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Managing Risk - Coggle Diagram
Managing Risk
Step 2: Risk Assessment
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◆Risk severity matrix◆
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Dark areas must be treated first, followed by light areas
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Probability analysis
Decision trees, NPV, and PERT
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◆Opportunity◆ Management
Exploit
Seeking to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens
Share
Allocating some or all of the ownership of an opportunity to another party who is best able to capture the opportunity for the benefit of the project
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Accept
Being willing to take advantage of an opportunity if it occurs, but not taking action to pursue it
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Contingency Funds
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◆Management reserves◆
Are large funds to be used to cover major unforeseen risks (e.g., change in project scope) of the total project.
◆Time Buffers◆
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Severe risk, merge, noncritical, and scarce resource activities
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