REVIEW OF RISK MANAGEMENT METHODS
2011Robert Stern, José Carlos AriasREVIEW OF RISK MANAGEMENT METHODSRobert Stern (MBA), José Carlos Arias (PhD, DBA)AbstractProject development, especially in the software related field, due to its complex nature, could oftenencounter many unanticipated problems, resulting in projects falling behind on deadlines, exceedingbudgets and result in sub-standard products. Although these problems cannot be totally eliminated, theycan however be controlled by applying Risk Management methods. This can help to deal with problemsbefore they occur. Organisations who implement risk management procedures and techniques will havegreater control over the overall management of the project. By analysing five of the most commonly usedmethods of risk management, conclusions will be drawn regarding the effectiveness of each method.The origin of each method will be established, along with the typical areas of application, the frameworkof the methods, techniques used by each and the advantages and disadvantages of each of the methods.Each method will be summarised, then an overall comparison will be drawn. Suitable references will beincluded to highlight features, along with diagrams and charts to illustrate differences in each approach.Stern R., Arias J.C. - Review of Risk Management Methods59
Business Intelligence Journal601. IntroductionThere are various methods that have beendeveloped to analyse the risk factors withinany given project. For the purposes of thispaper five methods are analysed in detail,they are as follows: BOEHM (Report Section 2.1) RISKIT (Report Section 2.2) SEI-SRE (Report Section 2.3) SERUM (Report Section 2.4) SERIM (Report Section 2.5)Each of the above methods can be usedas a very effective business tool in makingsure that the risk element of a project iscut down to a minimum, different methodsare effective on different types of project,this paper will establish the differences,similarities and effectiveness among thegiven methods.Section 2.1 looks at the Boehm method,developed by Barry Boehm. He developed aset of principles and practices for managingthe risk of developing software called therisk-analysis paradigm. Boehm’s SoftwareRisk Management model focuses on theconcept of “risk exposure” as defined bythe relationship where the probability of anunsatisfactory outcome and the loss due tothe unsatisfactory outcome determine thevalence of the risk event.Section 2.2 analyses the RISKITapproach, which was developed in August1996 at Maryland University, United States.The RISKIT method is applied mainly inlarge organisations, and used for IT projects.Section 2.3 analyses the SEI-SREmethod, which was originally developed bythe Software Engineering Institute, whichis funded by the US Air Force, a divisionof the American Department of Defence.The method was originally developed as aproject management method and the elementof risk management was later added to theequation.Section 2.4 focuses on the SERUMmethod. It combines the use of theimplicit risk management and explicit riskmanagement. Implicit risk management isa method where by the software processis designed to reduce risk. Explicit riskmanagement is a method where the risksare addresses directly by the process ofidentification, assessment, prioritisation,planning, resolution and monitoring.Section 2.5 analyses the final method,SERIM. The purpose of SERIM is to enableassessment of risk factors in softwaredevelopment from several differentperspectives, and developing focused actionplans to manage risks before they becomerealities.2. Risk Management Methods2.1 BOEHMi. Origin of the Boehm MethodBarry Boehm believes that “RiskManagement helps people avoid disasters,avoid rework, avoid overkill, and stimulatewin-win situations on software projects”Source: http://www.qaiindia.com/Training/softwarerisk.html Boehm’s Software RiskManagement model focuses on the conceptof “risk exposure” as defined by therelationship where the probability of anunsatisfactory outcome and the loss dueto the unsatisfactory outcome determinethe valence of the risk event. The methoddeveloped by Boehm is the original RiskManagement method.Business Intelligence Journal - January, 2011 Vol.4 No.1January
