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Assessing and managing important risks

Assessing and managing important risks
Assessing and managing important risks
A common problem in project risk management processes is the need to determine the relative significance of different sources of risk so as to guide subsequent risk management effort and ensure it remains cost effective.
A common approach is to rank risks in terms of probability and impact to identify sources of risk which will receive the most attention. This paper examines the shortcomings of this technique in guiding the analysis and management of risks and considers the information needed for a proper assessment of importance. For cost-effective management it is desirable to distinguish not only between the size of impacts and probability of impacts occurring, but also other factors such as the nature of feasible responses, and the time available for responses. The paper offers some practical suggestions for dealing with this problem.
risk management, probability-impact grids, major risks, responses
0263-7863
331-336
Ward, S.C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd
Ward, S.C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd

Ward, S.C. (1999) Assessing and managing important risks. International Journal of Project Management, 17 (6), 331-336. (doi:10.1016/S0263-7863(98)00051-9).

Record type: Article

Abstract

A common problem in project risk management processes is the need to determine the relative significance of different sources of risk so as to guide subsequent risk management effort and ensure it remains cost effective.
A common approach is to rank risks in terms of probability and impact to identify sources of risk which will receive the most attention. This paper examines the shortcomings of this technique in guiding the analysis and management of risks and considers the information needed for a proper assessment of importance. For cost-effective management it is desirable to distinguish not only between the size of impacts and probability of impacts occurring, but also other factors such as the nature of feasible responses, and the time available for responses. The paper offers some practical suggestions for dealing with this problem.

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More information

Published date: 1999
Keywords: risk management, probability-impact grids, major risks, responses

Identifiers

Local EPrints ID: 35896
URI: http://eprints.soton.ac.uk/id/eprint/35896
ISSN: 0263-7863
PURE UUID: 93d46534-a8c0-4dd9-b901-a6c8b7daccea

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Date deposited: 27 Jul 2006
Last modified: 15 Mar 2024 07:55

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Author: S.C. Ward

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