Risk classification based on where risk control lies, Other Management

Assignment Help:

Risk classification based on where risk control lies

From the point of view of where risk control lies, five classifications of risk can be listed:

External risks which are unpredictable like acts of god, third party risks and so on.

External risks which are predictable, but uncertain, like weather.
Internal risks of technical nature arising directly from the technology of the project work, design, construction or operation of the facility.
Internal risks of non-technical nature. These are within control and arise out of failure of the project team to achieve its expected performance. These result in schedule delays, cost overruns or quality deficiencies.

Legal risks:

Relevant to civil law - like contract arrangements, patent rights.
Relevant to criminal law - like not adhering to statutes example Health and Safety at Work Acts in UK.

Related Discussions:- Risk classification based on where risk control lies

Economy-industry-company (e-i-c) framework analysis, QUESTION (a) Expla...

QUESTION (a) Explain the differences between warrants and convertible debentures (b) The fundamentalist insists that no one should purchase or sell a share on the basis of t

Principles of resort planning, QUESTION 1 Critically discuss the concep...

QUESTION 1 Critically discuss the concept of disasters as applicable to the tourism industry and analyze the pre-requisite and ingredients of an effective tourism disaster mana

Main entry and subject headings - cataloguing work, Subject Headings: ...

Subject Headings: After classification work, logically the next step in the technical processing of a document is the work of assigning appropriate subject headings. These a

Factors determining arrangement of documents, Factors Determining Arrangeme...

Factors Determining Arrangement of Documents: Documents can be arranged in various ways in a library, e.g., by author, or by title, or by, subject or by basis such as size, la

Meaning of classification - library classification, Meaning of Classificati...

Meaning of Classification: Systematic grouping of entities (both abstract and concrete) to meet one's requirement is known as classification. Classification lies at the root o

Periodicals department, PERIODICALS DEPARTMENT: Since periodical publi...

PERIODICALS DEPARTMENT: Since periodical publications are now a major information disseminating media, the work of the Periodical Publications Section assumes great magnitude

Companies, ordinary share capital

ordinary share capital

Introduction to quality control, Quality Control If one goes to buy a p...

Quality Control If one goes to buy a product like a refrigerator or a color television or a washing machine, the first thing he would generally do is to have a good look at the

Features for the best physical form of library catalogue, FEATURES FOR THE ...

FEATURES FOR THE BEST PHYSICAL FORM OF LIBRARY CATALOGUE: Despite the widespread use of the computer for cataloguing, a great many catalogues in the conventional format, such

Government relations, Government Relations This is a sub function of co...

Government Relations This is a sub function of corporate communication more frequently called public affairs. Depending on your organizations, the importance of government re

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages