Unit 12

Question 0

Ways of identifying risks

Answer 0

Brainstorming
Diverse people, meeting, use a structure (PESTLE, checklists)

Interviews
Targeted, more honest

Checklists
Developed over time, can be misused

Lessons learned
Look at history

Questionnaires
Send to wide range of stakeholders
Carefully crafted

SWOT

Question 1

5 Steps of Risk Management Process

Answer 1

Initiate (happens once)
baseline, needs clear objectives, scope, success criteria
How’s it done

Identify
Brainstorming, interviews, checklists, lessons Learned, questionnaires

Assess
Grading impact vs probability

Plan Resources
Threats - Avoid, accept, reduce threat, reduce probability
Opportunities - exploit, invest, reject

Implement responses
Resource, implement, monitor, adjust plans, report

Escalation based on tolerances