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evaluating alternatives
Evaluating alternatives
Evaluating alternatives
Step 3:Develop controls and make risk decisions. Develop control measures thateliminate the hazard or reduce its risk. As control measures are developed, risksare re-evaluated until the residual risk is at a level where the benefits outweighthe cost. The appropriate decision authority then makes the decision.
Risk that remains after response to ridentified risk is planned/selected
evaluating alternatives
Evaluating alternatives
Evaluating alternatives
Composite risk management is a decision-making process for Identifying hazards and controlling risks across the full spectrum of Army missions and activities both on-duty and off-duty.
A necessary risk with benefits that outweight the cost.
The process of dealing with risk assoceiated within military operations, which includes risk assessment, risk decision making and implementation of effective risk controls
A necessary risk with benefits that outweight the cost.
The process of dealing with risk assoceiated within military operations, which includes risk assessment, risk decision making and implementation of effective risk controls
The five major components of the risk-management process are: 1. Identifying sources of risk - The process of determining which risks might affect the project and documenting their characteristics. 2. Analyzing and assessing risk - This component of the risk-management process is intended to quantify (analyze) and prioritize (assess) the risks identified. Those risks that have a combination of a high probability of occurrence and a high consequence of loss have to be addressed in project planning and execution of the project work. 3. Responding to risk - Once a risk has been identified, analyzed, and assessed, a decision must be made concerning the appropriate response to the specific event. Responses to risk are: Reducing or retaining risk, Transferring risk, or Sharing risk. 4. Planning for contingencies - A contingency plan is an alternative or backup plan that is to be put into action if a possible foreseen risk event materializes and becomes a reality. Contingency plans typically cover schedule, cost, and technical (or scope) risks. Some examples of these risks and conceptual contingency plans to handle the risk events are: Schedule risk, Cost risk, Technical risk 5. Establishing contingency reserves - Contingency funds are established to cover errors in estimates, omissions, and uncertainties that may materialize as the project is implemented.
A decision-making process for identifying hazards and controlling risks both on-duty and off-duty
Assess Risk
The phrase Operational Risk Management, is a continual cyclic process in which includes risk assessment, risk decision making, and the implementation of risk controls which can result in acceptance, mitigation, or avoiding risk.