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Risk Management
What is risk?
A risk is an unwanted event that will produce negative effects. ...
Major Activities in managing risk. ... Risk management can be divided into two phases. ... These two phases are Risk Analysis Phase and Risk Management Phase. ... Under risk analysis phase, major activities like risk identification, risk estimation and risk evaluation take place. ... Under risk management phase, major activities like planning, resourcing, controlling and monitoring of risk take place.
Risk Identification
1. In risk identification, the question asked is “What are the problems that will occur and is unacceptable? ... Risk for in an information system could be power failure, insufficient resources, specifications not met, wrong data entry, system design contain a fault and not meeting deadlines. ... It is easier to identify risk in a project by breaking down activities of a project and then identify all potential risk that may occur in each activity.
Risk Estimation
1. Risk estimation follows on from risk identification. ... Likelihood of a risk is the rate of possibility of the risk will happen.
Approximate Word count = 794
Approximate Pages = 3.2
(250 words per page double spaced)
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