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Principles of Risk
Risk Identification &
Stakeholder name
Interest or concern
L/M/H
Drill down
Cause & effect diagrams (Ishikawa) Meta-language Paired comparisons
Issue?
Parents not engaged
Source of risk
Metalanguage
Meta-language attempts to put this relationship into a clearly defined 3 part statement: As a result of <fact>, <uncertain events> may occur, which would lead to <effect>
Uncertain events
Effect
Home (B) A2
Customer (C) C1
Quality (D) A1
Home (B)
Customer (C) Quality (D)
C1
B1
C2
B=1 (12.5%);
C=4 (50%); D=0(0%). Customer service (C) is decision (or primary risk area?).
NB: in more developed format = Analytical Hierarchy Process (AHP)
This leads into questions about which of these we can manage [exercise]
Baker S & Baker K (2000) A complete idiots guide to project management Alpha
Borge (2001) The book of risk Wiley Buttrick R (2005) The project workout (3rd Edition) Prentice Hall HM Treasury (2004) The Orange Book: Management of risk principles and concepts