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Risk Register
A risk register is a document used as a risk management tool and to fulfill regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g., nature of the risk, reference and owner, mitigation measures. It can be displayed as a scatterplot or as a table. ISO 73:2009 Risk management—Vocabulary defines a risk register to be a "record of information about identified risks". Example Risk register of the project "barbecue party" with somebody inexperienced handling the grill, both in table format (below) and as plot (right). Terminology A risk register can contain many different items. There are recommendations for risk register content made by the Project Management Institute Body of Knowledge ( PMBOK) and PRINCE2. ISO 31000:2009 does not use the term risk register, however it does state that risks need to be documented. There are many different tools that can act as risk registers from comprehensive softw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability
Probability is a branch of mathematics and statistics concerning events and numerical descriptions of how likely they are to occur. The probability of an event is a number between 0 and 1; the larger the probability, the more likely an event is to occur."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th ed., (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', vol. 1, 3rd ed., (1968), Wiley, . This number is often expressed as a percentage (%), ranging from 0% to 100%. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%). These concepts have been given an axiomatic mathematical formaliza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Failure Mode And Effects Analysis
Failure is the social concept of not meeting a desirable or intended Goal, objective, and is usually viewed as the opposite of success. The criteria for failure depends on context, and may be relative to a particular observer or belief system. One person might consider a failure what another person considers a success, particularly in cases of direct competition or a zero-sum game. Similarly, the degree of success or failure in a situation may be differently viewed by distinct observers or participants, such that a situation that one considers to be a failure, another might consider to be a success, a qualified success or a neutral situation. It may also be difficult or impossible to ascertain whether a situation meets criteria for failure or success due to ambiguous or ill-defined definition of those criteria. Finding useful and effective criteria or heuristics to judge the success or failure of a situation may itself be a significant task. Sociology Cultural historian Sco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Issue Log
An issue log is a documentation element of software project management that contains a list of ongoing and closed issues of the project. While issue logs can be viewed as a way to track errors in the project, the role it plays often extends further. Issue logs can be used to order and organize the current issues by type and severity in order to prioritize issues associated with the current milestone or iteration. Issue logs may also contain customer requests and remarks about the various problems that can be found in current code. CAIR - Constraints, Assumptions/Actions, Issues, Risks - a log for tracking such items and managing them. Issue management An issue log is usually blank at the beginning of the project, but this is not always true for subsequent releases. In some projects, the issue log is actually used as a guideline for the release schedule; in that case the issue log can be populated with issues that are specifically tagged for completion in the upcoming release. As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Management Tools
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security, privacy, etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations. Definitions of risk Oxford English Dictionary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Breakdown Structure
A Risk Breakdown Structure (RBS) within risk management is a hierarchically organised depiction of the identified project risks arranged by category. An Introduction to the Risk Breakdown Structure When planning a project to meet targets for cost, schedule, or quality, it is useful to identify likely risks to the success of the project. A risk is any possible situation that is not planned for, but that, if it occurs, is likely to divert the project from its planned result. For example, an established project team plans for the work to be done by its staff, but there is the risk that an employee may unexpectedly leave the team. In Project Management, the ''Risk Management Process'' has the objectives of identifying, assessing, and managing risks, both positive and negative. All too often, project managers focus only on negative risk, however, good things can happen in a project, "things" that were foreseen, but not expressly planned. The objective of Risk Management is to predi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Event Chain Methodology
Event chain methodology is a network theory, network analysis technique that is focused on identifying and managing events and relationships between them (event chains) that affect project schedules. It is an uncertainty modeling schedule technique. Event chain methodology is an extension of quantitative project risk analysis with Monte Carlo simulations. It is the next advance beyond critical path method and critical chain project management. Event chain methodology tries to mitigate the effect of motivational bias, motivational and cognitive biases in estimation, estimating and Scheduling (production processes), scheduling. It improves accuracy of risk assessment and helps to generate more realistic risk adjusted project schedules. History Event chain methodology is an extension of traditional Monte Carlo simulation of project schedules where uncertainties in task duration and costs are defined by statistical distribution. For example, task duration can be defined by three point ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One ISO standard, international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, Environmental science, environment, finance, information technology, health, insurance, safety, security, security, privacy, etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations. Defi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illusion Of Control
The illusion of control is the tendency for people to overestimate their ability to control events. It was named by U.S. psychologist Ellen Langer and is thought to influence gambling behavior and belief in the paranormal. Along with illusory superiority and optimism bias, the illusion of control is one of the positive illusions. Definition The illusion of control is the tendency for people to overestimate their ability to control events, for example, when someone feels a sense of control over outcomes that they demonstrably do not influence. The illusion might arise because a person lacks direct introspective insight into whether they are in control of events. This has been called the introspection illusion. Instead, they may judge their degree of control by a process which is often unreliable. As a result, they see themselves as responsible for events to which there is little or no causal link. For example, in one study, college students were in a virtual reality setting t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Likelihood
A likelihood function (often simply called the likelihood) measures how well a statistical model explains observed data by calculating the probability of seeing that data under different parameter values of the model. It is constructed from the joint probability distribution of the random variable that (presumably) generated the observations. When evaluated on the actual data points, it becomes a function solely of the model parameters. In maximum likelihood estimation, the argument that maximizes the likelihood function serves as a point estimate for the unknown parameter, while the Fisher information (often approximated by the likelihood's Hessian matrix at the maximum) gives an indication of the estimate's precision. In contrast, in Bayesian statistics, the estimate of interest is the ''converse'' of the likelihood, the so-called posterior probability of the parameter given the observed data, which is calculated via Bayes' rule. Definition The likelihood function, para ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Integer
An integer is the number zero (0), a positive natural number (1, 2, 3, ...), or the negation of a positive natural number (−1, −2, −3, ...). The negations or additive inverses of the positive natural numbers are referred to as negative integers. The set (mathematics), set of all integers is often denoted by the boldface or blackboard bold The set of natural numbers \mathbb is a subset of \mathbb, which in turn is a subset of the set of all rational numbers \mathbb, itself a subset of the real numbers \mathbb. Like the set of natural numbers, the set of integers \mathbb is Countable set, countably infinite. An integer may be regarded as a real number that can be written without a fraction, fractional component. For example, 21, 4, 0, and −2048 are integers, while 9.75, , 5/4, and Square root of 2, are not. The integers form the smallest Group (mathematics), group and the smallest ring (mathematics), ring containing the natural numbers. In algebraic number theory, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Management
Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, Threat (security), threats) including uncertainty in Market environment, international markets, political instability, dangers of project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, Natural disaster, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root cause analysis, root-cause. Retail traders also apply risk management by using fixed percentage position sizing and risk-to-reward frameworks to avoid large drawdowns and support consistent decision-making under pressure. There are two types of events viz. Risks and Opportunities. Negative events can be classified as risks while positive events are classifi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
