Risk Breakdown Structure (RBS) - Revision history

CrewMember at 13:42, 22 March 2022

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	'''Project Management Institute. (2009). "Practice standard for project risk management. Newtown Square"''': This book contains a broad spectrum of knowledge regarding risk management in the project management context. It is recommended to those who are interested in diving into the Risk Management field		'''Project Management Institute. (2009). "Practice standard for project risk management. Newtown Square"''': This book contains a broad spectrum of knowledge regarding risk management in the project management context. It is recommended to those who are interested in diving into the Risk Management field


	==References==		==References==

	<references/>		<references/>

CrewMember at 13:42, 22 March 2022

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	Risk monitoring and control keep track of the identified risks, residual risks, and new risks. It also monitors the execution of planned strategies on the identified risks and evaluates their effectiveness. Risk monitoring and control continue for the life of the project <ref name=Project Risk Register Analysis Based on the Theoretical Analysis of Project Management Notion of Risk"> Uzulāns, Juris. (2016). "Project Risk Register Analysis Based on the Theoretical Analysis of Project Management Notion of Risk" Economics and Business</ref>.		Risk monitoring and control keep track of the identified risks, residual risks, and new risks. It also monitors the execution of planned strategies on the identified risks and evaluates their effectiveness. Risk monitoring and control continue for the life of the project <ref name=Project Risk Register Analysis Based on the Theoretical Analysis of Project Management Notion of Risk"> Uzulāns, Juris. (2016). "Project Risk Register Analysis Based on the Theoretical Analysis of Project Management Notion of Risk" Economics and Business</ref>.


	==The concept of Risk Breakdown Structure (RBS)==		==The concept of Risk Breakdown Structure (RBS)==
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	*Another advantage of the RBS is the '''ease to update''' the information. As noted in this article, RBS can be an iterative process that updates along with the project, it is therefore important that this tool can be easily modified.		*Another advantage of the RBS is the '''ease to update''' the information. As noted in this article, RBS can be an iterative process that updates along with the project, it is therefore important that this tool can be easily modified.


	==Drawbacks of the RBS==		==Drawbacks of the RBS==
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	*Another drawback of RBS, is that it is difficult to '''account for interactions between risks''' <ref name="Dynamic and multi-perspective risk management of construction projects using tailor-made Risk Breakdown Structures"> Rasool Mehdizadeh. (2012)."Dynamic and multi-perspective risk management of construction projects using tailor-made Risk Breakdown Structures"</ref>. RBS lacks the way to describe the relationship between the risks and how much a risk can affect another. For example, the occurrence of an event of natural hazard could trigger the event of financial instability in the company.		*Another drawback of RBS, is that it is difficult to '''account for interactions between risks''' <ref name="Dynamic and multi-perspective risk management of construction projects using tailor-made Risk Breakdown Structures"> Rasool Mehdizadeh. (2012)."Dynamic and multi-perspective risk management of construction projects using tailor-made Risk Breakdown Structures"</ref>. RBS lacks the way to describe the relationship between the risks and how much a risk can affect another. For example, the occurrence of an event of natural hazard could trigger the event of financial instability in the company.


	==Annotated Bibliography==		==Annotated Bibliography==

CrewMember at 13:41, 22 March 2022

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	[[File:Pharmaceutical_RBS.png‎\|400px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>]]		[[File:Pharmaceutical_RBS.png‎\|400px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>]]


	==Advantages of the RBS==		==Advantages of the RBS==

CrewMember: /* Pharmaceutical Products Development Project */

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Pharmaceutical Products Development Project

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	===Pharmaceutical Products Development Project===		===Pharmaceutical Products Development Project===
	The RBS in figure 6 is associated with the development of pharmaceutical products (vaccines ~~to be exact~~) inside a pharmaceutical industry <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>.		The RBS in figure 6 is associated with the development of pharmaceutical products (vaccines) inside a pharmaceutical industry <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>.

