Question: Risk assessment refers to the overall process of risk identification, risk analysis and risk evaluation; in the scope of the Risk Management Planning Process. Risk identification generates a list of the risks that may have an impact on the project and create uncertainty about whether or not it will achieve or exceed its objectives. Risk analysis is the systematic use of available information to develop an understanding of the risk. Risk evaluation is the process of comparing the estimated level of risk against risk criteria to determine the significance of the risk. Applying this process helps a project team make informed decisions about how to take action towards controlling/managing risks.
Applying your understanding of the stages of the Risk Assessment Process, how do you believe you have applied these steps in order to make informed decisions in your personal or professional life?
In your response, consider the following:
Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome? Ex. You write down pro's & con's for a potential decision.
What information do you use when ‘weighing your options'? Ex. Historical results/outcomes, feedback from a trusted source, etc.
What "criteria" do you use to decide what's MOST important to you when making your decision? Ex. Your personal morals, company policy, the opinion of others, etc.
Read and Reply to the discussion post with 6 sentences minimum. By agreeing or disagreeing with the post and why!!!
Post 1: Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome? Ex. You write down pro's & con's for a potential decision.
I do believe there is a subconscious and conscious process we use. We are not always aware of the process but I do believe there is a go to method we all use when calculating any risks. The process I explore when evaluating my options are brainstorming and writing down all of the possible threats that can occur and solutions that can go along with them.
What information do you use when ‘weighing your options'? Ex. Historical results/outcomes, feedback from a trusted source, etc.
Information used when weighing my options are looking into the history outcomes of the project or similar projects. I believe that knowing what to expect can help to better situate for future risks. It is also wise to seek counsel from peers or sources who are experienced in that field. It is also best to make a risk analysis with the information given to help understand the root cause and a risk evaluation to determine the impact of the risk.
What "criteria" do you use to decide what's MOST important to you when making your decision? Ex. Your personal morals, company policy, the opinion of others, etc.
Personally, I like to jot down all of the possible risks that may occur. After forming that list, I like to think of solutions that will can help. Once I have both the possible threats and solutions, I like to arrange the list in order of high risk threats and low risk threats. By doing so I know what to prioritize.
Post 2: Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome?
I actually don't use a specific step by step process to evaluate my options or how they'll impact the outcome I want. However, I do ask myself questions to get to my decision. The questions may vary based on the job or the personal situation at hand but here are some samples of the types of questions I'd ask myself:
What's best for me or the organization?
What's the most efficient process?
What decision will bring the most benefits?
What impact will my decision have?
Will I be satisfied with my choice and outcome?
What's the worst that could happen?
What information do you use when ‘weighing your options'?
When weighing my options I use information from the answers to the questions I ask myself. Depending on the circumstance I would also use information from peers, managers, people I look up to, people who have had similar experiences, or research online. Google is my go to. If I know someone has experienced something similar I'll ask how they handled it or what they learned. Sometimes you can learn from others mistakes and avoid them by taking a different approach.
What "criteria" do you use to decide what's MOST important to you when making your decision?
My criteria for what's important when making decisions is based on facts, my beliefs, my opinion of what I think is best, the desired goals, people influences, and the effect it'll have. With work I'd also consider what meets the company's standards, guidelines, and objectives.