38 – Risk Analysis and Management

We are familiar with rules in our lives. They are in our legal system, our games, our family, and of course business. ​According to BABOK, Business rules is a specific, practicable, testable directive that is under the control of the business. It serves as a criterion guiding behavior, shaping judgments, or making decisions

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What is meant by Risk Analysis?

This technique is used to identify and manage risks. The BABOK focuses on risks involving negative events (threats) while positive risks (opportunities) are captured as needs and managed accordingly.

Risk analysis is based on detailed data like project plans, marketing forecasts, security protocols, or financial data.

Why use a Risk Analysis and Management process?

Risk analysis and management, despite being complex and long to set up, is an effective planning tool that increases the chance of successful initiative completion and saves your time, money, and reputation.

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  • Spot what is threatening your initiatives.

  • Control the risks.

  • Reduce/prevent possible negative effects.

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  • Adapt easily to your environment’s evolution (e.g., new competitors or a new government policies).

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  • Efficiently handle unpredictable events (staff sickness, equipment or technology failure, natural disasters, theft, etc…).

  • Improve safety at your workplace.

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  • Identify and avoid unsurmountable obstacles.
  • Stop or adapt the ongoing initiative to avoid wasting resources.

How to use Risk Analysis

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On top of the brief description of the method, access to:

  • an explanation of when and how to use it,
  • a practical example,
  • tips and recommendations for use,
  • downloadable checklists and templates,
  • references for further reading,

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