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What is Risk Management?
The Process
Guiding Principles
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Step 1
Step 2
Step 3
Purpose
What to do and how to do it?
Expected results and outputs
Decision
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Step 4
Step 5
Step 6
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Decision

Select one of the three decision options - End, Go Back or Next Step/Take Action:

  • End the process if the estimated risks are much lower than initially estimated in the preliminary analysis, and stakeholders agree that there is no longer a significant concern.
  • Go Back if:
    • there is new information that needs to be considered
    • additional risk scenarios need to be considered
    • there are doubts about data quality or analytical methods
    • not all of the important stakeholders are comfortable with the level of uncertainty associated with the analysis.
  • Proceed to the Next Step if the project team is comfortable with the data, the assumptions and the outcomes of the risk estimation process.
Eng - Go Back - Next Step/Take Action



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