Risk - Controlling Risk
13 important questions on Risk - Controlling Risk
What 3 approaches in reducing risks are there?
- Avoid it: you plan to eliminate or substantially reduce the risk
- Deflect it: you try to pass the risk on to someone else
- Contingency: you draw up contingency plans should the risk occur
How can you deflect risks?
- Insurance: by which it is passed to a third party
- Bonding: by which a security is held against the risk
- The contract: by which it is passed between owner, contractor and sub-contractors
Under what 2 circumstances can a risk be passed to a contractor?
- When they are the best party to control it
- When the risk has a high likelihood and low consequences
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What 2 contingency approaches do you know?
- Make an allowance by increasing the time and/or cost budgets (at least 2: (1) baseline (raw estimate without contingency) communicated to the team and (2) the estimate with contingency communicated to the owner
- Plan to change the scope by drawing up contingency plans should the risk occur
What formula can be used for determining to draw up contingency plans?
If the Likelihood X Consequence without the action is greater than de likelihood X consequence plus the cost of the action, then the action is worthwhile.
What are the 6 steps of risk management?
- Identify the risk
- Assess the impact op individual risks
- Prioiritize risks for further analysis
- Assess overall impact of risks
- Develop a risk reduction plan
- Control the identified risks
Which 2 techniques for identifying risks do you know?
- Brainstorming
- Mechanistic process based on plan decomposition and expert judgement
What 2 tyoes of risks do you know?
- Business risk
- Insurable risks
What 5 sources of risks do you know?
- External - unpredictable
- External - predictable
- Internal - technical
- Internal - nontechnical
- Legal
What can you use in assessing the combined impact of several risks?
- A top-down approach based on plan decomposition
- A bottom-up approach and Monte Carlo analysis
- Influence diagrams
What 3 ways of reducing risks do you know?
- Avoidance
- Deflection, either by Insurance or through the contract
- Contingency
What 3 types of contingency do you know?
- Pure contingency
- Contingency with essential prior asction
- Contingency with mitigating prior action
What are the 4 steps in controlling risks?
- Draw up a risk management plan consisting of risk item tracking forms
- Monitor progress of the significant few, using the risk register
- Reassess risks at regular intervals, and at key milestones or stage transitions
- Take action to overcome any divergence from plan
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