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Q 1. Describe the seven step risk management planning process


Answer:
The seven step risk management planning process:
The Risk Assessment Cycle is pictorially represented in the following diagram.
 
Figure : Risk Assessment Cycle

The Risk Assessment Cycle has the following seven stages:

1. Set the Limits / Scope of the Analysis
While doing Risk Assessment, the Limits/Scope of the Analysis should be set to provide the project manager very clear direction on what should be done. There are many instances where clear direction is lacking or the steps are unnecessarily confusing or ambiguous.

2. Identify Tasks and Hazards
Identifying Hazards is critical because if hazards are omitted the associated risks will remain unknown. A task-based approach to identifying hazards has been shown to be very effective and is recommended where applicable.
After the hazards are identified you need to determine two things: Is the associated risk minor? If yes, fix it straight away and move on. Is there a Regulation, Advisory Standard, Industry Code of Practice or guidance material associated with this hazard? If yes, the Regulation must be followed.

3. Asses Risk (Initial)
Initial Risk Assessment is very important step to find out the initial risks which consume more time.

4. Reduce Risk
There is no point in assessing the risks of a project unless one plans to perform risk reduction. The risk reduction effort is always completed even though not every residual risk requires further risk reduction since the risk may already be acceptable. This implies that risk reduction is a necessary part of, and should be included in the overall risk assessment process.

5. Assess Risk (Residual)
Assessment of Residual Risks is very important to make the risk assessment process complete. In a way it helps in reducing the risks.

6. Subjective Judgments need to be Accepted
Subjectivity is a necessary part of risk assessment. Even in quantitative risk assessments subjective judgment occurs. However, the subjectivity does not diminish the value or credibility of the risk assessment process and subjective risk assessments do offer value.

7. Document the Results
Documenting the Results obtained is very important for the future reference and use. This can be of help in upcoming projects.



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