Risk Management

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T022 & T074 Karteikarten am Risk Management, erstellt von alison_patey0437 am 16/04/2013.
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Frage Antworten
Please define Risk Management Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events
What is the Risk Management Strategy process? (I-A-M) I: Identification A: Analysis M: Monitoring/Control
What does I-A-M dtand for in terms of risk processes? I: Identification A: Analysis M: Management and control
What does PRAM stand for in terms of risk management? Project and Risk Analysis Management The PRAM Guide states a number of common hard and soft benefits of Risk Management
What is the difference between a Risk and a Hazard? Hazard: something with the potential to cause harm Risk: is the likelihood of potential harm from that hazard being realised.
What are the insurance implications from risks? Risks of physical loss or damage occuring is covered by an insurance policy. BUT... Roisks relating to contractural performance are usually secured either by conditional gurantees or unconditional on-demand payment bonds.
What is meant by a Mutual insurance company Insrurance company formed by a roup of professional for themselves the characteristics are..... 1. not to make a profit 2. elected members will do the supervision role 3. long term basis (so members know the premium)
What is risk management and give an example of what you would do to manage risk? risk management is identifying, monitoring and limiting risks. in businesses - risk managment entails organised activity to manage uncertainty and threats/opportunities + involves people following procedures + using tools in order to ensure conformance with risk managment policies. 1. Identify: risk (prepare checklist of important risks linked with clients priorities for the project time/cost/quality) 2. Analyse: risks (interims or freq/ sverity of impact/ critical delay analysis) 3. respond: transfer/acceptance/ avoidance/ insurance/ do nothing
What is the risk management process for STARR and what deos it stand for? S: Sharing - e.g. advance weather condition. contractor will get EOT but no cost - not the clients/contractors fault T: Transfer - e.g. use insurances A: Avoidance - removing cause of risks e.g. if there is incomplete design - try to complete it. R: Reduction - impact hould be reduced e.g. buy materials early to avoid price escalation R: Retention - e.g. use contingency amount if risks matrerialise
How does a risk register help to record 1. type of risk 2. liklihood of risk 3. Risk priority 4. Actions 5. Contingency 1. type of risk = who raised it and how it coulkd affect your business 2. liklihood of risk occuring and its potential impact 3. Risk priprity = based on its affect on the business 4. actions taken to prevent the risk from happening 5. contingency actions taken in case it does eventuate
AS a QS how do you contribute to the identification of risk in a project we assist by cosidering both pre and post contract senarios. we check how each risk elements affect client objectives of quality, cost, time and H&S
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