Risk Breakdown Structure (RBS)

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All projects and businesses are subject to the effects of uncertainty, arising from a multiplicity of sources, including technical, management, environmental, commercial etc. Sources of risk can be external to the project or organisation (such as market risk, or the actions of competitors, suppliers or regulators), or internal (arising from people, processes, procedures, organisational culture etc). Risk management has been recognised as an important management approach to dealing with the inevitable uncertainty, aiming to minimise threats and maximise opportunities while maintaining a focus on achievement of objectives.
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A risk breakdown structure is a type of graph or flowchart that attempts to account for all the risk exposure a project faces as it unfolds. Typically, a risk breakdown structure is a hierarchical representation of risk, starting with high levels and broad categories of risk and moving down to more specific, detailed risks. The point of the risk breakdown structure is help project managers to brainstorm and document a project’s risk exposure — everything that might affect the proper progression of a project.
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This planning tool can help a company or project team be better prepared for the likeliest to the unlikeliest of risks, so the project deliverables will be as close to the original expectations as possible.

Revision as of 16:44, 10 February 2022

A risk breakdown structure is a type of graph or flowchart that attempts to account for all the risk exposure a project faces as it unfolds. Typically, a risk breakdown structure is a hierarchical representation of risk, starting with high levels and broad categories of risk and moving down to more specific, detailed risks. The point of the risk breakdown structure is help project managers to brainstorm and document a project’s risk exposure — everything that might affect the proper progression of a project. This planning tool can help a company or project team be better prepared for the likeliest to the unlikeliest of risks, so the project deliverables will be as close to the original expectations as possible.

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