	[[File:Pharmaceutical_RBS.png‎\|400px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>]]		[[File:Pharmaceutical_RBS.png‎\|400px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>]]

CrewMember: /* Application of RBS */

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Application of RBS

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	==Application of RBS==		==Application of RBS==
	[[File:generic_rbs.png‎\|~~300px~~\|thumb\|right\| Figure 4: Generic RBS model]]		[[File:generic_rbs.png‎\|400px\|thumb\|right\| Figure 4: Generic RBS model <ref name="Universal Risk Project"> Hall and Hulett. (2002)."Universal Risk Project"</ref>]]

	There have been several applications of the Risk Breakdown Structure in different fields that are showcased further below		There have been several applications of the Risk Breakdown Structure in different fields that are showcased further below
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	Assessment for Construction Design Management"</ref>.		Assessment for Construction Design Management"</ref>.

	[[File:Construction_Design_Project.png\|~~300px~~\|thumb\|right\| Figure 5: Construction Design Project‎ RBS]]		[[File:Construction_Design_Project.png\|400px\|thumb\|right\| Figure 5: Construction Design Project‎ RBS <ref name="The Controlling Inﬂuences on Eﬀective Risk Identiﬁcation and
			Assessment for Construction Design Management"> Chapman, R. J. (2001)."The Controlling Inﬂuences on Eﬀective Risk Identiﬁcation and
			Assessment for Construction Design Management"</ref>]]

	===Pharmaceutical Products Development Project===		===Pharmaceutical Products Development Project===
	The RBS in figure 6 is associated with the development of pharmaceutical products (vaccines to be exact) inside a pharmaceutical industry <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>.		The RBS in figure 6 is associated with the development of pharmaceutical products (vaccines to be exact) inside a pharmaceutical industry <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>.

	[[File:Pharmaceutical_RBS.png‎\|~~300px~~\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]		[[File:Pharmaceutical_RBS.png‎\|400px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>]]

	==Advantages of the RBS==		==Advantages of the RBS==

CrewMember: /* Application of RBS */

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Application of RBS

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	==Application of RBS==		==Application of RBS==
			[[File:generic_rbs.png‎\|300px\|thumb\|right\| Figure 4: Generic RBS model]]

	There have been several applications of the Risk Breakdown Structure in different fields that are showcased further below		There have been several applications of the Risk Breakdown Structure in different fields that are showcased further below
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	Hall & Hulett have made an effort to create a generic template of an RBS that would fit most of the projects regardless of the sector (industrial, governmental, commercial), the country and the headcount. The regarding RBS structure can be used as a first draft that should later be adjusted and personalized to the case scenario (figure 4) <ref name="Universal Risk Project"> Hall and Hulett. (2002)."Universal Risk Project"</ref>.		Hall & Hulett have made an effort to create a generic template of an RBS that would fit most of the projects regardless of the sector (industrial, governmental, commercial), the country and the headcount. The regarding RBS structure can be used as a first draft that should later be adjusted and personalized to the case scenario (figure 4) <ref name="Universal Risk Project"> Hall and Hulett. (2002)."Universal Risk Project"</ref>.

	~~[[File:generic_rbs.png‎\|300px\|thumb\|right\| Figure 4: Generic RBS model]]~~

	===Construction Design Project===		===Construction Design Project===

CrewMember: /* Application of RBS */

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Application of RBS

← Older revision		Revision as of 13:36, 22 March 2022
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	Hall & Hulett have made an effort to create a generic template of an RBS that would fit most of the projects regardless of the sector (industrial, governmental, commercial), the country and the headcount. The regarding RBS structure can be used as a first draft that should later be adjusted and personalized to the case scenario (figure 4) <ref name="Universal Risk Project"> Hall and Hulett. (2002)."Universal Risk Project"</ref>.		Hall & Hulett have made an effort to create a generic template of an RBS that would fit most of the projects regardless of the sector (industrial, governmental, commercial), the country and the headcount. The regarding RBS structure can be used as a first draft that should later be adjusted and personalized to the case scenario (figure 4) <ref name="Universal Risk Project"> Hall and Hulett. (2002)."Universal Risk Project"</ref>.

