Answer: A decision-making process for identifying hazards and controlling risks both on-duty and off-duty
Risk management – Wikipedia
Systemic risk – Wikipedia
Systemic risk – Wikipedia
Risk management – Wikipedia
Risk management is the identification evaluation and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize monitor and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Risks can come from various sources including uncertainty in international markets threats from project failures (at any phase in design development production or sustaining of life-cycles) legal liabilities credit risk accidents natural causes and disasters deliberate attack from an adversary or events of uncertain or unpredictable root-cause . There are two types of events i.e. nega…
Risks can come from various sources including uncertainty in international markets threats from project failures (at any phase in design development production or sustaining of life-cycles) legal liabilities credit risk accidents natural causes and disasters deliberate attack from an adversary or events of uncertain or unpredictable root-cause . There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities. Risk management standards have been developed by various institutions including the Project Management Institute the National Institute of Standards and Technology actuarial societies and ISO standards. Methods definitions and goals vary widely according to whether the risk management method is in the context of project management security engineering industrial processes financial portfolios actuarial assessments or public health and safety. Strategies to manage threats (uncertainties with negative consequences) typically include avoiding the threat reducing the negative effect or probability of the threat transferring all or part of the threat to another party and even retaining some or all of the potential or actual consequences of a particular threat. The opposite of these strategies can be used to respond to opportunities (uncertain future states with benefits). Certain risk management standards have been criticized for having no measurable improvement on risk whereas the confidence in estimates and decisions seems to increase. For example one study found that one in six IT projects were ” black swans ” with gigantic overruns (cost overruns averaged 200% and sc… Read more on Wikipedia
A risk management plan is a document that a project manager prepares to foresee risks …