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Iterative Risk Management Workflow Tool

Iterative Risk Management Workflow Tool. James C. Helm, Ph.D., P.E. Assistant Professor, Systems Engineering And Hamsini Ravipati Graduate Student School of Natural and Applied Sciences 2700 Bay Area Boulevard Houston, Texas 77058-1098 VPN 281-283-3875 FAX 281-283-3828

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Iterative Risk Management Workflow Tool

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  1. Iterative Risk Management Workflow Tool • James C. Helm, Ph.D., P.E. • Assistant Professor, Systems Engineering • And • Hamsini Ravipati • Graduate Student • School of Natural and Applied Sciences • 2700 Bay Area Boulevard • Houston, Texas 77058-1098 • VPN 281-283-3875 FAX 281-283-3828 • helm@cl.uh.edu http://nas.cl.uh.edu/helm

  2. Iterative Risk Management Workflow Tool • This paper presents: • A risk management paradigm • A risk information sheet content • An iterative risk management workflow prototype tool

  3. Risk Management Paradigm

  4. Components of Risk Management - 1 • Identify • search for and locate risks before they • become problems • Analyze • convert risk data into useable information • for determining priorities and making decisions • Plan • translate risk information into planning • decisions and mitigating actions (both present • and future), and implement those actions

  5. Components of Risk Management - 2 • Track • monitor risk indicators and mitigation actions • Control • correct for deviations from the risk mitigation • plans and decide on future actions • Communicate & Document • provide information and feedback to the project • on the risk activities, current risks, and • emerging risks

  6. Components of a Risk Statement • Condition: a single phrase that identifies possible future problems, and describes current key circumstances, situations, etc. that are causing concern, doubt, anxiety, or uncertainty • Consequence: a single phrase or sentence that describes the key, negative outcome(s) of the current conditions there is a possibility that ; Given the Consequence will occur Condition Risk Statement

  7. IDENTIFY Risk Information Sheet • Risk Information sheet • Risk Management database Complete: • ID • Date Identified • Risk statement • Origin • Risk Context

  8. ANALYZE Risk Information Sheet • Related areas: • Priority • Probability • Impact • Timeframe • Class

  9. PLAN Risk Information Sheet Risk Information Sheet Identified: ID __/__/__ Priority Statement Probability Impact Class Origin Assigned Timeframe to: Context Mitigation Strategy Contingency Plan and Trigger Status Date Status Closing Rationale Approval Closing Date ___/___/___ • To be completed: • Assigned to • Mitigation Strategy • Contingency plan and trigger

  10. TRACK Risk Information Sheet • Completed or Updated: • Priority • Probability • Impact • Timeframe • Status • Status Date

  11. CONTROL Risk Information Sheet • Completed Items: • Approval • Closing date • Closing rationale • Status

  12. Risk Management Work Flow This is the home page for the iterative risk management workflow prototype tool http://nas.cl.uh.edu/ravipatyh/default.html

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