CS 435 - Week 9 Lecture 1 - 2014-03-25
* risk -
"an exposure to the chance of injury or loss"
implication: a CHANCE that something negative might happen
implication: COULD be an adverse effect on cost, quality,
or schedule;
* risk management -
an attempt to MINIMIZE the chances of such negative impacts;
try to minimize the impact of risks on cost, quality,
or schedule;
* risk management begins where "normal" project management
ends;
COULD be said to deal with:
* identifying undesirable events that CAN occur,
* the probability of their occurring,
* and the loss/recovery if an undesirable event
does occur;
...with that in hand, strategies can be devised
BOTH for reducing probability of the risk
actually occurring, or dealing with it if it does;
* so: risk management
revolves around risk ASSESSMENT - what are the risks,
and their likelihood?
and risk CONTROL (what are we going to DO about them?)
risk ASSESSMENT:
several steps: risk identification
risk analysis
risk prioritization