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Project Risk Control. Doug Off Ojai Oil Company Golden State Storage May 02, 2012. Lake View Oil #1 03/14/1910 – 02/15/1955. 8.25 million barrels produced 4.3 million barrels saved The rest an ecological disaster. Dry Hole - $3,685,000. What is Risk Control?.

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project risk control

Project Risk Control

Doug Off

Ojai Oil Company

Golden State Storage

May 02, 2012

lake view oil 1 03 14 1910 02 15 1955
Lake View Oil #103/14/1910 – 02/15/1955

8.25 million barrels produced

4.3 million barrels saved

The rest an ecological disaster

what is risk control
What is Risk Control?
  • Risk consists of two things:
    • The probability that something will go wrong
    • The negative consequences that will occur if something does go wrong.
  • Risk control allows you to identify and manage potential problems that could undermine key business initiatives or projects.
steps for preparing a risk control analysis
Steps for preparing a Risk Control Analysis…
  • Identify threats before you start the project.
  • Assess the likelihood of the risk happening and possible impact
  • Manage the risk
  • Continue conducting regular reviews – don’t lose track of the balance sheet!
social scienc e s place in business decisions
Social Science’s Place in Business Decisions
  • Risk is less acceptable at a higher level of management - desire to not be the person responsible for failure
  • Moral equivalence – using a small risk as a justification for performing a larger risk
    • Guilt or shame vs. risk
    • Risk is happiness
    • Jyn – the Moroccan spirit of good and bad
risk vs reward upgrades to santa fe springs storage facility
Risk vs. Reward: Upgrades to Santa Fe Springs Storage Facility
  • Before (August 2011)
  • After (April 2012)
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