Chapter 15

Risk Management

Abstract

The need for risk management is emphasized with examples of successful applications. The five main stages of risk management, i.e., risk awareness, risk identification, risk assessment, risk evaluation, and risk management are described in detail, as well as risk monitoring. The advantages and disadvantages of the different risk identification methods are discussed. Diagrams of a probability/impact matrix, risk summary chart, risk exposure table, frequency/time histogram, Tornado diagram, and a risk register (risk log) are included.

Keywords

Risk management; risk awareness; risk identification; risk assessment; risk evaluation; risk monitoring; impact; probability matrix; risk register (log); Delphi technique; ...

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