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Case Study Risk Management

The document describes a risk impact/probability chart tool used to assess and prioritize risks. The tool rates risks based on two dimensions: probability of occurrence and impact. Probability is rated on one axis from 0-100% (except 0% and 100% which represent impossibilities). Impact is rated on the other axis based on its cost and consequences. Plotting each risk based on these ratings provides a quick view of priority to guide resource allocation for risk management. The document then provides an example of using the chart to categorize risks for an ICT conference presentation.

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JonathanA.Ramirez
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193 views

Case Study Risk Management

The document describes a risk impact/probability chart tool used to assess and prioritize risks. The tool rates risks based on two dimensions: probability of occurrence and impact. Probability is rated on one axis from 0-100% (except 0% and 100% which represent impossibilities). Impact is rated on the other axis based on its cost and consequences. Plotting each risk based on these ratings provides a quick view of priority to guide resource allocation for risk management. The document then provides an example of using the chart to categorize risks for an ICT conference presentation.

Uploaded by

JonathanA.Ramirez
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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How

to Use the Tool The Risk Impact/Probability Chart is based on the principle that a risk has two primary dimensions: Probability A risk is an event that "may" occur. The probability of it occurring can range anywhere from just above 0 percent to just below 100 percent. (Note: It can't be exactly 100 percent, because then it would be a certainty, not a risk. And it can't be exactly 0 percent, or it wouldn't be a risk.) Impact A risk, by its very nature, always has a negative impact. However, the size of the impact varies in terms of cost and impact on health, human life, or some other critical factor. The chart allows you to rate potential risks on these two dimensions. The probability that a risk will occur is represented on one axis of the chart and the impact of the risk, if it occurs, on the other. You use these two measures to plot the risk on the chart. This gives you a quick, clear view of the priority that you need to give to each. You can then decide what resources you will allocate to managing that particular risk. Sort out the following activities for the ICT congress presentation using the following table by categorizing them.

High

Low Impact,of,Risk Low arrange,the,following,Activities: Presenters,are,not,able,to,arrive Presenters,arew,late Presentation,slots,for,participants,are,not,subscribed,to,a,minimum Venue,is,not,available Food,Delivery Quality,of,Food Equipments No,Power,during,the,event Parking,space Hotel,Reservation Registration,and,Payments Security Logistics,of,the,program What,are,the,trigger,points?

Probability,of,Occurrence

High

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