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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 pred ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-functional Requirements
In systems engineering and requirements engineering, a non-functional requirement (NFR) is a requirement that specifies criteria that can be used to judge the operation of a system, rather than specific behaviours. They are contrasted with functional requirements that define specific behavior or functions. The plan for implementing ''functional'' requirements is detailed in the system ''design''. The plan for implementing ''non-functional'' requirements is detailed in the system ''architecture'', because they are usually architecturally significant requirements. Definition Broadly, functional requirements define what a system is supposed to ''do'' and non-functional requirements define how a system is supposed to ''be''. Functional requirements are usually in the form of "system shall do ", an individual action or part of the system, perhaps explicitly in the sense of a mathematical function, a black box description input, output, process and control functional model or IP ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Management Tools
Risk management tools allow the uncertainty to be addressed by identifying and generating metrics, parameterizing, prioritizing, and developing responses, and tracking risk. These activities may be difficult to track without tools and techniques, documentation and information systems. There are two distinct types of risk tools identified by their approach: market-level tools using the capital asset pricing model (CAP-M) and component-level tools with probabilistic risk assessment (PRA). Market-level tools use market forces to make risk decisions between securities. Component-level tools use the functions of probability and impact of individual risks to make decisions between resource allocations. ISO/IEC 31010 (Risk assessment techniques) has a detailed but non-exhaustive list of tools and techniques available for assessing risk. Market-level (CAP-M) CAP-M uses market or economic statistics and assumptions to determine the appropriate required rate of return of an asset, given ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Register
A risk register (PRINCE2) 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 s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Event Chain Methodology
Event chain methodology is a network analysis technique that is focused on identifying and managing events and relationship 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 and cognitive biases in estimating and 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 estimates: low, base, and high. The results of analysis is a risk adjusted proje ... [...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. The international standard definition of risk for common understanding in different applications is “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 etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definitions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantification (science)
In mathematics and empirical science, quantification (or quantitation) is the act of counting and measuring that maps human sense observations and experiences into quantity, quantities. Quantification in this sense is fundamental to the scientific method. Natural science Some measure of the undisputed general importance of quantification in the natural sciences can be gleaned from the following comments: * "these are mere facts, but they are quantitative facts and the basis of science." * It seems to be held as universally true that "the foundation of quantification is measurement." * There is little doubt that "quantification provided a basis for the objectivity of science." * In ancient times, "musicians and artists ... rejected quantification, but merchants, by definition, quantified their affairs, in order to survive, made them visible on parchment and paper." * Any reasonable "comparison between Aristotle and Galileo shows clearly that there can be no unique lawfulness discov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sanity Test
A sanity check or sanity test is a basic test to quickly evaluate whether a claim or the result of a calculation can possibly be true. It is a simple check to see if the produced material is rational (that the material's creator was thinking rationally, applying sanity). The point of a sanity test is to rule out certain classes of obviously false results, not to catch every possible error. A rule-of-thumb or back-of-the-envelope calculation may be checked to perform the test. The advantage of performing an initial sanity test is that of speedily evaluating basic function. In arithmetic, for example, when multiplying by 9, using the divisibility rule for 9 to verify that the digit sum, sum of digits of the result is divisible by 9 is a sanity test—it will not catch ''every'' multiplication error, however it's a quick and simple method to discover ''many'' possible errors. In computer science, a ''sanity test'' is a very brief run-through of the functionality of a computer program, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Risk Management
Within project management, risk management refers to activities for minimizing project risks, and thereby ensuring that a project is completed within time and budget, as well as fulfilling its goals. Definition of risk and risk management Risk management activities are applied to project management. Project risk is defined by the Project Management Institute (PMI) as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives." Within disciplines such as operational risk, financial risk and underwriting risk management, the concepts of risk, risk management and individual risks are nearly interchangeable; being either personnel or monetary impacts respectively. However, impacts in ''project'' risk management are more diverse, overlapping monetary, schedule, capability, quality and engineering disciplines. For this reason it is necessary in project risk management to specify the differences (paraphrased from the U.S. "Departm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Stakeholder
Project stakeholders are persons or entities who have an interest in a given project. According to the Project Management Institute (PMI), the term ''project stakeholder'' refers to "an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project". ISO 21500 uses a similar definition. Stakeholders may be located inside or outside an organization, including: # the project's sponsor; # those with an interest or the potential to gain from the successful completion of a project; #anyone who may have a positive or negative influence in the project completion. Example roles The following are examples of project stakeholders: * Project leader * Senior management * Project team members * Project customer * Resource managers * Line managers * Product user group * Project testers * Any group impacted by the project as it progresses * Any group impacted by the project when it is completed * Subcontract ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
An Example Of Tailor-made Risk Breakdown Structure With Risk Analysis Results
An, AN, aN, or an may refer to: Businesses and organizations * Airlinair (IATA airline code AN) * Alleanza Nazionale, a former political party in Italy * AnimeNEXT, an annual anime convention located in New Jersey * Anime North, a Canadian anime convention * Ansett Australia, a major Australian airline group that is now defunct (IATA designator AN) * Apalachicola Northern Railroad (reporting mark AN) 1903–2002 ** AN Railway, a successor company, 2002– * Aryan Nations, a white supremacist religious organization * Australian National Railways Commission, an Australian rail operator from 1975 until 1987 * Antonov, a Ukrainian (formerly Soviet) aircraft manufacturing and services company, as a model prefix Entertainment and media * Antv, an Indonesian television network * ''Astronomische Nachrichten'', or ''Astronomical Notes'', an international astronomy journal * ''Avisa Nordland'', a Norwegian newspaper * ''Sweet Bean'' (あん), a 2015 Japanese film also known as ''An'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probabilities
Probability is the branch of mathematics concerning numerical descriptions of how likely an event is to occur, or how likely it is that a proposition is true. The probability of an event is a number between 0 and 1, where, roughly speaking, 0 indicates impossibility of the event and 1 indicates certainty."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, . The higher the probability of an event, the more likely it is that the event will occur. 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 conce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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