|
Demand Shortfall
When the actual benefits of a venture are less than the projected or estimated benefits, the result is known as a benefit shortfall. If, for instance, a company is launching a new product or service and projected sales are 40 million dollars per year, whereas actual annual sales turn out to be only 30 million dollars, then the benefit shortfall is said to be 25 percent. Sometimes the terms "demand shortfall" or "revenue shortfall" are used instead of benefit shortfall; see volume risk. Public and private enterprises alike fall victim to benefit shortfalls. Prudent planning of new ventures will include the risk of benefit shortfalls in risk assessment and risk management. The discipline of benefits realisation management seeks to identify any benefits shortfall as early as possible in a project or programmes delivery in order to allow corrective action to be taken, costs to be controlled and benefits realised. See also *Boondoggle A boondoggle is a project that is conside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Volume Risk
Volume risk, also known as quantity risk, is the risk of production or sales volumes materially and adversely deviating from their expected quantities.Volume Risk openriskmanual.org It is context-specific. Application As regards , a major concern is yield risk, which is the uncertainty regarding production fearing insufficient quantities of the respective mined,[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Assessment
Risk assessment is a process for identifying hazards, potential (future) events which may negatively impact on individuals, assets, and/or the environment because of those hazards, their likelihood and consequences, and actions which can mitigate these effects. The output from such a process may also be called a risk assessment. Hazard analysis forms the first stage of a risk assessment process. Judgments "on the tolerability of the risk on the basis of a risk analysis" (i.e. risk evaluation) also form part of the process. The results of a risk assessment process may be expressed in a quantitative or qualitative fashion. Risk assessment forms a key part of a broader risk management strategy to help reduce any potential risk-related consequences. Categories Individual risk assessment Risk assessments can be undertaken in individual cases, including in patient and physician interactions. In the narrow sense chemical risk assessment is the assessment of a health risk in response ... [...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] |
Benefits Realisation Management
Benefits realization management (BRM), also benefits management, benefits realisation or project benefits management, is a project management methodology, often visual, addressing how time and resources are invested into change management, making desirable changes. BRM is used to manage the investment by organizations in procurement, projects, programmes and Project portfolio management, portfolios, and has been shown to increase project success across different countries and industries. The popularity of BRM began in 1995 in the UK, when Scottish Widows created a Benefits Realisation method as part of its ''Project Management Handbook'', and rolled its use out across the entire firm. It grew in the UK with the inclusion of BRM by the UK Government in their standardized approach to programmes, ''Managing Successful Programmes (MSP)''.OGC (2003) ''Managing Successful Programmes'', London, The Stationery Office. Definitions Benefits realization management has four main definitions. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boondoggle
A boondoggle is a project that is considered a waste of both time and money, yet is often continued due to extraneous policy or political motivations. Etymology "Boondoggle" was the name of the newspaper of the Roosevelt Troop of the Boy Scouts, based in Rochester, New York, and it first appeared in print in 1927. From there it passed into general use in scouting in the 1930s. It was attributed to a boy scout from Rochester who coined the term to describe "a new type of uniform decoration". After the presentation of honorific boondoggles at a World Jamboree, the use of the word spread to other troops and branches. An Oakland scout troop presented a "boondoggle" as an award for attendees who spent seven days and nights at Camp Dimond. That boondoggle was described as a "red leather strip which terminates in a red wooden diamond on which is painted the number 1930." The "boondoggle" was described in the Ogden '' Standard-Examiner'' in 1930 as a hand-made item crafted from brig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
