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| Contributors: Bogdan Dragotoiu, Cristina Sima, Maria Alexandra Baescu | | Contributors: Bogdan Dragotoiu, Cristina Sima, Maria Alexandra Baescu |
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- | == Definitions ==
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- | The first question to be asked on this topic is: "What is a '''Risk'''?". Briefly and commonly known a "Risk" is:
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- | - The possibility of suffering a harm or lost.
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- | - An element, factor or way that includes unknown dangers.
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- | - An event that could happen and reduces the chance of success.
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- | In a Project management approach, it can be consider that: "A risk is '''PROBLEM WAITING TO HAPPEN'''".
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- | To better understand and indentify a risk, it is indicated to look for some particular properties of it, like:
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- | - A Risk is an event in the '''future''', not in the present.
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- | - It '''could''' happen (is not a fact)
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- | - It is '''potentially''' harmful
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- | - It could increase, decrease, disappear or happen
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- | 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".
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- | In practice, Risk Management has the following key elements:
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- | *Objective
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- | - Identify and qualify project risks
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- | *Directives
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- | - Identify project risks (3 to 5 risks)
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- | - Build risk statements
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- | - Identify project probability and loss, and calculate exposure
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- | - Rank risks
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- | *In group
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- | - Discuss the identified top n risks
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Revision as of 08:52, 14 March 2012
Contributors: Bogdan Dragotoiu, Cristina Sima, Maria Alexandra Baescu