Risk Management Overview - Revision history

Tkokotas at 15:34, 16 November 2018

2018-11-16T15:34:42Z

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			''Developed by Jonas Heiberg Larsen''


	==Abstract==		==Abstract==
	Projects are part of a dynamic and fast-changing world. Therefore there is a degree of uncertainty and unpredictability in projects. In order to minimize uncertainties and unforeseeable events related to a project, risks are identified and managed throughout the project lifecycle. A risk is an uncertain event that can have e negative effect on one or more objects in a project such as time, cost, performance or scope <ref name="HowToDoProjects" /> <ref name="iso31000" />.		Projects are part of a dynamic and fast-changing world. Therefore there is a degree of uncertainty and unpredictability in projects. In order to minimize uncertainties and unforeseeable events related to a project, risks are identified and managed throughout the project lifecycle. A risk is an uncertain event that can have e negative effect on one or more objects in a project such as time, cost, performance or scope <ref name="HowToDoProjects" /> <ref name="iso31000" />.

JonasHL: /* Limitations and advantages of Risk management (discussion) */

2018-02-26T13:30:20Z

Limitations and advantages of Risk management (discussion)

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	Risk Management Process is concerned with managing the identified and quantified risks & mitigations and does not tackle other types of uncertainty like the cost to develop a new prototype or if customers will buy the product <ref name="HowToDoProjects" /><sup>(pp.134-135)</sup>.		Risk Management Process is concerned with managing the identified and quantified risks & mitigations and does not tackle other types of uncertainty like the cost to develop a new prototype or if customers will buy the product <ref name="HowToDoProjects" /><sup>(pp.134-135)</sup>.
	Furthermore, a lot of time and resources can potentially be spent on prioritizing and assessing, risks that are not likely to occur, which will divert resources that could have ~~been spent~~ more ~~effectively~~.		Furthermore, a lot of time and resources can potentially be spent on prioritizing and assessing, risks that are not likely to occur, which will divert resources that could have allocated more efficiently.

JonasHL: /* Implementing Risk management */

2018-02-26T13:28:50Z

Implementing Risk management

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	Project Managers can use these 6 steps to implement risk management into their projects. Since projects are different, variations in the implementation can occur. However, these steps are a good guideline.		Project Managers can use these six steps to implement risk management into their projects. Since projects are different, variations in the implementation can occur. However, these steps are a good guideline.

	== Limitations and advantages of Risk management (discussion) ==		== Limitations and advantages of Risk management (discussion) ==

JonasHL: /* Limitations */

2018-02-26T13:05:36Z

Limitations

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	The ISO 31000 is probably the most used risk management standard. However, it has some flaws, which managers need to take into consideration.		The ISO 31000 is probably the most used risk management standard. However, it has some flaws, which managers need to take into consideration.

	First, a considerable amount of scientific literature arguing for the ISO 31000 is outdated since it uses ideas of risk assessment and characterization as used in the 1970s and 1980s, which does not take, the fast-changing and connected world which projects happens in today~~, in to~~ account <ref name="CriticArticle" />.		First, a considerable amount of scientific literature arguing for the ISO 31000 is outdated since it uses ideas of risk assessment and characterization as used in the 1970s and 1980s, which does not take the fast-changing and connected world which projects happens in today into account <ref name="CriticArticle" />.

	Second, the ISO 31000 is often criticized for having a narrow scope, for instance, the standard does not include setting objectives, but it does require that objectives are set.		Second, the ISO 31000 is often criticized for having a narrow scope, for instance, the standard does not include setting objectives, but it does require that objectives are set.

JonasHL: /* Annotated Bibliography */

2018-02-26T12:44:24Z

Annotated Bibliography

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	'''Books'''		'''Books'''
	*Chapter 10 in: Maylor H. "Project Management". ''Pearson Education Limited''~~, 4th. Edition~~; 2010.		*Chapter 10 in: Maylor H. "Project Management".4th ed. ''Pearson Education Limited''; 2010.
	::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.		::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.
	*ISO. "31000 Risk management — Principles and guidelines". ''International Standard''; 2009.		*ISO. "31000 Risk management — Principles and guidelines". ''International Standard''; 2009.

JonasHL: /* References */

2018-02-26T12:42:20Z

References

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	<ref name="ResidualInherent">Nasdaq. "Assessing Risks: Inherent or Residual", http://www.bwise.com/blog/assessing-risks-inherent-or-residual/obj5382859, Visited 08-02-2018</ref>		<ref name="ResidualInherent">Nasdaq. "Assessing Risks: Inherent or Residual", http://www.bwise.com/blog/assessing-risks-inherent-or-residual/obj5382859, Visited 08-02-2018</ref>
	<ref name="KnownKnownsWiki">Wikipedia. "There are known knowns", https://en.wikipedia.org/wiki/There_are_known_knowns, Visited 03-02-2018</ref>		<ref name="KnownKnownsWiki">Wikipedia. "There are known knowns", https://en.wikipedia.org/wiki/There_are_known_knowns, Visited 03-02-2018</ref>
	<ref name="HowToDoProjects">Geraldi J, Thuesen C, Oehmen J. "How to Do Projects". ''Dansk Standard''; 2017.</ref>		<ref name="HowToDoProjects">Geraldi J, Thuesen C, Oehmen J. "How to Do Projects". 1st ed. ''Dansk Standard''; 2017.</ref>
	<ref name="TreatRisks">Chartered Accountants, "Treat Risks", https://survey.charteredaccountantsanz.com/risk_management/midsize-firms/treat.aspx, Visited 09-02-2018</ref>		<ref name="TreatRisks">Chartered Accountants, "Treat Risks", https://survey.charteredaccountantsanz.com/risk_management/midsize-firms/treat.aspx, Visited 09-02-2018</ref>
	<ref name="RMGeorgUni">Georgetown University. "Risk Management Overview", https://riskmanagement.georgetown.edu/overview, Visited 10-02-2018</ref>		<ref name="RMGeorgUni">Georgetown University. "Risk Management Overview", https://riskmanagement.georgetown.edu/overview, Visited 10-02-2018</ref>

JonasHL: /* References */

2018-02-26T12:40:07Z

References

JonasHL: /* Annotated Bibliography */

2018-02-26T12:37:52Z

Annotated Bibliography

JonasHL: /* Annotated Bibliography */

2018-02-26T12:35:24Z

Annotated Bibliography

JonasHL: /* Annotated Bibliography */

2018-02-26T12:34:16Z

Annotated Bibliography

← Older revision		Revision as of 12:34, 26 February 2018
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	'''Books'''		'''Books'''
	*Chapter 10 in: Maylor H. "Project Management", ''Pearson Education Limited'', 4th. Edition (2010)		*Chapter 10 in: Maylor H. "Project Management", ''Pearson Education Limited'', 4th. Edition;2010.
	::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.		::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.
	*ISO. "31000 Risk management — Principles and guidelines", ''International Standard''~~, (~~2009)		*ISO. "31000 Risk management — Principles and guidelines", ''International Standard'';2009.
	::The golden standard within risk management, it gives a great overview of definitions and approaches to risk management and is, therefore, a must-read.		::The golden standard within risk management, it gives a great overview of definitions and approaches to risk management and is, therefore, a must-read.
	*Chapter 11 in: Project Management Institute. "A guide to the project management body of knowledge: PMBOK Guide", ''Project Management Institute''~~, (~~2000)		*Chapter 11 in: Project Management Institute. "A guide to the project management body of knowledge: PMBOK Guide", ''Project Management Institute'';2000.
	::This chapter is about Project Risk Management and describes: ''risk Management Planning, Risk Identification, Qualitative Risk Analysis, Quantitative Risk Analysis, Risk Response Planning'' and ''Risk Monitoring and Control.		::This chapter is about Project Risk Management and describes: ''risk Management Planning, Risk Identification, Qualitative Risk Analysis, Quantitative Risk Analysis, Risk Response Planning'' and ''Risk Monitoring and Control.
	*Committee on Foundations of risk analysis. "SRA glossary ", ''Committee on Foundations of risk analysis''~~, (~~2015) (Link: http://www.sra.org/sites/default/files/pdf/SRA-glossary-approved22june2015-x.pdf)		*Committee on Foundations of risk analysis. "SRA glossary ", ''Committee on Foundations of risk analysis'';2015. (Link: http://www.sra.org/sites/default/files/pdf/SRA-glossary-approved22june2015-x.pdf)
	::The SRA is similar to the ISO 31000, in the way it gives an overview of definitions and approaches to risk management.		::The SRA is similar to the ISO 31000, in the way it gives an overview of definitions and approaches to risk management.
	*Jensen JL. "Risk & Return - The Economic Red Phone Explained", ''Springer International Publishing AG'' (2017)		*Jensen JL. "Risk & Return - The Economic Red Phone Explained", ''Springer International Publishing AG'';2017.
	::This book attempt to re-define objective risk, and addresses the critical factor of defining a risk owner. It argues for defining risk owner at the lowest possible management level, and the importance of proper risk management.		::This book attempt to re-define objective risk, and addresses the critical factor of defining a risk owner. It argues for defining risk owner at the lowest possible management level, and the importance of proper risk management.

← Older revision		Revision as of 12:40, 26 February 2018
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	<references>		<references>

	<ref name="PMBogen">Pearson H. "Project Management", ''Pearson Education Limited'', 4th. Edition (2010):.</ref>		<ref name="PMBogen">Pearson H. "Project Management", ''Pearson Education Limited''. 4th. Edition; 2010.</ref>
	<ref name="iso31000sme">ISO. "31000 Risk Management for smes", ''ISO''~~, (~~2015):. https://www.iso.org/iso/iso_31000_for_smes.pdf, Visited 07-02-2018</ref>		<ref name="iso31000sme">ISO. "31000 Risk Management for smes", ''ISO''; 2015. https://www.iso.org/iso/iso_31000_for_smes.pdf, Visited 07-02-2018</ref>
	<ref name="iso31000">ISO. "31000 Risk management — Principles and guidelines", ''International Standard''~~, (~~2009):. </ref>		<ref name="iso31000">ISO. "31000 Risk management — Principles and guidelines", ''International Standard''; 2009. </ref>
	<ref name="RiskMatrixPicture">CGE Academy. "Risk matrices", https://www.cgerisk.com/knowledgebase/Risk_matrices, Visited 05-02-2018</ref>		<ref name="RiskMatrixPicture">CGE Academy. "Risk matrices", https://www.cgerisk.com/knowledgebase/Risk_matrices, Visited 05-02-2018</ref>
	<ref name="ResidualInherent">Nasdaq. "Assessing Risks: Inherent or Residual", http://www.bwise.com/blog/assessing-risks-inherent-or-residual/obj5382859, Visited 08-02-2018</ref>		<ref name="ResidualInherent">Nasdaq. "Assessing Risks: Inherent or Residual", http://www.bwise.com/blog/assessing-risks-inherent-or-residual/obj5382859, Visited 08-02-2018</ref>
	<ref name="KnownKnownsWiki">Wikipedia. "There are known knowns", https://en.wikipedia.org/wiki/There_are_known_knowns, Visited 03-02-2018</ref>		<ref name="KnownKnownsWiki">Wikipedia. "There are known knowns", https://en.wikipedia.org/wiki/There_are_known_knowns, Visited 03-02-2018</ref>
	<ref name="HowToDoProjects">Geraldi J, Thuesen C, Oehmen J. "How to Do Projects", ''Dansk Standard''~~, (~~2017):.</ref>		<ref name="HowToDoProjects">Geraldi J, Thuesen C, Oehmen J. "How to Do Projects". ''Dansk Standard''; 2017.</ref>
	<ref name="TreatRisks">Chartered Accountants, "Treat Risks", https://survey.charteredaccountantsanz.com/risk_management/midsize-firms/treat.aspx, Visited 09-02-2018</ref>		<ref name="TreatRisks">Chartered Accountants, "Treat Risks", https://survey.charteredaccountantsanz.com/risk_management/midsize-firms/treat.aspx, Visited 09-02-2018</ref>
	<ref name="RMGeorgUni">Georgetown University. "Risk Management Overview", https://riskmanagement.georgetown.edu/overview, Visited 10-02-2018</ref>		<ref name="RMGeorgUni">Georgetown University. "Risk Management Overview", https://riskmanagement.georgetown.edu/overview, Visited 10-02-2018</ref>
	<ref name="RMPPic">Procurement Journey. "Risk Management Process", https://www.procurementjourney.scot/risk-management-process, Visited 10-02-2018</ref>		<ref name="RMPPic">Procurement Journey. "Risk Management Process", https://www.procurementjourney.scot/risk-management-process, Visited 10-02-2018</ref>
	<ref name="CriticArticle">Aven T. "The flaws of the ISO 31000 conceptualisation of risk", ''Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability''~~, 5 (~~2017):.</ref>		<ref name="CriticArticle">Aven T. "The flaws of the ISO 31000 conceptualisation of risk", ''Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability''; 2017.</ref>
	<ref name="RisikoRadio">Risko Radio. "Episode 027: Hvad er en Risikoejer? Interview med Jesper Lyng Jensen", https://podtail.com/da/podcast/risiko-radio/episode-027-hvad-er-en-risikoejer-interview-med-je/, Visited 13-02-2018</ref>		<ref name="RisikoRadio">Risko Radio. "Episode 027: Hvad er en Risikoejer? Interview med Jesper Lyng Jensen", https://podtail.com/da/podcast/risiko-radio/episode-027-hvad-er-en-risikoejer-interview-med-je/, Visited 13-02-2018</ref>
	<ref name="AdvantageDisadvantage">Reddy C. "Advantage and Disadvantage of Risk Management" (published: 12/02-2018), ''Wisestep'', https://content.wisestep.com/advantage-disadvantage-risk-management/, Visited 13-02-2018</ref>		<ref name="AdvantageDisadvantage">Reddy C. "Advantage and Disadvantage of Risk Management" (published: 12/02-2018), ''Wisestep'', https://content.wisestep.com/advantage-disadvantage-risk-management/, Visited 13-02-2018</ref>