Robert Stern, José Carlos Arias2011ii. Typical Area of Application ofBoehm MethodThe Boehm method can be applied toalmost any software related project.iii. Framework of the Boehm MethodBoehm’s top ten risk items. Risk analysis assesses the lossprobability and loss magnitudefor each identified risk item, andit assesses compound risks in riskitem interactions. Risk prioritisation produces a rankedordering of the risk items identifiedand analysed.Figure 11Personnel Shortfalls: Staffing with top talent; job matching;team-building; morale-building; cross-training; preschedulingkey people.2Unrealistic Schedules and Budgets: Detailed, multisourcecost and schedule estimation; design to cost; incrementaldevelopment; software reuse; requirements scrubbing.3Developing the wrong software functions: Organizationalanalysis; mission analysis; operational concept formulation; usersurveys; prototyping; early users’ manuals.4Developing the wrong user interface: Prototyping; scenarios;task analysis.5Gold-plating. Requirements scrubbing: prototyping; costbenefit analysis; design to cost.6Continuing stream of requirements changes: High changethreshold; information-hiding; incremental development (deferchanges to later increments).7Shortfalls in externally-performed tasks: Reference-checking;pre-award audits; award-fee contracts; competitive design orprototyping; team-building.8Shortfalls in externally-furnished components:Benchmarking; inspections; reference checking; compatibilityanalysis.9Real-time performance shortfalls: Simulation; benchmarking;modelling; prototyping; instrumentation; tuning.10Straining computer science capabilities: Technical analysis;cost-benefit analysis; prototyping; reference checking.Source:http://www.cs.concordia.ca/ 61The second primary step, risk control,involves risk-management planning, riskresolution, and risk monitoring: Risk-management planning helpsprepare you to address each riskitem, including the coordination ofthe individual risk-item plans witheach other and with the overallproject plan. Risk resolution produces a situationin which the risk items are eliminatedor otherwise resolved. Risk monitoring involves trackingthe project’s progress towardresolving risk items and takingcorrective action where appropriate.Figure 2iv. Techniques Used in the BoehmMethodAs figure 2 shows, the practice of riskmanagement involves two primary steps,each with three subsidiary steps. Risk identification produces lists ofthe project-specific risk items likelyto compromise a project’s success.Source: Software Risk Management Steps (Boehm 1991)Stern R., Arias J.C. - Review of Risk Management Methods
Business Intelligence Journal62Risk IdentificationRisk identification is the first step ina comprehensive and continuous riskmanagement method. Most project risks areusually known by project personnel and as aconsequence can be managed. The first stepto successful risk management is to writedown the risks and make them visible to all.Risk AnalysisThe risk exposure is described as atechnique for risk analysis and outlines sometechniques for estimating the probabilityand the size of a loss.Risk PrioritisationDeal with the most important risks first.There is often a good deal of uncertainty inestimating the probability or loss associatedwith a risk. The amount of uncertainty isitself a major source of risk, which needs tobe reduced as early as possible.Risk-Management PlansThe focus of risk-management planningis to develop a plan to handle each of the high-priority risks identified during the previousactivities. The plan should be documentedand oriented around answering the standardquestions of why, what, when, who, where,and how.Risk Resolution and MonitoringAfter established a good set of riskmanagement plans, the risk-resolutionprocess consists of implementing the riskreduction techniques as identified in theplans. Risk monitoring ensures that thisis a closed-loop process by tracking riskreduction progress and applying whateverJanuarycorrective action is necessary to keep therisk-resolution process on track.v. The Effectiveness of the BoehmMethod:This is a method that can be used in allthe phases of software development. Themethod is generally traditional and doesn’thandle generic risk implicitly as SERUMdoes.vi. Advantages of the Boehm Method Relatively simplistic Covers all phases of softwaredevelopmentvii. DisadvantagesMethod ofDoesn’t handleimplicitlytheBoehmgenericriskviii. Boehm SummaryBoehm developed a set of principles andpractices for managing the risk of developingsoftware called the risk-analysis paradigm.Boehm’s Software Risk Management modelfocuses on the concept of “risk exposure”as defined by the relationship where theprobability of an unsatisfactory outcome andthe loss due to the unsatisfactory outcomedetermine the valence of the risk event(Boehm B.W. 1991). This model uses adecision tree method to identify the softwarerisk items and top-ten risk identificationchecklist. The goal of the risk managementis to reduce the “risk exposure” associatedwith the software.2.2 RISKITi. Origin of the RISKIT MethodThe RISKIT method was developed inBusiness Intelligence Journal - January, 2011 Vol.4 No.1
