Risk Management Essay Example | Topics and Well Written Essays - 250 words - 3

Risk Management - Essay Example These risks are then incorporated in the bones of the â€Å"fish† (Lin, 2009). This is effective as it assists the person carrying out the analysis understand the critical threats that exist and thus work to eliminate all the risks starting with these ones. This method is effective in reducing the running costs because there is the prior identification and elimination of the risks. There is also the qualitative risk identification and assessment. In this, there is the red light and green light rating where there is the analysis of the risks that will have the greatest impact. After this, there is the analysis of the major project objectives where there is then the changing of the various features regarding the goals where they can be altered (Lin, 2009). This is helpful in that it reduces the amount of defects that may occur. Urgency assessment in identification assists in understanding where along the project continuation the risk may occur. Scheduled delays are the ones best resolved through this method of risk identification and