Three factors which need to be assessed considering risks, Business Economics

Three factors which need to be assessed while considering risks are urgency, impact and likelihood. Define what is meant by every of these terms and demonstrate how each might be assessed.

Likelihood consider as the probability of the risk happening. This can be expressed in percentage terms or, almost, as either low, medium or high.

Impact (i.e., strictly, scale of impact) consider as the size of the ‘hit’ the project would take when the risk occurred. This can be assessed numerically (for illustration, a 10 percent increase in timescale or cost) or as either huge, moderate or small.

Urgency has two aspects, consider as the time while the risk will arise (when it does) and the ‘window of opportunity’ accessible to deal along with this. Urgency can be expressed into time terms (that is one month, for illustration) or simply like ‘very urgent’, ‘urgent’, ‘less urgent’.

Posted Date: 9/3/2013 7:20:57 AM | Location : United States







Related Discussions:- Three factors which need to be assessed considering risks, Assignment Help, Ask Question on Three factors which need to be assessed considering risks, Get Answer, Expert's Help, Three factors which need to be assessed considering risks Discussions

Write discussion on Three factors which need to be assessed considering risks
Your posts are moderated
Related Questions
#question.discuss the contention that the existance of a labour market is characterised by perfect competition is a fallacy.

How does economic system influence the development process? The development experience of free market or capitalist and command as socialist/communist countries is extremely d

Explain about theories and models linked to development. • There is no one agreed theory of development. All models, as Rostow, provide an insight in one or two dimensions of t

How can be comparative advantage improved? Comparative advantage can be gained or improved through: • Investment during the education and also in training • Investment wi

What is absolute poverty and relative poverty? Absolute poverty: It is an income level below that essential to meet fundamental requirements. The UN measure of absolute

Question 1: Poverty reduction is generally influenced by changes in average income and income redistribution. Thus, in practice it is hard to adjust to the right balance betwee

c) Compare and contrast two advantages of refurbishing an existing building with two advantages of developing a Greenfield site.

need assistance

Question 1: By using appropriate models critically analyse the following statement: "Money demand for speculative as well as transactional motive is inver

Suppose you are the only market analyst in your company's management team. Your company belongs to the energy industry. It is an oil and gas company engaged in the exploration, d