Robert Stern, José Carlos Arias2011August 1996 by Jyrki Kontio, Helena Englundand Victor R. Basili at Maryland University,United States. The original reasons behindthe development were because of lack ofreliable methods that were currently inexistence. When risk management methodsare used, they are often simplistic and usershave little confidence in the results of theirrisk analysis results. The developers of theRISKIT method believed that the followingfactors contribute to the low usage of riskmanagement methods in practice: Risk is an abstract and fuzzy conceptand users lack the necessary toolsto define risk more accurately fordeeper analysis. Many current risk managementmethods are based on quantificationof risks for analysis and users arerarely able to provide accurateenough estimates for probabilityand loss for the analysis results to bereliable. On the other hand, the tablebased approaches are often biasedand too coarse for risk prioritisation. Risks have different implications todifferent stakeholders. Few existingmethods provide support for dealingwith these different stakeholders andtheir expectations. Each risk may affect a project inmore than one way. Most existingrisk management approaches focuson cost, schedule or quality risks,yet their combinations or evenother characteristics (such as futuremaintenance effort or companyreputation) may be important factors63that influence the real decisionmaking process. Many current risk managementmethods are perceived as complexor too costly to use.“A risk management method should beeasy to use and require a limited amount oftime to produce results, otherwise it will notbe used. Given the increasing interest in riskmanagement in the industry, we believe thatfor risk management methods to be appliedmore widely, they will need to address theabove issues. Furthermore, risk managementmethods should also provide comprehensivesupport for risk management in projects,they should provide practical guidelinesfor application, they should supportcommunications between participants,and they should be credible. The RISKITmethod was developed to address the issueslisted above.” (Kontio J, 1997)ii. Typical Areas of Application of theRISKIT MethodThe RISKIT method is applied mainlyin large organisations, and used for ITprojects. However, the business analysisaspect of the technique could be applied toany project. One of the largest organisationswho have made use of the method are NokiaTelecommunications. RISKIT was originallydeveloped for software developmentprojects, but it can be applied in many otherareas, such as business planning, marketingand in technology related fields.iii) Framework of the RISKITMethodRISKIT follows seven different steps ofimplementation. Its main characteristics canbe described by the following principles.Stern R., Arias J.C. - Review of Risk Management Methods
64Business Intelligence Journal1. The RISKIT method provides preciseand unambiguous definitions for risks.RISKIT method defines risks moreprecisely and formally. Risk is definedas a possibility of loss, the loss itself, orany characteristic, object or action that isassociated with that possibility.2. The RISKIT method results in explicitdefinition of objectives, constraintsand other drivers that influence theproject.When expectations are recognised anddefined, we refer to them as goals. Whilesome goals cannot be stated precisely, at leastthey should be identified and documentedas well as the information available allows.RISKIT contains an explicit step andsupporting templates to assist in the goaldefinition.3. The RISKIT method is aimed atmodelling and documenting risksqualitatively.It provides conceptual and graphicaltools to model different aspects ofrisks qualitatively, instead of requiringquantitative estimation of risk probabilityand impact to take place early in the project.4. The RISKIT method can use bothratio and ordinal scale risk rankinginformation to prioritise risks reliably.The estimation problem has beenreduced in the RISKIT approach. Insteadof forcing quantification of risks using ratioscale metrics often an unrealistic goal theRISKIT method only attempts to accomplishthe necessary quantification of risks for riskmanagement to take place.5. The RISKIT method uses the conceptof utility loss to rank the loss associatedwith risk.Manycurrentriskmanagementapproaches