Information about risk probabilities and impacts will be used in quantitative risk analysis using Monte Carlo simulations. So, Indiana Jones enters that there is a 50% probability that he will meet a maniacal Nazi scientist.Īfter entering in the risk information into his risk register, Indian Jones will be able to understand both the potential impacts of the risk and have information that will help him come up with plans to minimize or avoid the probable consequences of each risk. Usually, a risk has a single probability for all risk categories. Indiana Jones enters probabilities for both risk impacts. Evaluating your risks gives your team the chance to see where to focus their energy in mitigating risk. This means assigning each risk a high, medium, or low priority based on the factors you’ve determined. He chooses “Non-injury accident” meaning he probably gets knocked down a few times, but prevails without any grievous wounds as this is the usual outcome of his fights with villains regardless of their size, skill, and weapons. In this stage, you’ll assign priority to risks by using the probability and impact of each risk to determine their risk levels. For each impact type Indiana Jones must define an actual impact value. Since there is nobody else there that he cares about and he does not have any equipment or tools rather than his hat, he chooses “Safety for himself”. Indiana Jones is quite risk tolerant and decides that a fight with a maniacal scientist is not a problem for him and should not have a high impact on his mission. Relative delay, for example task is delayed on 20%, if risk is occurred In our case we can define the type of impact for the impact type related to category project duration:Ī. Impact type is what exactly may happen if risk occurs. Each category may have different impact type.In this case it is duration and safety we doubt that Indiana Jones had any concerns about cost, environment, or public relations. The same risk may affect different categories with different impacts. Select which risk categories this risk will impact.From this information, Indiana Jones can add also the location and expected time when the risk could occur. For example, risk ““Unwanted encounter with the Maniacal Nazi Scientist” will occur only when Indiana Jones is in enemy’s airport just before the plane takes off Indiana Jones will be an owner and manager of this risk he is the one man in the airport, and nobody can help him. Enter the risk in the risk register “Unwanted encounter with the Maniacal Nazi Scientist”.Here is how he might define the risk in a risk register. In this case we can imagine that Indiana Jones is on another mission to recover an ancient artifact and has the risk “Unwanted encounter with the Maniacal Nazi Scientist”. Let’s use one of Hollywood’s most know risk takers Indiana Jones. It is easy to think of this information as answering the question “Who, What, When, Where and How. Once you have identified your risks, to help manage your risks, you need gather additional information about the risk.
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