Risk Management. Junior Florentville. Medgar Evers College.

Risk Management Junior Florentville Medgar Evers College Risk Management Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,†¦show more content†¦The creative process includes brainstorming sessions where the team is asked to create a list of everything that could go wrong. All ideas are welcome at this stage with the evaluation of the ideas coming later. Risk identification more disciplined process involves using checklists of potential risks and evaluating the likelihood that those events might happen on the project. Some companies and industries develop risk checklists based on experience from past projects. These checklists can be helpful to the project manager and project team in identifying both specific risks on the checklist and expanding the thinking of the team. The past experience of the project team, project experience within the company, and experts in the industry can be valuable resources for identifying. Qualitative risk analysis the reason that a qualitative method is more commonly used than a quantitative method is because of the difficulty of assigning monetary values to assets, calculating the percentage of damage that could be endured and deriving the probability of frequency of a threat becoming realized. Quantitative risk analysis uses percentages formulas and monetary values. The most commonly known and understood formulas are the single loss expectancy and the annualized loss expectancy methods. Risk response planning is the process of developing options to minimize threats and maximize opportunities. The risk response should be in line with