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Risk Management Knowledgebase

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MIS Management Information Systems. MIS refers broadly to a computer-based system that provides managers with the tools for organising, evaluating and efficiently running their departments.
Management Development All aspects of staff planning, recruitment, development, training and assessment.
Management of Risk Risk management is the process by which an organisation reaches decisions on the steps it needs to take to adequately control the risks which it generates or to which it is exposed.
Risk management covers all the processes involved in identifying, assessing and judging risks, assigning ownership, taking actions to mitigate or anticipate them, and monitoring and reviewing progress.
The management of risk is not a linear process; rather it is the balancing of a number of interwoven elements which interact with each other and which have to be in balance with each other.
The management of one risk may have an impact on another. Management actions which are effective in controlling more than one risk simultaneously may be achievable.
Marginal Cost The cost of providing the service now, based upon the investment already made.
Master Schedule A summary schedule which identifies major activities and milestones.
A plan containing the main milestones which highlight key points of a project.
Matrix Assessment needs to be done by evaluating both the likelihood of the risk being realised, and of the impact (or severity) if the risk is realised.
A categorisation of high, medium, low in respect of each may be sufficient, and should be the minimum level of categorisation this results in a 3x3 risk matrix.
A more detailed analytical scale may be appropriate, especially if clear quantitative evaluation can be applied to the particular risk.
5x5 matrices are often used, with impact on a scale of insignificant minor, moderate, major, catastrophic and likelihood on a scale of rare, unlikely, possible, likely, almost certain.
There is no absolute standard for the scale of risk matrices - the organisation should reach a judgement about the level of analysis that it finds most practicable for its circumstances.
Colour (Traffic Lights) can be used to further clarify the significance of risks.
Methodology A documented process for management of projects that contains procedures, definitions and roles and responsibilities.
Metrics Metrics are a set of measurements that quantify results. Performance metrics quantify the units performance. Project metrics tell you whether the project is meeting its goals.
Business metrics define the business' progress in measurable terms.
Mission Statement Brief summary, approximately one or two sentences, that sums up the background, purposes and benefits of a business or project.
Models Models can help organisations control their complex risk management tasks.
A model is a simplified representation, usually visual, of some aspects of a system.
Monitoring Monitoring might be appropriate if the hazard is new or unknown and its effects unclear although within certain boundaries (such that more limiting precautionary actions would be unjustified).
Trigger points for action and targets may need to be set. There may be unintended consequences of risk mitigation actions that should be reviewed. Definitions of success could also be established and reviewed.

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