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Risk techniques

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Decisions, decisions

Hillson

A large part of the risk management process involves looking into the future and trying to understand what might happen and whether it matters. One important quantitative technique which might help is decision tree analysis.

Risk Doctor

Everyone loves brainstorming

Hillson

For many, brainstorming is not just one
technique among several; it’s the only one they use.

Risk Doctor

Using risk matalanguage to identify risks

Hillson

Unambiguous risk descriptions are essential if we are to risk effectively. One tool for describing risks is risk metalanguage, which separates the risk from its causes and effects using a three-part sentence.

Risk Doctor

Three tenses of risk identification

Hillson

Risk identification techniques fall into three categories, which have different time perspectives – past, present and future.

Risk Doctor

Using risk metalanguage to develop risk responses

Hillson

In order to understand a risk fully it is helpful to identify its causes as well as its effects. Risk metalanguage can help by separating cause-risk-effect in a three-part description.

Risk Doctor

How high is high?

Hillson

The most basic risk assessments use descriptive labels for probability and impact, such as high, medium and low. If I tell a colleague that one of my risks was as low-high, she has no way of knowing exactly what I mean.

Risk Doctor

Problems with probability

Hillson

It is common to use the terms “probability” and “impact” to describe two dimensions of risk, and assessing the significance of any given risk means considering both.

Risk Doctor

Addressing the bias in probability and impact assessments.

Murray-Webster and Simon

For many P3 managers using a probability-impact grid, either subconscious or conscious bias will mean that they are wasting their time, because of the way people tend to think about threats and opportunities.

Lucidus consulting

Brainstorming doesn't work

Watson

In a multicultural project team the project manager must take care to observe the contributions of all participants in that common problem-solving environment, the team brainstorm.

Obsideo

 

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4th December 2014Additional articles from Hillson

Risk techniques

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