Flashcards in POM L12 Deck (12):
What is a risk ?
#…is the deviation of a result of a future event
# … is uncertain whether it will materialize or
# …is a potential harm that may arise of such an
#…might accrue a the failure to attain some
#... depends on our decisions
Risk Management Framework ?
From RISK to Benefits : Identify Risk >>>> Control Risk >>>>> Reduce Risk
Methods to identify risk ?
brainstorming, checklists, expert
discussions, SWOT analysis (strengths, weaknesses,
What are 5 risk management perspectives ?
Development, Attitude, Methods, Morphology, Skills
What are the managements common view ?
-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 ?
#Mix of quantitive and qualitative views
What are the risk management skills (Risk management development layers)?
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.