Talk:Risk management

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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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Hi both,
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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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I've just finished to read both articles on Risk managerment, and mainly I would like to write about what ideeas realy stuck in my mind and the ones which I think there true also I found 2 nice quotes which I would like to share. Hope that is ok with you, also!
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- The possibility of suffering a harm or lost.
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Regards,
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Cristina
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- An element, factor or way that includes unknown dangers.
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Hello Cristina and Bogdan,
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- An event that could happen and reduces the chance of success.
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In developing the article regarding Risk management, I have decided to extract from the two research papers by Jacques G. Richardson the most relevant cases that can help me in providing a classification of risks. Also, I think the measures that were taken to avoid or overcome risks can be very useful when structuring our article.
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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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Let me know if you agree with me on this aspect.
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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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Best regards,
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Maria
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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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Current revision as of 14:03, 25 March 2012

Contributors: Bogdan Dragotoiu, Cristina Sima, Maria Alexandra Baescu

Hi both,

I've just finished to read both articles on Risk managerment, and mainly I would like to write about what ideeas realy stuck in my mind and the ones which I think there true also I found 2 nice quotes which I would like to share. Hope that is ok with you, also!

Regards, Cristina

Hello Cristina and Bogdan,

In developing the article regarding Risk management, I have decided to extract from the two research papers by Jacques G. Richardson the most relevant cases that can help me in providing a classification of risks. Also, I think the measures that were taken to avoid or overcome risks can be very useful when structuring our article.

Let me know if you agree with me on this aspect.

Best regards, Maria

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