Risk Management Requires Thorough Analysis Essay - 1452 Words

Risk Management Successful risk management requires thorough analysis, rating, ranking, and mitigation documentation. To do proper risk rating and ranking, a rating matrix needs to be defined. The rating matrix used by Project Pluto is included below. Risk Determination Documented risks are rated by likelihood of occurrence and impact to the project. The factors below define the overall risk ranking. Table A documents the criteria used in determining overall risk ratings. Table A: Risk Rating Matrix Risk Likelihood Risk Impact Low (10) Moderate (50) High (100) High (1.0) Low 10 x 1.0 = 10 Moderate 50 x 1.0 = 50 High 100 x 1.0 = 100 Moderate (0.5) Low 10 x 0.5 = 5 Moderate 50 x 0.5 = 25 Moderate 100 x 0.5 = 50 Low (0.1) Low 10 x 0.1 = 1 Low 50 x 0.1 = 5 Low 100 x 0.1 = 10 Risk Scale: Low (1 to 10); Moderate (10 to 50); High (50 to 100) (Hohner, 2012, 11-13) Risk Mitigation Strategies For all the risks identified, one of the following five risk mitigation strategies will be used. The strategy used depends on the overall risk rating and the risk management decision made by the project team. Risk Avoidance Risk avoidance is concerned with changing the situation to reduce the probability of a potential problem to an acceptable level. (Fairley 382-388) Risk Transfer Risk transfer involves reallocating the requirements that created the risk factor to another system component or another organizational unit that can better handle the risk factor. (FairleyShow MoreRelatedRisk Control Techniques, Limitations And Challenges1052 Words   |  5 PagesRisk Control Techniques, Limitations and Challenges 6 April 2016, Posted by Shuhui Yang (Team N) D ecisions are along with uncertainties, which always indicate a potential loss. Therefore, risk analysis and management have played an increasingly important role in business decisions. As the demands arise, risk analysis techniques are gradually improving and perfecting. 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