Risk responses - Revision history

Tkokotas at 17:45, 16 November 2018

2018-11-16T17:45:24Z

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			''Developed by David Baldursson''


	There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. In order to manage risk and uncertainty it is important to understand four elements of the risk management process of identifying, assess, respond and control of the risk events and their sources. After undergoing the steps of identifying and assess the risks at hand during the project, it is the process of developing a strategic response that enables the proper action for the uncertainty of the outcome, whether the risk poses a threat to the project that has to be mitigated or if it is an opportunity to exploit. This article will give an overview of the planning, strategies and tools for the risk response process. The project benefits of addressing risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed <ref name="PMI" />.		There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. In order to manage risk and uncertainty it is important to understand four elements of the risk management process of identifying, assess, respond and control of the risk events and their sources. After undergoing the steps of identifying and assess the risks at hand during the project, it is the process of developing a strategic response that enables the proper action for the uncertainty of the outcome, whether the risk poses a threat to the project that has to be mitigated or if it is an opportunity to exploit. This article will give an overview of the planning, strategies and tools for the risk response process. The project benefits of addressing risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed <ref name="PMI" />.

S162284 at 19:00, 27 February 2018

2018-02-27T19:00:38Z

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	Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. Project Management Institute practice standards are in general guides to the use of a tool, technique, or process identified in Project Management Body of Knowledge ( PMBOK ® Guide – Fifth Edition).		Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. Project Management Institute practice standards are in general guides to the use of a tool, technique, or process identified in Project Management Body of Knowledge ( PMBOK ® Guide – Fifth Edition).

	* '' Chatzipanos, P. A. & Giotis, T. (2014)'' Cognitive biases as project & program complexity enhancers: the Astypalea project.		* ''Chatzipanos, P. A. & Giotis, T. (2014)'' Cognitive biases as project & program complexity enhancers: the Astypalea project.

	This paper tries to illustrate the role of cognitive biases as complexity enhancers in programs and projects.		This paper tries to illustrate the role of cognitive biases as complexity enhancers in programs and projects.
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	This newly released book provides the discussion of risk management and perception. It includes a number of researches and case studies in the field of risk management.		This newly released book provides the discussion of risk management and perception. It includes a number of researches and case studies in the field of risk management.

			* ''Hopkin, P. (2013)'' Risk Management. Publisher: Kogan Page.

			In this book, Paul Hopkin tries to explain the theory of risk management in simplified manner. Chapter 3 focuses solely on different risk responses and their importance.

	=References=		=References=

S162284: /* Further reading */

2018-02-27T18:47:35Z

S162284: /* Risk respond strategies */

2018-02-27T18:39:26Z

Risk respond strategies

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	Another important strategy would be to delay the important decision. With time the available knowledge and information would increase.		Another important strategy would be to delay the important decision. With time the available knowledge and information would increase.

	[[File:Risk_responses.JPG\|~~400px~~\|thumb\|center\|Inputs and outputs of plan risk responses]]		[[File:Risk_responses.JPG\|600px\|thumb\|center\|Inputs and outputs of plan risk responses]]

	=Tools for risk responses=		=Tools for risk responses=

S162284: /* Risk respond strategies */

2018-02-27T18:38:59Z

Risk respond strategies

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	Another important strategy would be to delay the important decision. With time the available knowledge and information would increase.		Another important strategy would be to delay the important decision. With time the available knowledge and information would increase.

	[[File:Risk_responses.JPG\|~~200px~~\|thumb\|center\|Inputs and outputs of plan risk responses]]		[[File:Risk_responses.JPG\|400px\|thumb\|center\|Inputs and outputs of plan risk responses]]

	=Tools for risk responses=		=Tools for risk responses=

S162284 at 18:38, 27 February 2018

2018-02-27T18:38:40Z

← Older revision		Revision as of 18:38, 27 February 2018
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	Another important strategy would be to delay the important decision. With time the available knowledge and information would increase.		Another important strategy would be to delay the important decision. With time the available knowledge and information would increase.

			[[File:Risk_responses.JPG\|200px\|thumb\|center\|Inputs and outputs of plan risk responses]]

	=Tools for risk responses=		=Tools for risk responses=

S162284: /* Plan risk responses */

2018-02-27T18:34:07Z

Plan risk responses

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	= Plan risk responses =		= Plan risk responses =
	[[File:Plan_risk_responses.JPG\|~~400px~~\|thumb\|right\|Steps of plan risk responses]]		[[File:Plan_risk_responses.JPG\|200px\|thumb\|right\|Steps of plan risk responses]]
	In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.		In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.

S162284: /* Plan risk responses */

2018-02-27T18:33:56Z

Plan risk responses

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	= Plan risk responses =		= Plan risk responses =
	[[File:Plan_risk_responses.~~jpg~~\|400px\|thumb\|right\|Steps of plan risk responses]]		[[File:Plan_risk_responses.JPG\|400px\|thumb\|right\|Steps of plan risk responses]]
	In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.		In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.

S162284: /* Plan risk responses */

2018-02-27T18:32:07Z

Plan risk responses

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	= Plan risk responses =		= Plan risk responses =
	[[File:~~Plan risk responses~~.jpg\|400px\|thumb\|right\|Steps of plan risk responses]]		[[File:Plan_risk_responses.jpg\|400px\|thumb\|right\|Steps of plan risk responses]]
	In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.		In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.

S162284: /* Plan risk responses */

2018-02-27T18:31:37Z

Plan risk responses

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	= Plan risk responses =		= Plan risk responses =
			[[File:Plan risk responses.jpg\|400px\|thumb\|right\|Steps of plan risk responses]]
	In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.		In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI" />. According to the Project Management Institute (2013) the definition of Risk management in projects is: “to identify and prioritize risks in advance of their occurrence and provide action-oriented information to project managers. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects<ref name="PMI" />. There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. Risk in theory could be described as the variation from an expected value, negative or positive. We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. Decisions are made to eliminate risks and with sufficient knowledge of possible risks turn them into chances, thus introducing risk management. In order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen.

← Older revision		Revision as of 18:47, 27 February 2018
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	=Further reading=		=Further reading=
			* ''Project Management Institute (2013)'' Project risk management. Project Management Institute, Inc.

			Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. Project Management Institute practice standards are in general guides to the use of a tool, technique, or process identified in Project Management Body of Knowledge ( PMBOK ® Guide – Fifth Edition).

			* '' Chatzipanos, P. A. & Giotis, T. (2014)'' Cognitive biases as project & program complexity enhancers: the Astypalea project.

			This paper tries to illustrate the role of cognitive biases as complexity enhancers in programs and projects.

			* ''Strang, K. D., Korstanje, M. E., & Vajjhala, N. (2018)'' Research, Practices, and Innovations in Global Risk and Contingency Management. Hershey, PA: IGI Global.

			This newly released book provides the discussion of risk management and perception. It includes a number of researches and case studies in the field of risk management.

	=References=		=References=