Risk Management Framework: Risk Response Development

risk response

When a risk event is identified and assessed, a decision must be made concerning which response is appropriate for the specific event.This will be the third process inside an effective risk management framework and you need to take notice if it’s importance and impact on the project. Responses to risk can be classified as mitigating,…

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Risk Management Framework: Probability Analysis

probability analysis

Probability analysis is one of the techniques that can be used in the Risk Assessment process. Although there are many statistical techniques available to the project manager that can assist in assessing project risk, probability analysis is one of the more common ones. Here are a few examples: Decision trees have been used to assess…

Risk Management Framework: Risk Assessment

risk assessment

The Risk Identification Process produces a list of potential risks. Not all of these risks deserve attention. Some are trivial and can be ignored, while others pose serious threats to the welfare of the project. Managers have to develop methods for sifting through the list of risks, eliminating inconsequential or redundant ones and stratifying worthy…