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Risk Management
 

Risk Management

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RISK MANAGEMENT FOR DIGITAL MEDIA PROJECTS

RISK MANAGEMENT FOR DIGITAL MEDIA PROJECTS

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    Risk Management Risk Management Presentation Transcript

    • DITGITAL MEDIA PROJECT RISKS MANAGEMENT A RISK IS ANY POTENTIAL DIFFICULTY OR ISSUE THAT MAY HAVE SOME IMPACT ON THE SUCCESS OF THE PROJECT
    • RISK ARISES OUT OF UNCERTAINTY. IT IS MEASURED IN TERMS OF THE: LIKELIHOOD OF IT HAPPENING AND THE CONSEQUENCES IF IT DOES HAPPEN
    • RISK MANAGEMENT IS THE PROCESS WHICH IS USED TO AVOID, REDUCE OR CONTROL RISKS.
    • RISK MANAGEMENT PROCESS
    • context WHAT IS THE PROJECT? WHAT IS THE INTENDED OUTCOME? WHO IS INVOLVED? WHAT ARE THE RISK CRITERIA? e.g. Lose money Harm reputation Cause injury Equipment damage Litigation Quality
    • Identify risks EXPERIENCE SWOT ANALYSIS PROCESS ANALYSIS (flowchart) EXISITING CHECKLIST Aim to generate a comprehensive list.
    • analysis
      • HOW LIKELY IS THE RISK TO OCCUR
      • Certain? Likely? Unlikely?
      • 2. WHAT WILL BE THE RISK’S CONSEQUENCE
      • Major? Moderate? Insignificant?
    • evaluate EXTREME LEVEL Cannot tolerate HIGH LEVEL Tolerable only if risk reduction is impractical MODERATE LEVEL Tolerable if risk controls exist LOW LEVEL Monitor impact Likelihood Consequences Insignificant Minor Moderate Major Almost certain H H E E Likely M H H E Moderate L M H E Unlikely L L M H Rare L L M H
    • treat AVOID REDUCE LIKELIHOOD REDUCE CONSEQUENCE TRANSFER ACCEPT
    • EXERCISE The context for this exercise is that you are establishing your own freelance web design business.
      • Use a checklist to make a list of the potential risks for your business
      • Complete an analysis of your business risks to identify their LIKELIHOOD and CONSEQUENCE
      • Evaluate the level of your risks
      • Decide on a treatment for your identified risks