← Older revision		Revision as of 12:37, 26 February 2018
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	'''Books'''		'''Books'''
	*Chapter 10 in: Maylor H. "Project Management", ''Pearson Education Limited'', 4th. Edition; 2010.		*Chapter 10 in: Maylor H. "Project Management". ''Pearson Education Limited'', 4th. Edition; 2010.
	::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.		::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.
	*ISO. "31000 Risk management — Principles and guidelines", ''International Standard''; 2009.		*ISO. "31000 Risk management — Principles and guidelines". ''International Standard''; 2009.
	::The golden standard within risk management, it gives a great overview of definitions and approaches to risk management and is, therefore, a must-read.		::The golden standard within risk management, it gives a great overview of definitions and approaches to risk management and is, therefore, a must-read.
	*Chapter 11 in Project Management Institute. "A guide to the project management body of knowledge: PMBOK Guide", ''Project Management Institute''; 2000.		*Chapter 11 in Project Management Institute. "A guide to the project management body of knowledge: PMBOK Guide". ''Project Management Institute''; 2000.
	::This chapter is about Project Risk Management and describes: ''risk Management Planning, Risk Identification, Qualitative Risk Analysis, Quantitative Risk Analysis, Risk Response Planning'' and ''Risk Monitoring and Control.		::This chapter is about Project Risk Management and describes: ''risk Management Planning, Risk Identification, Qualitative Risk Analysis, Quantitative Risk Analysis, Risk Response Planning'' and ''Risk Monitoring and Control.
	*Committee on Foundations of risk analysis. "SRA glossary ", ''Committee on Foundations of risk analysis''; 2015. (Link: http://www.sra.org/sites/default/files/pdf/SRA-glossary-approved22june2015-x.pdf)		*Committee on Foundations of risk analysis. "SRA glossary ". ''Committee on Foundations of risk analysis''; 2015. (Link: http://www.sra.org/sites/default/files/pdf/SRA-glossary-approved22june2015-x.pdf)
	::The SRA is similar to the ISO 31000, in the way it gives an overview of definitions and approaches to risk management.		::The SRA is similar to the ISO 31000, in the way it gives an overview of definitions and approaches to risk management.
	*Jensen JL. "Risk & Return - The Economic Red Phone Explained", ''Springer International Publishing AG''; 2017.		*Jensen JL. "Risk & Return - The Economic Red Phone Explained". ''Springer International Publishing AG''; 2017.
	::This book attempt to re-define objective risk, and addresses the critical factor of defining a risk owner. It argues for defining risk owner at the lowest possible management level, and the importance of proper risk management.		::This book attempt to re-define objective risk, and addresses the critical factor of defining a risk owner. It argues for defining risk owner at the lowest possible management level, and the importance of proper risk management.

