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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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
 

Revision as of 08:52, 14 March 2012

Contributors: Bogdan Dragotoiu, Cristina Sima, Maria Alexandra Baescu

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