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Risk management: A practical toolkit for identifying analyzing and coping with project risk. Retrieved October 12, 2004, from http:// Gnatz

By Tom Gilb


Abstract. Risk management must be fully integrated into all the implementation (development, production and delivery) and operational processes for systems. It involves more than applying risk assessment methods to identify and evaluate system risks. To explain this broad approach to risk management, this paper discusses the way in which ‘Planguage ’ (a planning language and set of system engineering methods) contributes to handling risks. DEFINITION OF ‘RISK’ Risk is an abstract concept expressing the possibility of unwanted outcomes. A ‘risk ’ is anything that can lead to results that deviate negatively from the stakeholders ’ 'real ' 1 requirements for a project. It is in the nature of risk that the probability of risks actually occurring, and their actual impact when they do so, can only be predicted to varying degrees of accuracy. Not all risks can be identified in advance. Risk Management is any activity that identifies risks, and takes action to remove, reduce or control ‘negative results ’ (deviations from the requirements). PRINCIPLES OF RISK MANAGEMENT In my view, the fundamental principles of risk management include

Year: 1993
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