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Risk Management Knowledgebase

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PESTEL Risks categorised in Political, Economic, Social, Technical, Environmental, and Legislative sources.
PRINCE Projects in Controlled Environments, is a project management method covering the organisation, management and control of projects. PRINCE2 is often used in the UK for all types of projects.
The PRINCE2 Risk Component incorporates the latest developments in the area of risk management.
Parallel Activities Parallel activities are two or more activities than can be done at the same time. This allows a project to be completed faster than if the activities were arranged serially in a straight line.
Pareto Analysis Pareto analysis (also called an 80/20 analysis) can help identify the most cost-effective targets for improvement efforts.
Past Decisions Sometimes organisations face the unhelpful legacy of past decisions, because of either less concern or less knowledge about risk (e.g. asbestos).
People Risk Management failure, organisational structure or other human failures, which may be exacerbated by poor training, inadequate controls, poor staffing resources, or other factors.
Planning A plan is an intended future course of action.
Planning is the process of identifying the means, resources and actions necessary to accomplish an objective.
Post Implementation Review These reviews detect lessons to be learnt from projects for application in future work, and monitoring activities.
Precautionary Approach A precautionary approach is one that is on the side of safety.
You should make reasonable assumptions based on what you do know and what experience elsewhere tells you is likely to be the case, and then decide what would be reasonable precautions to take.
Preventive Controls These controls are designed to limit the possibility of an undesirable outcome being realised.
The more important it is that an undesirable outcome should not arise, the more important it becomes to implement appropriate preventive controls.
Principle A fundamental approach for achieving a goal.
Probability Likelihood of a risk occurring.
Problem Typical problems include:
• Financial Loss
• Environmental Damage
• Damage to Property - malicious or accidental
• Disruption to services or product delivery
• Injury or illness to Employee or Visitor
• Service or Product Quality Below Acceptable Standard
• Damage to Reputation
There are new information assurance risks: terrorists, organised criminals and hackers threaten information and services, and theft of identity and of personal data is of increasing concern to individuals and businesses.
Problem Statement Specific concise description of a problem devoid of any corrective action.
Process Risk Breakdown in established processes, failure to follow processes or inadequate process mapping within business lines.
Profile The documented and prioritised overall assessment of the range of specific risks faced by the organisation.
Programme Management The effective management of several individual but related projects in order to produce an overall system that works effectively.
Project Projects are different from ‘business as usual’ activities because they have a number of distinguishing features:
• they bring about change
• projects may offer investment opportunities
• they have unknown elements, which therefore:
• create risk
A Project is a defined activity with a recognised start date, end date with clearly defined deliverables.
Project Boundary The boundary of a project which is defined to indicate how the project interacts both with other projects and non-project activity both in and outside of the organisation.
Project Lifecycle The events, from beginning to end, necessary to complete a project.
Project Planning Project planning is a discipline for stating how to complete a project within a certain timeframe, usually with defined stages, and with designated resources. This often includes:
• Setting objectives (these should be measurable)
• Identifying deliverables
• Planning the schedule
• Making supporting plans
• Identifying Risks
Project Risk Management A subset of project management that includes risk identification, risk quantification, risk response development and risk response control in an effort to identify, analyse and respond to project risks.

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