Management Zara
Assessment Task 4 BSBRSK501A Manage risk
Prompt questions 1. What are three ways that research can be conducted for risk-related issues, and for each way, briefly describe how it may be done.
Qualitative analysis may be useful as an initial screening to identify if further analyse of risk is required, when the analysis is appropriate for decisions, when numerical data or resources are inadequate.
Semi-quantitative analysis sets values to the risks in order to produce a more expanded ranking scale than that which is usually achievable from qualitative analyse. These values are not the predicted realistic figures calculated in quantitative analysis. It is important that the limitations of this form are recognised and is combined with a formula or explanation.
Quantitative analyse of risks uses numerical values ( as opposed to words)to analyse both the consequence and likelihood of risk. The quality of this analysis is dependent on the data from witch it was initially sourced. The outcomes may be expressed in terms of monetary , technical, or human impact.
2. Fishbone, checklists and brainstorming are both tools that can be used in risk management. Describe each of these and when they would best be used.
Fishbone diagram: Also called a cause and effect diagram. Is a visualization tool for categorizing the potential causes of a problem in order to identify the root causes.
It’s ideal to used it when there are many possibilities causing a problem to accur.
Checklists: This risk checklist serves as a thinking tool or discussion prompt to ensure the team has looked at the project and its environment from all angles when they sign off on the risk list. Thorough consideration can help you avoid getting blindsided by foreseeable risks like staffing changes at a critical vendor or shifting regulatory requirements.
It’s ideal when we try to identify the risks within a specific context,it is important to interrogate the components as
Prompt questions 1. What are three ways that research can be conducted for risk-related issues, and for each way, briefly describe how it may be done.
Qualitative analysis may be useful as an initial screening to identify if further analyse of risk is required, when the analysis is appropriate for decisions, when numerical data or resources are inadequate.
Semi-quantitative analysis sets values to the risks in order to produce a more expanded ranking scale than that which is usually achievable from qualitative analyse. These values are not the predicted realistic figures calculated in quantitative analysis. It is important that the limitations of this form are recognised and is combined with a formula or explanation.
Quantitative analyse of risks uses numerical values ( as opposed to words)to analyse both the consequence and likelihood of risk. The quality of this analysis is dependent on the data from witch it was initially sourced. The outcomes may be expressed in terms of monetary , technical, or human impact.
2. Fishbone, checklists and brainstorming are both tools that can be used in risk management. Describe each of these and when they would best be used.
Fishbone diagram: Also called a cause and effect diagram. Is a visualization tool for categorizing the potential causes of a problem in order to identify the root causes.
It’s ideal to used it when there are many possibilities causing a problem to accur.
Checklists: This risk checklist serves as a thinking tool or discussion prompt to ensure the team has looked at the project and its environment from all angles when they sign off on the risk list. Thorough consideration can help you avoid getting blindsided by foreseeable risks like staffing changes at a critical vendor or shifting regulatory requirements.
It’s ideal when we try to identify the risks within a specific context,it is important to interrogate the components as