Risk management : Risk assessment
In project management, a risk is a possible event or circumstance that can have negative influences on a project. Its influence can be on the schedule, the resources, the scope and/or the quality.When a risk escalates, it becomes a liability. A liability is a negative event or circumstance that is hindering the project.
The primary data needed to do risk management are the following:
- ID: unique identifier for identification in other documents
- description: what is the risk?
- effect: what can happen if the risk becomes a liability?
- precaution: what can prevent the risk from becoming a liability?
- contigency: how to handle the liability?
- risk status: status of the risk: new, ongoing, closed
- risk escalation probability (P): what is the probability of the risk becoming a liability (rating from 0 to 1, for example)
- schedule impact (S): what is the impact of the liability on the project schedule.
In addition, every risk can also have a number of action points associated with it. This is to ensure contingency when the risk becomes a liability.
From the information above and the cost accrual ratio[?] (CAR), i.e., the total average cost per person per time unit, a project manager can calculate
- cost impact (C = CAR * S): the cost associated with the risk if it arises.
- schedule variance due to risk (Rs = P * S): sorting on this value puts the highest risks to the schedule first.
- cost variance due to risk (Rc = P * C): sorting on this value puts the highest risks to the budget first.
Risk in a project or process can be due either to special causes of deviation[?] or common causes of deviation[?] and requires appropriate treatment.
See also: Project management, Earned value management, critical chain, precautionary principle.
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to commemorate one whom he lamented, "so young and strong,
his season of fruit and flower bearing. He never lost the simple faith
the indispensable things, of which all formulated faiths
with the rough embodiment in which his ancestors had laboured
upon their own and their children's minds and consciences.
to him "the most suggestive picture in the world": What I spent I had:
"It will be in your power every day to store up for yourselves
of kind acts performed, things that having given away freely you yet possess.
look up and say, Lord, when saw we Thee anhungered and fed Thee;
naked and clothed Thee; and there meets them that warrant-royal
ye have done it unto Me, there will be amongst those awed ones
a worn but willing hand, by using again the words which once I used before:
John McCrae was the well beloved of his friends. He will be missed
a new poignancy in the Miltonic phrase,
But O the heavy change, now thou art gone,
London,
End of this Project Gutenberg Etext of In Flanders Fields
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