what are the risk management techniques?
6115
There are five different techniques you can use to manage risk: Avoiding Risk, Retaining Risk, Spreading Risk, Preventing and Reducing Loss, and Transferring Risk.
1278400
['Planning orientation. ... ', 'Profitability review. ... ', 'Assumptions review. ... ', 'Performance evaluations. ... ', 'Funding planning. ... ', 'Cash allocation. ... ', 'Bottleneck analysis.']
636787
['Operational risks. This term refers to risks related to operational objectives of the project. ... ', 'Short-term strategic risks. ... ', 'Long-term strategic risks.']
32845
['strategic risk - eg a competitor coming on to the market.', 'compliance and regulatory risk - eg introduction of new rules or legislation.', 'financial risk - eg interest rate rise on your business loan or a non-paying customer.', 'operational risk - eg the breakdown or theft of key equipment.']
618907
['Identify risks and their triggers.', 'Classify and prioritize all risks.', 'Craft a plan that links each risk to a mitigation.', 'Monitor for risk triggers during the project.', 'Implement the mitigating action if any risk materializes.', 'Communicate risk status throughout project.']
496238
principles of risk management Identify risk – what is the risk and who is involved? Analyse risks – how did it occur , what is the likelihood and what are the consequences? Evaluate risk – can the risk be reduced or eliminated? Treat risks – who will do this, how and when will it be monitored?
914847
['Risk Control. avoidance. loss control.', 'Risk Financing. retention. noninsurance transfers. insurance.']
646524
Risk Identification in the project is critical in order to manage and complete the project successfully. The earlier the risk can be identified, the earlier the plan can be made to mitigate the effects of the potential risks. There are a lot of tools and techniques or method available to identify the project risks.
182310
Risk Avoidance vs. ... Risk avoidance and risk reduction are two ways to manage risk. Risk avoidance deals with eliminating any exposure to risk that poses a potential loss, while risk reduction deals with reducing the likelihood and severity of a possible loss.
532157
Risk Response Planning is a process of identifying what you will do with all the risks in your Risk Register. The main risk response strategies for threats are Mitigate, Avoid, Transfer, Actively Accept, Passively Accept, and Escalate a Risk. ... Your risk management efforts are as good as each separate component.
1083789
Risk management focuses on the uncertainty, probability, and consequence of various threats to both a company's bottom line and its ability to deliver goods and services on time. ... While quality management and risk management are different, they complement each other and must work together.
1282299
['Evaluate and Identify Current Risks. Take a critical look at your business and identify areas with risk exposure. ... ', 'Prioritize by Probability and Impact. ... ', 'Ensure Supplier Quality. ... ', 'Diversify Suppliers. ... ', "Be Aware of Suppliers' Risks. ... ", 'Include Partners in Risk Planning. ... ', 'Purchase Cargo Insurance. ... ', 'Be Transparent with Partners.']
358846
The Journal of the American Society of Safety Engineers outlines the distinction between risk assessment and risk management as follows - risk management is a term that describes the efforts of an entire organization to mitigate workplace injuries, while risk assessment is the process by which specific problems and ...
199352
['Value Management (VM). The full range of value techniques available. ... ', 'Value Planning (VP). Value techniques applied during the planning phases of a project.', 'Value Engineering (VE). ... ', 'Value Analysis (VA).']
1187040
['Risk identification.', 'Qualitative risk analysis.', 'Quantitative risk assessment.', 'Risk response planning.', 'Risk monitoring and control.']
202577
['Risk Management issues which are often overlooked.', 'Lack of accountability.', 'Not taking risk assessment seriously.', 'Lack of transparency.', 'Overlooking risks which are known.', 'Failure with managing risks on real time basis.', 'Not prioritizing vulnerabilities.', 'Stressing too much on High Impact, Low Probability Risks.']
166
['First Dimension of Risk. Without much exception, risk professionals start with an assessment of risk. ... ', 'Second Dimension of Risk. The second dimension of risk is the process of deciding what actions to take or avoid based on the findings in the first phase. ... ', 'Third Dimension of Risk.']