POM L12 Flashcards
What is a risk ?
…is the deviation of a result of a future event
from expectations
# … is uncertain whether it will materialize or
not
# …is a potential harm that may arise of such an
event
#…might accrue a the failure to attain some
benefit
#… depends on our decisions
Risk Management Framework ?
From RISK to Benefits : Identify Risk»_space;» Control Risk»_space;»> Reduce Risk
Methods to identify risk ?
brainstorming, checklists, expert
discussions, SWOT analysis (strengths, weaknesses,
opportunities, threats)
What are 5 risk management perspectives ?
DAMMS
Development, Attitude, Methods, Morphology, Skills
What are the managements common view ?
. Strategy • Planning • Organisation • Leadership • Control
Risk identification
- What might affect the objectives
- grouping the risk into categories
- assigning risk triggers
What are the 4 possible response types for mitigation ?
Avoidance-based: Try to avoid risk occurrence.
Control-based: Identify actions to control risk occurrence
Transfer-based: Delegate the risk (to subcontractors)
Investigation-based: Try to analyze risk further.
What are the reactions to renewed concept of uncertainty ?
#Scenario analysis #Stress tests #Mix of quantitive and qualitative views
What are the risk management skills (Risk management development layers)?
“DIRK”
1) Distance
2) Intuition (+quick - requires lots of experiences)
3) Rules (+transparent - conservative)
4) Knowledge (+understanding - slow)
What is a Tornado Model ?
It is a scenario based design, It is deriven from visionary scenario to demo scenario.
What is a scenario based Design ?
It starts with a problem based statement which is given by the client (includes Problem Description, Scenarios, Requirements, …). At the end it is transferred from visionary to formalized scenario.
What are the 6 components of formalized scenario ?
#Scenario Name (Contains noun and verb) #Flow of Events (User and system interaction), #Entry Conditions ( conditions that have to be met before the Flow of Events can start.), #Exit Conditions (conditions that have to be true at the end of the Flow of Events.), #Quality Requirements, Actors (concrete user of the system)