			[[File:generic_rbs.png‎\|300px\|thumb\|right\| Figure 4: Generic RBS model]]

	===Construction Design Project===		===Construction Design Project===
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	Assessment for Construction Design Management"> Chapman, R. J. (2001)."The Controlling Inﬂuences on Eﬀective Risk Identiﬁcation and		Assessment for Construction Design Management"> Chapman, R. J. (2001)."The Controlling Inﬂuences on Eﬀective Risk Identiﬁcation and
	Assessment for Construction Design Management"</ref>.		Assessment for Construction Design Management"</ref>.

			[[File:Construction_Design_Project.png\|300px\|thumb\|right\| Figure 5: Construction Design Project‎ RBS]]

	===Pharmaceutical Products Development Project===		===Pharmaceutical Products Development Project===
	The RBS in figure 6 is associated with the development of pharmaceutical products (vaccines to be exact) inside a pharmaceutical industry <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>.		The RBS in figure 6 is associated with the development of pharmaceutical products (vaccines to be exact) inside a pharmaceutical industry <ref name="Use a risk breakdown structure (RBS) to understand your risks"> Hillson, D. (2002). "Use a risk breakdown structure (RBS) to understand your risks", Project Management Institute </ref>.

			[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]
	~~[[File:generic_rbs.png‎\|300px\|thumb\|left\| Figure 4: Generic RBS model]] [[File:Construction_Design_Project.png\|300px\|thumb\|left-center\| Figure 5: Construction Design Project‎ RBS]]~~
	[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]

	==Advantages of the RBS==		==Advantages of the RBS==

CrewMember: /* Pharmaceutical Products Development Project */

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Pharmaceutical Products Development Project

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	[[File:generic_rbs.png‎\|300px\|thumb\|left\| Figure 4: Generic RBS model]] [[File:Construction_Design_Project.png\|300px\|thumb\|center\| Figure 5: Construction Design Project‎ RBS]]		[[File:generic_rbs.png‎\|300px\|thumb\|left\| Figure 4: Generic RBS model]] [[File:Construction_Design_Project.png\|300px\|thumb\|left-center\| Figure 5: Construction Design Project‎ RBS]]
	[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]		[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]

CrewMember: /* Application of RBS */

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Application of RBS

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	[[File:generic_rbs.png‎\|300px\|thumb\|left\| Figure 4: Generic RBS model]] [[File:Construction_Design_Project.png\|300px\|thumb\|center~~-left~~\| Figure 5: Construction Design Project‎ RBS]]		[[File:generic_rbs.png‎\|300px\|thumb\|left\| Figure 4: Generic RBS model]] [[File:Construction_Design_Project.png\|300px\|thumb\|center\| Figure 5: Construction Design Project‎ RBS]]
	[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]		[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]

CrewMember: /* Application of RBS */

2022-03-22T13:34:14Z

Application of RBS

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	[[File:generic_rbs.png‎\|300px\|thumb\|left\| Figure 4: Generic RBS model]] [[File:Construction_Design_Project.png\|300px\|thumb\|left\| Figure 5: Construction Design Project‎ RBS]]		[[File:generic_rbs.png‎\|300px\|thumb\|left\| Figure 4: Generic RBS model]] [[File:Construction_Design_Project.png\|300px\|thumb\|center-left\| Figure 5: Construction Design Project‎ RBS]]
	[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|~~left~~\| Figure 6: Pharmaceutical Project RBS]]		[[File:Pharmaceutical_RBS.png‎\|300px\|thumb\|right\| Figure 6: Pharmaceutical Project RBS]]

	==Advantages of the RBS==		==Advantages of the RBS==