	'''Articles'''		'''Articles'''
	*Nassim NT, Goldstein DG, Spitznagel MW. "The Six Mistakes Executives Make in Risk Management", ''Harvard Business School Publishing Corporation''. 2009;87(10):123-123		*Nassim NT, Goldstein DG, Spitznagel MW. "The Six Mistakes Executives Make in Risk Management". ''Harvard Business School Publishing Corporation''. 2009;87(10):123-123
	::This article outlines some of the general mistakes managers make when doing risk management, and have some great arguments which managers should take into consideration.		::This article outlines some of the general mistakes managers make when doing risk management, and have some great arguments which managers should take into consideration.

← Older revision		Revision as of 12:35, 26 February 2018
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	'''Books'''		'''Books'''
	*Chapter 10 in: Maylor H. "Project Management", ''Pearson Education Limited'', 4th. Edition;2010.		*Chapter 10 in: Maylor H. "Project Management", ''Pearson Education Limited'', 4th. Edition; 2010.
	::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.		::This chapter is about Risk & Opportunities Management and describes: ''risk matrix, Rumsfeld's Known-unknowns, qualitative and quantitative approaches, sensitivity analysis, PERT technique'' and ''Monte Carlo simulation''.
	*ISO. "31000 Risk management — Principles and guidelines", ''International Standard'';2009.		*ISO. "31000 Risk management — Principles and guidelines", ''International Standard''; 2009.
	::The golden standard within risk management, it gives a great overview of definitions and approaches to risk management and is, therefore, a must-read.		::The golden standard within risk management, it gives a great overview of definitions and approaches to risk management and is, therefore, a must-read.
	*Chapter 11 in: Project Management Institute. "A guide to the project management body of knowledge: PMBOK Guide", ''Project Management Institute'';2000.		*Chapter 11 in Project Management Institute. "A guide to the project management body of knowledge: PMBOK Guide", ''Project Management Institute''; 2000.
	::This chapter is about Project Risk Management and describes: ''risk Management Planning, Risk Identification, Qualitative Risk Analysis, Quantitative Risk Analysis, Risk Response Planning'' and ''Risk Monitoring and Control.		::This chapter is about Project Risk Management and describes: ''risk Management Planning, Risk Identification, Qualitative Risk Analysis, Quantitative Risk Analysis, Risk Response Planning'' and ''Risk Monitoring and Control.
	*Committee on Foundations of risk analysis. "SRA glossary ", ''Committee on Foundations of risk analysis'';2015. (Link: http://www.sra.org/sites/default/files/pdf/SRA-glossary-approved22june2015-x.pdf)		*Committee on Foundations of risk analysis. "SRA glossary ", ''Committee on Foundations of risk analysis''; 2015. (Link: http://www.sra.org/sites/default/files/pdf/SRA-glossary-approved22june2015-x.pdf)
	::The SRA is similar to the ISO 31000, in the way it gives an overview of definitions and approaches to risk management.		::The SRA is similar to the ISO 31000, in the way it gives an overview of definitions and approaches to risk management.
	*Jensen JL. "Risk & Return - The Economic Red Phone Explained", ''Springer International Publishing AG'';2017.		*Jensen JL. "Risk & Return - The Economic Red Phone Explained", ''Springer International Publishing AG''; 2017.
	::This book attempt to re-define objective risk, and addresses the critical factor of defining a risk owner. It argues for defining risk owner at the lowest possible management level, and the importance of proper risk management.		::This book attempt to re-define objective risk, and addresses the critical factor of defining a risk owner. It argues for defining risk owner at the lowest possible management level, and the importance of proper risk management.

	'''Articles'''		'''Articles'''
	*Nassim NT, Goldstein DG, Spitznagel MW. "The Six Mistakes Executives Make in Risk Management", ''Harvard Business School Publishing Corporation'' (2009;87(10):123-123)		*Nassim NT, Goldstein DG, Spitznagel MW. "The Six Mistakes Executives Make in Risk Management", ''Harvard Business School Publishing Corporation''. 2009;87(10):123-123
	::This article outlines some of the general mistakes managers make when doing risk management, and have some great arguments which managers should take into consideration.		::This article outlines some of the general mistakes managers make when doing risk management, and have some great arguments which managers should take into consideration.