risk_management

May 20th, 2015
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A. T. Still University
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The purpose of Risk Management is to identify potential problems before they occur, so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives.

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Risk ManagementIoan Gheorghe DUBARMaster AES, Anul IA risk is a combination of the probability (OCCURRENCE) of an event,and its consequence (SEVERITY/IMPACT)Risk DefinitionRisk Management - ExampleThe purpose of Risk Management is to identify potential problemsbefore they occur, so that risk-handling activities may be plannedand invoked as needed across the life of the product or project tomitigate adverse impacts on achieving objectives.CMMI 2001The organization shall prepare contingency plans to satisfycustomer requirements in the event of an emergency such asutility interruptions, labour shortages, key equipment failure andfield returns.ISO TS 16949Risk Management Purpose Risk Management Planning / Strategy decide how to approach,plan and execute the risk management activities for a project /company. Risk Identification determining which risks might affect theproject and documenting their characteristics. Qualitative Risk Analysis prioritizing risks for subsequent furtheranalysis or action by assessing and combining their probability ofoccurrence and impact. Quantitative Risk Analysis numerically analyzing the effect onoverall project objectives of identified risks. Risk Response Planning developing options and actions toenhance opportunities, and to reduce threats to projectobjectives. Risk Monitoring and Control tracking identified risks, monitoringresidual risks, identifying new

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