are based on ranking of risksbased on the loss they cause to some specificattributes of the project, such as cost, timedelay, or quality metrics. Often a singlemetric is used. This can be detrimentalfor two reasons. First, the use of a singlemetric, or a small number of metrics, cancreate strong bias away from secondary, yetinfluential goals that should be considered.Second, research in economics andmanagement science has strongly indicatedthat decisions are made based on the changesin the expected utility of alternatives.6. Different stakeholder perspectivesare explicitly modelled in the RISKITmethod.All projects have more than onestakeholder, they may have differentpriorities and levels of expectations. Riskmanagement should be based on therecognition of these stakeholder expectationsand priorities.7. The RISKIT method has anoperational definition and trainingsupport.The RISKIT method has an operationaldefinition so that it can be applied easily andconsistently.iv. Techniques Used in the RISKITMethodThe diagram below describes thetechniques used in the methods.Business Intelligence Journal - January, 2011 Vol.4 No.1January
Robert Stern, José Carlos Arias2011Figure 3 - The Riskit risk management cycle 65Five risk controlling options aresuggested:1.2.3.4.5.Source: http://www.rdware.com/Riskit/index.html RISKIT uses a graphical method theRisk Analysis Graph (RAG) to chartrisk scenario development, which ispart of Risk Analysis. Data flow diagram symbols are usedin the RISKIT graphs. Brain storming techniques are usedto develop the “raw risk list ” whichis part of Risk Identification. Extensive use of “templates” ismade within RISKIT. Templates arestructured sets of questionnaires The concept of utility loss is usedto assess the impact of the risk, aformula is available to calculatethis but is open to question as theformula is based on “estimates” RISKIT pareto rankingtechnique is used to prioritise risksaccording to probability of the riskand impact of the riskNo risk reducing actionsContingency plansReduce lossRisk avoidanceReduce event probabilityv. Effectiveness of the RISKITMethod:The framework clearly shows thatthis method can be used for any softwaredevelopment process and gives moreaccurate results of risk by using theprobability theory. However, it fails to coverSmall to Medium sized organisations.vi. Advantages of the RISKIT Method Flexibility - originally developedfor software development projects,but it can be applied in many otherareas, such as business planning,marketing and in technology relatedfields.vii. Disadvantages of the RISKITMethod The method doesn’t bridge the gapbetween risk estimation and riskmetrics, this means it is very difficultto predict the potential risk reliably. The method doesn’t offer a way tocombine and harmonize the differentstakeholder perspectives on the riskresults.viii. RISKIT Summary: Provides precise and unambiguousdefinitions for various aspects ofrisk.Stern R., Arias J.C. - Review of Risk Management Methods
Business Intelligence Journal66 Results in explicit definition ofobjectives, constraints and otherdrivers that influence the project. Aimed at modelling and documentingrisks qualitatively. Can use both ratio and ordinal scalerisk ranking information to prioritiserisks reliably. Used the concept of utility loss torank the loss associated with the risk. Has an operational definition andtraining support.2.3 SEI-SREi. Origin of the SEI-SRE MethodSEI-SRE(SoftwareEngineeringInstitute, Software Risk Evaluation)method was originally developed by theSoftware Engineering Institute, which isfunded by the US Air Force, a divisionof the American Department of Defence.The method was originally developed as aproject management method and the elementof risk management was later added to theequation. The SEI-SRE Risk ManagementMethodology provides a framework forevaluating risks, which could preventproject success.ii. Typical Area of Application of theSEI-SRE MethodThe area of application is mainly in the USDepartment of Defence IT projects, howeverit can also be applied to large organisationsIT projects. Customers have includedXerox Corporation, State of Pennsylvania,Computer Sciences Corporation, US Army,NASA and US Air Force. Source: .htmlJanuaryiii. Framework of the SEI-SREMethodThe SRE Method Provides a Frameworkfor Evaluating Risks, in order to establishproject success or failure. The Frameworkconsists of mainly: Methodological Concept (developedby SEI) Risk Management Paradigm Risk Taxonomy Risk ClinicHierarchical Holographic Modelling Temporal Discussion Methodological Discussion Human DimensionObjectives of the Method Identify and Analyse Risks to theProject PrepareHigh-Level,StrategicMitigation Plans for Major Risksand Risk Areas Create a Way to Further Define andIncorporate Tasks into the OverallProject Development Plan AddressProjectExpectationsManageriv. Techniques Used in the SEI-SREMethod Risk Management Paradigm.Business Intelligence Journal - January, 2011 Vol.4 No.1
