a "Risk" is:

- The possibility of suffering a harm or lost.

- An element, factor or way that includes unknown dangers.

- An event that could happen and reduces the chance of success.

In a Project management approach, it can be consider that: "A risk is PROBLEM WAITING TO HAPPEN". To better understand and indentify a risk, it is indicated to look for some particular properties of it, like:

- A Risk is an event in the future, not in the present.

- It could happen (is not a fact)

- It is potentially harmful

- It could increase, decrease, disappear or happen

Now passing on to the second aspect of risk in an organizational and economic entity, it is time to ask: "What is Risk Management?". We can define this concept as being: "The process of identifying risks, analyzing the exposure to them and determining how to best handle such exposure in order to decrease the probability of a project failure".

In practice, Risk Management has the following key elements:

  • Objective

- Identify and qualify project risks

  • Directives

- Identify project risks (3 to 5 risks)

- Build risk statements

- Identify project probability and loss, and calculate exposure

- Rank risks

  • In group

- Discuss the identified top n risks

Personal tools