In a context of limited resources, we cannot address all of those risks, so it is essential to find a way to prioritize them. When we complete the risk identification exercise, we will have a list of numerous events that could affect our flight…or our project. “In the event of decompression, put on your own mask first before assisting others.” It simply involves carrying out a participatory exercise or, as it is known in risk management terms, a risk workshop. Fortunately for projects, however, we have an easier alternative to obtain the opinions of all the actors involved. Obviously, in real life it is difficult to consult with an airline’s mechanics. To determine these risks one has to turn to other techniques, such as consulting with experts on the topic. On the other hand, certain risks, such as possible mechanical failure, are difficult for a regular passenger to identify. To know if there is a risk of delays or bad weather, you just have to look at the airline’s web page. There are many things that can go wrong during a flight, ranging from a routine delay to turbulence that causes us to spill our coffee to a mechanical failure that puts our lives in danger. “Please be careful when opening and removing objects from the overhead compartments, as items might fall and injure other passengers.” According to the definition of the Project Management Institute, project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more of the project’s management objectives, such as the project scope, schedule, cost, or quality.īut how can we manage uncertain events? The process is always the same: first, identify the risk second, measure the probability that the risk will occur and its impact third, respond and finally, monitor the risks and responses. Risks constitute part of our daily life just as they constitute part of the life of projects. In following the cabin instructions, we are part of a practical risk management exercise that will increase our chances of arriving safe and sound at our destination. But beyond that repetitive message, have you ever thought about what is behind those instructions? One thing is clear: despite all technological advances and the statistics suggesting that it is safe to fly, flying still puts us in a vulnerable situation. We have all heard those words when we are on board an airplane -in fact, many of us could probably recite from memory the cabin instructions from the flight attendant prior to take-off.
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For more information on how to build a risk matrix that's right for your project, see our more detailed guide.“Ladies and gentlemen, please observe the following safety recommendations.” Risk matrices come in many shapes and sizes. Improbable - 1: So unlikely, it can be assumed an occurrence may not be experienced.Remote - 2: Unlikely but possible to occur in the life of an item.Occasional - 3: Likely to occur sometime in the life of an item.Probable - 4: Will occur several times in the life of an item.Frequent - 5: Likely to occur often in the life of an item.Probability is the likelihood of the hazard occurring and it is often ranked on a five point scale:
Negligible - 1 Operating conditions are such that personnel error, environment, design deficiencies, subsystem or component failure, or procedural deficiencies will result in no, or less than minor, illness, injury, or system damage.Marginal - 2: Operating conditions may commonly cause minor injury or illness or minor systems damage such that human error, environment, design deficiencies, subsystem or component failure, or procedural deficiencies can be counteracted or controlled without severe injury, illness, or major system damage.Critical - 3: Operating conditions are such that human error, environment, design deficiencies, element, subsystem or component failure, or procedural deficiencies may commonly cause severe injury or illness or major system damage thereby requiring immediate corrective action.Catastrophic - 4: Operating conditions are such that human error, environment, design deficiencies, element, subsystem or component failure, or procedural deficiencies may commonly cause death or major system loss, thereby requiring immediate cessation of the unsafe activity or operation.Severity is the amount of damage or harm a hazard could create and it is often ranked on a four point scale as follows:
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