1.

What Are The Guidelines For Assessing Risks For A Project?

Answer»

Projects are very dynamic in nature. This suggests that risks should be re-assessed and re-evaluated to update plans and schedules continuously. Risks should be assessed until they are resolved or turn into issues to be handled. Risks should be assessed using a Master risk list which has the FOLLOWING information for ASSESSMENT:

  • Priority: Determined based on the Risk exposure.
  • Condition: The state of the project that causes the risk to occur.
  • CONSEQUENCE: The result and the loss caused by the risk.
  • Probability: The LIKELIHOOD of the risk occurring.
  • Impact: The effect of the risk.
  • Exposure: Product of Probability and impact.

Projects are very dynamic in nature. This suggests that risks should be re-assessed and re-evaluated to update plans and schedules continuously. Risks should be assessed until they are resolved or turn into issues to be handled. Risks should be assessed using a Master risk list which has the following information for assessment:


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