1. Daniel Van Lanen, University of Waterloo, Canada
2. Patrick Ellsworth, University of Waterloo, Canada
3. John Catton, University of Waterloo, Canada
4. Radhika Kartha, University of Waterloo, Canada
5. Paul Mcinnis, University of Waterloo, Canada
Risk analysis and management are important for project and program management to ensure the success of the project or program. One method of risk analysis is to prioritize the risks based on a risk priority number which is calculated based on the severity, occurrence, and detection of the risk. What this method does not take into consideration is the mitigation strategy and the resources required. Additional tools exist that allow for this analysis, such as task analysis. However, they do not go back and reprioritize the risks. It is proposed that the reprioritization based on mitigation is an important factor, especially in a limited resource environment such as a small business or a startup. A methodology is therefore proposed in this work for creating a mitigation priority number to focus on the impact the project manager can have while mitigating risks. This methodology is the tested using risks identified during the EcoCAR 3 competition. It is shown that only two of the top five risks remained prioritized, while three new risks were brought forward. Through the discussion of the implementation of the process, it is demonstrated that a focus on impact and action are key principals of this approach.
Ključne reči :
Tematska oblast:
RISK MANAGEMENT
Datum:
24.06.2016.
The Second International Conference on Organizational Strategy, Business Models, and Risk Management
