Risk Management Part I Dr. Zahi Yaseen Contact Us

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Presentation transcript:

Risk Management Part I Dr. Zahi Yaseen Contact Us 00971 45566977 ced@ud.ac.ae

Risk Risk is the possibility of suffering loss. It is the potential future harm that might occur due to some present action. There are three kinds of measures Probability- It is a measure of the likelihood that a threat will occur. Impact- It is a measure of the loss that occur when threat is realized. Risk exposure- It helps to measure the magnitude of a risk

Types of risks Technical risk: Includes problem with languages, project size, project functionality . Management risk: It includes lack of management experience and lack of planning. Financial risk: Includes cash flow, capital and budget issues. Project Risks: affect project schedule or resources. Product Risks: affect product quality or performance Personnel risk: Includes staffing lags, experience and training problems.

Risk Management Risk management is a process for minimizing the risks. Risk management activities: Asses risk: Estimate the impact of the risk. Plan for risk mitigation: It addressing or mitigating each and every risk, and produce a plan for implementing it. Mitigate risk: It identifies the risk and tracking the plan to completion.

Risk Management How to deal with Risk? There are only three things you can do with regard to Risk: Eliminate it Mitigate it Accept it But it depends on the likelihood of happening

Qualitative & quantitative risk analysis Qualitative Risk Analysis highlights the threat level such as High, medium and low and the likelihood of occurrence. So we prioritize our risk based on risk score. Probability from 0-1, the impact scale could be from 1-5 or from 1-10, it must be consistent in your company. In this case (Probability X impact scale) Quantitative Risk Analysis highlights a cost, a monetary loss, to a particular risk exposure. It’s quantifying the impact of the risk into currency and time in order to develop a probabilistic analysis of the project. In this case we need may be special software or models ( Decision Tree analysis)and a lot of data.

Qualitative Risk Analysis

Qualitative Risk Analysis

Quantitative Risk Analysis

References Charette, Robert N. Application Strategies for Risk Analysis. New York, NY: McGraw-Hill Book Company, 1990. Kontio, Jyrki: Risk Management: A Method, Improvement Framework, and Empirical Evaluation.

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