Talk:Risk management

Cristina Sima — Sat, 24 Mar 2012 12:36:22 GMT

Cristina Sima:

Contributors: Bogdan Dragotoiu, Cristina Sima, Maria Alexandra Baescu

Hi both,

I've just finished to read both articles on Risk managerment, and mainly I would like to write about what ideeas realy stuck in my mind and the ones which I think there true also I found 2 nice quotes which I would like to share. Hope that is ok with you, also!

Regards,
Cristina

Talk:Risk management

Cristina Sima — Wed, 14 Mar 2012 08:20:44 GMT

Cristina Sima: /* Definitions */ new section

Contributors: Bogdan Dragotoiu, Cristina Sima, Maria Alexandra Baescu

== Definitions ==

The first question to be asked on this topic is: "What is a '''Risk'''?". Briefly and commonly known a "Risk" is:

- The possibility of suffering a harm or lost.

- An element, factor or way that includes unknown dangers.

- An event that could happen and reduces the chance of success.

In a Project management approach, it can be consider that: "A risk is '''PROBLEM WAITING TO HAPPEN'''".
To better understand and indentify a risk, it is indicated to look for some particular properties of it, like:

- A Risk is an event in the '''future''', not in the present.

- It '''could''' happen (is not a fact)

- It is '''potentially''' harmful

- It could increase, decrease, disappear or happen

Now passing on to the second aspect of risk in an organizational and economic entity, it is time to ask: "What is '''Risk Management'''?". We can define this concept as being: "The process of identifying risks, analyzing the exposure to them and determining how to best handle such exposure in order to decrease the probability of a project failure".

In practice, Risk Management has the following key elements:

*Objective

- Identify and qualify project risks

*Directives

- Identify project risks (3 to 5 risks)

- Build risk statements

- Identify project probability and loss, and calculate exposure

- Rank risks

*In group

- Discuss the identified top n risks

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Talk:Risk management

Talk:Risk management