Robert Stern, José Carlos Arias201167 Risk Taxonomy.The SEI-SRE Process Risk Clinic. In the identification activity, ataxonomy-basedquestionnaire(TBQ) is used to elicit as many risksas possible from the project team. The analysis activity is defined asthe conversion of risk data intodecision-makinginformation.Effectively, this consists of buildingand evaluating a risk model. Planning is defined as the conversionof decision-making informationinto plans and actions; this includesplanning both mitigating actionsand also the acquisition of furtherinformation concerning a risk,where more information is neededto inform subsequent decisions. During tracking, suitable metricsof overall project risk are identifiedand monitored. Trigger events areidentified and mitigating actions aremonitored. Control consists of correcting fordeviations from planned actions;this may involve all the key elementsfrom one through to seven. Anadditional activity, communication,is identified and is seen as central toall the other activities.The SEI Risk Management paradigm isdepicted below. The paradigm illustratesa set of functions that are identified ascontinuous activities through the life cycleof a project.Figure 4Source: Carnegie Mellon’s SEI software risk managementmodel (Sisti 1994)Figure 5FunctionDescriptionIdentifySearch for and locate risks before they becomeproblems.AnalyseTransform risk data into decision-makinginformation. Evaluate impact, probability, andtimeframe, classify risks, and prioritise risks.PlanTranslate risk information into decisions andmitigating actions (both present and future) andimplement those actions.TrackMonitor risk indicators and mitigation actions.ControlCorrect for deviations from the risk mitigation plans.CommunicateProvide information and feedback internal andexternal to the project on the risk activities, currentrisks, and emerging risks.Note: Communication happens throughout all thefunctions of risk management.Source: t.overview.htmlStern R., Arias J.C. - Review of Risk Management Methods
Business Intelligence Journal68“high”, “medium” or “low” and representsthe expected value of the risk, i.e. the productof probability and impact.Figure 6ConsolidationSource: Software Development Risk Taxonomy (Carr 1993)The Primary Functional Componentsof the SRE: Detection, Specification, Assessment, Consolidation and Mitigation.Duringconsolidation,informationobtained from multiple interview sessionsor multiple evaluations on a single project iscombined. Instances of multiple descriptionsof a single risk are identified and anydifferences or inconsistencies betweendifferent parts of the risk information arereconciled.MitigationMitigation is facilitated by groupingsimilar risks into “risk mitigation areas”. Foreach risk mitigation area, the current statusis analysed and recorded, the desired statusis recorded and mitigation strategies andactivities are then developed and recorded.A risk map may be drawn up relating risksto mitigation areas and also relating risks toproject goals.DetectionRisks are detected using the TBQ.SpecificationThe specification of a risk includes itsconditions (identifying the circumstancesunder which the risk may occur), itsconsequences and its immediate source.This specification may be expressed ininformal natural language or representedmore formally using a structured syntax.AssessmentRisk assessment consists of associating aqualitative “magnitude” (or exposure level)with each risk, which is one of “critical”,v. The Effectiveness of the SEI-SREMethod:The SEI-SRE method is known to beeffective when used within the environmentsfor which it was planned. However themethod has not been applied to diversecommercial environments. The method isnow available for commercial use but thereare no real results available. The method isdesigned by the SEI, and therefore can beused in any software projects. It is typicallyused in Military projects in USA. Mostof the commercial firms, which are usingSRE, are based in the USA. This methodis designed primarily for application inthe USA but could easily be applied to theEuropean Union.Business Intelligence Journal - January, 2011 Vol.4 No.1January
