Which management tool is used for identifying relationships between a risk and the factors that can cause it??
Answers
Explanation:
Tools and techniques can be used to numerically analyse the impact a risk will have on an organisation.
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Risk management normally involves five stages:
Risk identification.
Quantitative analysis.
Qualitative analysis.
Responses.
Monitoring.
Answer:
Explanation:
Risk Management - Useful Tools and Techniques
In this section, the tools and methodologies that you can use during various phases of managing a risk are briefly described.
Risk Identification
There are many tools and techniques for Risk identification. Documentation Reviews
Information gathering techniques
Brainstorming
Delphi technique – here a facilitator distributes a questionnaire to experts, responses are summarized (anonymously) & re-circulated among the experts for comments. This technique is used to achieve a consensus of experts and helps to receive unbiased data, ensuring that no one person will have undue influence on the outcome
Interviewing
Root cause analysis – for identifying a problem, discovering the causes that led to it and developing preventive action
Checklist analysis
Assumption analysis -this technique may reveal an inconsistency of assumptions, or uncover problematic assumptions.
Diagramming techniques
Cause and effect diagrams
System or process flow charts
Influence diagrams – graphical representation of situations, showing the casual influences or relationships among variables and outcomes
SWOT analysis
Expert judgment – individuals who have experience with similar project in the not too distant past may use their judgment through interviews or risk facilitation workshops
Risk Analysis
Tools and Techniques for Qualitative Risk Analysis
Risk probability and impact assessment – investigating the likelihood that each specific risk will occur and the potential effect on a project objective such as schedule, cost, quality or performance (negative effects for threats and positive effects for opportunities), defining it in levels, through interview or meeting with relevant stakeholders and documenting the results.
Probability and impact matrix – rating risks for further quantitative analysis using a probability and impact matrix, rating rules should be specified by the organization in advance. See example in appendix B.
Risk categorization – in order to determine the areas of the project most exposed to the effects of uncertainty. Grouping risks by common root causes can help us to develop effective risk responses.
Risk urgency assessment - In some qualitative analyses the assessment of risk urgency can be combined with the risk ranking determined from the probability and impact matrix to give a final risk sensitivity rating. Example- a risk requiring a near-term responses may be considered more urgent to address.
Expert judgment – individuals who have experience with similar project in the not too distant past may use their judgment through interviews or risk facilitation workshops.
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