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4.1.3.3. Risk Management Techniques for Project Success - Coggle Diagram
4.1.3.3. Risk Management Techniques for Project Success
Importance of Risk Management
Definition
identifying risks and issues,
assessing
implementing steps to mitigate their impact.
Focus Areas
ensuring dependencies are met on time
scope
minimizes budget-changes
timeline extensions.
Identifying Risks
Brainstorming with the Team
Identifying risks based on team member’s previous project experiences.
Document: risk register.
Using If/Then Statements
Example: "If [event occurs], then [impact on the project]."
Calculating Risk Exposure
Risk Exposure Definition
Risk exposure quantifies the potential future loss
stemming from specific activities or events.
Matrix Creation
two factors:
risk impact (on the horizontal axis)
probability (on the vertical axis).
Classify risks as high, medium, or low along both axes to visualize their exposure.
Prioritization
Prioritize risks based on the matrix.
Have a mitigation plan ready for high-impact risks, even if they are unlikely to occur.