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Risk Management (About Risks (Aleatoric, Epistemic, Stochastic,…
Risk Management
About Risks
Aleatoric
Epistemic
Stochastic
Qualitative
Quantatitive
External
Internal
ALL FULLY DOCUMENTED
Monitor
keep log + communicate with team and maybe stakeholders
FMEA = likelihood x impact x hideability
assign a responsible person/party to each risk(s)
magnitude = probability x impact
assign likelihood and impact
Control
adapt i.e. reduce risk
avoid i.e. take an alternative route
accept i.e. factor costs into plan
transfer e.g. insurance or sub-contract
prevent i.e. counter measures
Identification and Analysis
Simulation
Past Experience
Statistical Methods
Brainstorm - best to get everyone involved
Soft systems Analysis i.e. people and motivation issues
Identify risks for each chunk/activity on the WBS and even further break down if possible
Systems Analysis
Decision/Influence Diagrams
Expert advice such as using the Delphi method