Risk analysis
Risk Analysis
Risk Analysis (pronunciation: /rɪsk əˈnælɪsɪs/) is a systematic process of identifying and assessing potential risks that could negatively impact key business initiatives or critical projects in order to help organizations avoid or mitigate those risks.
Etymology
The term "Risk Analysis" is derived from the early 20th-century English word "risk" (from Italian 'risco' or 'rischio', from Arabic 'rīšq' meaning 'what God has willed') and the Greek word "analysis" (meaning 'a breaking up, a loosening, releasing').
Definition
Risk Analysis involves examining how project outcomes and objectives might change due to the impact of the risk event. Once risks are identified, they are analysed by risk impact/probability to classify or prioritize them and decision is taken depending on the project constraints of cost, schedule, or performance.
Related Terms
- Risk Management: The process of identifying, assessing, and controlling risks arising from operational factors and making decisions that balance risk costs with mission benefits.
- Risk Assessment: The overall process or method where you Identify Hazards and Risk Factors that have the potential to cause harm.
- Risk Mitigation: The process of developing actions and options to enhance opportunities and reduce threats to project objectives.
- Risk Identification: The process of determining risks that could potentially prevent the program, enterprise, or investment from achieving its objectives.
- Risk Evaluation: The process of comparing the estimated risk against given risk criteria to determine the significance of the risk.
External links
- Medical encyclopedia article on Risk analysis
- Wikipedia's article - Risk analysis
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