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, risk management as well as risk monitoring are described in detail in this chapter. 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

Delphi technique; Impact; Probability matrix; Risk assessment; Risk awareness; Risk evaluation; Risk identification; Risk management; Risk mitigation; Risk monitoring; ...

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