Robert Stern, José Carlos Arias2011vi. AdvantagesMethodoftheSEI-SRE The main strength of SEI-SRE isthat it is not purely theoretical, manyclients have used it successfully. Another important factor is thatSRE was developed by the SoftwareEngineering Institute, and cantherefore be used in any IT projects.vii. Disadvantages of the SEI-SREMethod In this method everything is definedas a template including the waythe interviews are to be conducted.There is no space where humanintelligence can be applied. Because the method is based onhuman experience, the results of theanalysis may be inconclusive whenassessed by the SRE team.viii. SEI-SRE SummaryThe SEI-SRE method of risk identificationis more detailed than many other approaches.The method uses established, familiar,and well-tested tools. Therefore, thismethod is useful for software developmentorganisations as it is very efficient.2.4 SERUMi. Origin of the SERUM MethodSERUM (Software Engineering Risk:Understanding and Management) is a riskmanagement technique defined within asoftware process. It combines the use of theimplicit risk management and explicit riskmanagement. Implicit risk management is69a method where by the software processis designed to reduce risk. Explicit riskmanagement is a method where the risksare addresses directly by the process ofidentification, assessment, prioritisation,planning, resolution and monitoring.SERUM emphasis on implicit riskmanagement, so that the generic commonrisk across all the projects are not to be dealtexplicitly. Due to this reason, the number ofrisk to be dealt explicitly is reduced makingrisk management easier and handling mostof the risks adequately.ii. Typical Area of Application of theSERUM MethodPremise of the method: “Change isinevitable for all commercial softwaresystems” For any application, there willbe a many potential changes. The SERUMmethod is typically used within softwareprojects, because it is suitable for projectswhich are contineous and have variousrelease versions and updates it is a methodwhich lends itself to software development.iii. FrameworkMethodoftheSERUMSERUM is based on two well-definedmethods: Checkland and Wilson’s SoftSystems Methodology (SSM) Gilbs Evolutionary Development. Soft Systems Methodology - used tofeed into step 1 and through to step 5 Evolutionary Development - used insteps 6-9 and afterwards (outcomesform steps)Stern R., Arias J.C. - Review of Risk Management Methods
Business Intelligence Journal70SSM in SERUMJanuary Parts of a system are implementedand delivered in phases. Used for business analysis of thesystem Provides a set of recommendationsfor change (Changes: organisationaland/or technological).The part is evaluated by the client andfeedback is used in implementingsubsequent phases. Recommendations define the gapbetween the current position and theideal model.Crucial to this at the internal levelis the development of measurablegoals and attributes To develop these goals mustunderstand the requirements andgoals of the customer May identify major changes to anexisting way of working.Used for business analysis of thesystemSERUM defines the gap between thecurrent position and the ideal model:SERUM Change PriorityPriority of change is expressed as afunction of five variables. Risk exposure in the current system, Risk exposure in the proposedsystem, Risk exposure in the implementationof a change Cost of a defined change Benefit of a defined changeEvolutionary Development emphasisesthe need for Explicit goals, Measurable goals and Best case/worse case analyses. Interaction between developersand customers, users, budgetcontrollers iv. Techniques Used in the SERUMMethodThe approach is based on a combinedcost-benefit and risk analysis of the currentsystem, the proposed system and the changeprocess. It is summarised in the diagrambelow (Greer D, 1998.)Figure 7Evolutionary Development SERUMusesevolutionarydevelopment for planning theimplementation of developmentalchangesSource: (Greer D, 1998.)Business Intelligence Journal - January, 2011 Vol.4 No.1
