KXO231 Risk Management Notes

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1、SchoolofEngineering&ICTICTProjectManagementRiskManagementNotesProjectRiskManagementTheImportanceofProjectRiskManagementManypeopleignoreriskmanagementonprojects,andafewpeopleoveremphasiseit.Riskhasalwaysbeenanintrinsicpartofprojectmanagementandriskmanagementshou

2、ldbedoneduringtheentireprojectlifecycle.Uncertaintiesinprojectsarenumerousandinterrelated.OwingtothecomplexnatureofriskitisoftenoverlookedorunderestimatedinprojectsandRiskManagementisinextricablytiedintocost,scheduleandquality.Itisespeciallyimportanttoconsiderr

3、iskwhenselectingprojectstoworkon,asillustratedintheopeningandclosingcase.Definitions:•Projectriskmanagementistheartandscienceofidentifying,analysingandrespondingtoriskthroughoutthelifeofaprojectandinthebestinterestsofmeetingprojectobjectives.•Riskisthepossibili

4、tyoflossofinjuryandinvolvesunderstandingpotentialproblemsthatmightoccurontheprojectandhowtheymightimpedeprojectsuccess.•Payoff:Theoutcomeofassumingariskoraction.•RiskUtility(Tolerance)istheamountofsatisfactionorpleasurereceivedfromapotentialpayoff.oUtilityrises

5、atadecreasingrateforapersonwhoisrisk-averseoThosewhoarerisk-seekinghaveahighertoleranceforriskandtheirsatisfactionincreaseswhenmorepayoffisatstakeoTherisk-neutralapproachachievesabalancebetweenriskandpayoffoRiskutilitymustbedeterminedfor:–Organisation–Projectsp

6、onsor–Projectmanager–IndividualteammembersoMismatchcouldleadtoconflict,stress,tensionandexpectationsoArisk-utilityanalysisattemptstobalancetheendusersinterestsintheproductandtheprotectionofusersbyrequiringreasonablesafetyinproductdesign.oThisanalysisforcesinqui

7、ryintowhethertheriskofdissatisfactionoutweighsthesocialutilityoftheproductinquestion.Whereriskexceedsutility,aproductisdeemed"unreasonablydangerous."oSuchanalysisrecognisesa"valid"socialinterestinproductinnovationandcompetitivenessinbiotechnologymanufacturingin

8、dustries1•RiskAverse:Apersonororganisationthatreceiveslesssatisfactionthehighertherisk.•Riskseeking:apersonororganisationhavingahighertoleranceforriskandwhosesatisfactioninc