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Control System Migrations by Daniel Roessler

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8

High-Risk Areas

Risk management involves the identification, analysis, and control of risks to avoid or minimize undesirable consequences. Every project has risks associated with it. In the process industries most project risks have safety, financial, schedule, or operational impacts. Within the context of the project, the risk include failing to meet the scope, schedule, or budget goals. There are numerous risk assessment and risk management philosophies from simplistic, informal discussions to complex, well-documented risk matrix processes. Independent of the risk evaluation methodology you use, the outcome should be a firm understanding of your project risks so that you can evaluate their probability of occurrence, estimate the impact ...

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