Robert Stern, José Carlos Arias2011The process used by SERUM is asfollows: Refine the proposed system byaccessing risk in the current system Refine the proposed system byaccessing risk in the proposedsystem Define the changes Perform the cost benefit analysis Prioritise change Refine the change priority usingthe risk assessment for the currentsystem for the proposed system forthe development process Develop change plan Produce riskaccepted risksvi. AdvantagesMethod71oftheSERUMParticularly applicable to theplanning of software, and softwareversion releasesSERUM is a method of risk managementthat looks at the business aspect of systemchange and also the technical aspect. It eventakes in to consideration the evolution partof the software. SERUM enables softwareto be released in versions.Handles Implicit and Explicit risks.controlplanSERUM is based on two well-definedmethods mainly SSM and Evolutionarydelivery. This is the main advantage ofthis method, not all of the risks have to bedealt with explicitly, like in other traditionalmethods.forConsiders the Risk in current Systemas well as proposed system.v. The Effectiveness of the SERUMMethodDoesn’t provide mechanism forensuring requirements are “correct/appropriate” other than by applying the“goals and measurements” idea ess, his approach gives mechanismby which developers can attack this and goback to stakeholders.A lot of risk assessment methods do nottake into account the risks involved in thecurrent system, they just analyse the risk inthe proposed system. Risk models shouldbe able to take care of those risks that havebeen already there in the current system. Itwould be of no use, if the proposed systemhas the same amount of risk exposure in thesame area as the current system.Stern R., Arias J.C. - Review of Risk Management Methods
Business Intelligence Journal72Self-LearningAfter every release is issued, the usercomments are passed onto the developer. Thedeveloper then takes this into considerationand implements changes in the next release.This is a feature of SERUM that takes intoconsideration the importance of meeting theuser requirements implicitly.vii. Disadvantages of the SERUMMethod SERUM doesn’t take into accountfeedback of similar projects, evenif they are in the same organisation.Therearepossibilitiesthateverything could be documentedagain unnecessarily. SERUM, suggests that after everysoftware release the user inputshould be taken and changes mustbe applied to the future release. Itis however difficult to have a costbenefit analysis for all the stageseven before the development hasbegun. SERUM tries to cover as many of therisks as possible. This at times maynot be manageable. The best way toovercome this would be to
project management method and the element of risk management was later added to the equation. Section 2.4 focuses on the SERUM method. It combines the use of the implicit risk management and explicit risk management. Implicit risk management is a method where by the software process is designed to reduce risk. Explicit risk management is a .
Risk is the effect of uncertainty on objectives (e.g. the objectives of an event). Risk management Risk management is the process of identifying hazards and controlling risks. The risk management process involves four main steps: 1. risk assessment; 2. risk control and risk rating; 3. risk transfer; and 4. risk review. Risk assessment
81. Risk Identification, page 29 82. Risk Indicator*, page 30 83. Risk Management Ω, pages 30 84. Risk Management Alternatives Development, page 30 85. Risk Management Cycle, page 30 86. Risk Management Methodology Ω, page 30 87. Risk Management Plan, page 30 88. Risk Management Strategy, pages 31 89. Risk
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Standard Bank Group risk management report for the six months ended June 2010 1 Risk management report for the six months ended 30 June 2010 1. Overview 2 2. Risk management framework 3 3. Risk categories 6 4. Reporting frameworks 8 5. Capital management 10 6. Credit risk 17 7. Country risk 36 8. Liquidity risk 38 9. Market risk 42 10 .
Risk management has become an essential requirement for construction projects. Risk management process includes risk identification, risk assessment, and risk control. Qualitative methods and quantitative methods are utilised to assess risk. The adoption of risk management is necessary to maximise the significance of
Risk Management: the Process Risk Management is a broad standard (ISO 31000) Risk Identification Risk Evaluation Development and evaluation of risk assessment methods Risk management decisions Implemented solution Identify all relevant risks (e.g., hazard analysis) Quantify the risk (e.g., probability and severity) Implement a process
Tulang-tulang atau cadaver yang digunakan untuk mempelajari ilmu anatomi ini adalah bagian tubuh manusia , YANG TIDAK BOLEH DIPERMAINKAN. Previllage menggunakan cadaver dan tulang guna mempelajari ilmu anatomi hanya dapat dipertanggung jawabkan, jika kita menggunakan kesempatan itu dengan maksud dan tujuan yang suci. 2. Dalam mempelajari cadaver dan tulang kita harus selalu ingat bahwa .
