Gayatri

• Dec 6th, 2006

 

Risk analysis and management has two key aspects :

1. Determining the risk

2. Designing counter measures to handle the risk

For determining the risk three factors must be kept in mind:

1. The event causing it

2. The likelyhood of the event happening

3. The impact on the plan if it occurs ie. the loss of business due to customer dissatisfaction, or the whole system crashing down, or just frustaration.

And, the counter measures should be designed to reduce either the likelyhood, the impact or both of the risk.

So, depending on the type of the project, risk analysis is done keeping in view the factors mentioned above.

Hope this was of some help.

Thanks,

Gayatri

Sujatars

 Profile Answers by Sujatars 

• Dec 6th, 2006

 

Risk Analysis is basically  quantifying the risk. The 2 compoenents of Risk Analysis is 1)The probability of the event occuring & 2) the impact of event occured.

sunitha

• Dec 18th, 2006

 

Risk analysis is basically a factor that has to be predetermined before the entire starts up in order to avoid discomfort from client side