Managing project risk and opportunities

Assignment Help Business Management

Reference no: EM132547693

Risk assessment refers to the overall process of risk identification, risk analysis and risk evaluation; in the scope of the Risk Management Planning Process. Risk identification generates a list of the risks that may have an impact on the project and create uncertainty about whether or not it will achieve or exceed its objectives. Risk analysis is the systematic use of available information to develop an understanding of the risk. Risk evaluation is the process of comparing the estimated level of risk against risk criteria to determine the significance of the risk. Applying this process helps a project team make informed decisions about how to take action towards controlling/managing risks.

Applying your understanding of the stages of the Risk Assessment Process, how do you believe you have applied these steps in order to make informed decisions in your personal or professional life?

In your response, consider the following:

Question -Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome? Ex. You write down pro's & con's for a potential decision.

Question -What information do you use when ‘weighing your options'? Ex. Historical results/outcomes, feedback from a trusted source, etc.

Question -What "criteria" do you use to decide what's MOST important to you when making your decision? Ex. Your personal morals, company policy, the opinion of others, etc.

Reference no: EM132547693

Questions Cloud

Calculate the investment turnover for the period : Calculate the investment turnover (rounded) for the period. Richard's Division of Richard and Sons has the data related to a particular period

Flow wise content writ-up : Flow wise content writ-up - Store Manager Preparer's and Pack's Order and Assign's to Delivery Manager

Employment And Labor Law-Civil Rights Act : Identify the classes of employees protected by Title VII of the Civil Rights Act. Do you think Title VII and Affirmative Action are still necessary?

Calculate the effect on fabrication division net income : Assume that Fabrication Department is operating at full capacity. Explain whether it should accept the transfer price proposed by management.

Managing project risk and opportunities : Risk assessment refers to the overall process of risk identification, risk analysis and risk evaluation; in the scope of the Risk Management Planning Process.

Specific reasons per trophic level : Pikas originated in Asia. Which abiotic factor plays the largest role in determining where pikas can live? How did the American

Find how much equity does tiggie have on the balance sheet : If the firm's total debt at year-end was $35 million, how much equity does Tiggie's have on its balance sheet? (Enter your answer in millions of dollars)

Where are electrons lost by photosystem : Where are electrons lost by photosystem 1(p700) are replace by electrons released from where?

Technology giant to face criticism in terms of ethical issue : Jeff Bezos is not the only technology giant to face criticism in terms of ethical issues involved with his business.

User Account

All Pages