Systematic Algorithm Of Proposed Prioritization Method

If a risk has been identified then it needs to be acted upon so as to minimise the level of risk involved. If this is not done then there is a higher level of risk and more chance of a negative outcome.

1) Set goals - A goal is the end result or outcome wished for, that a person envisions, plans and commits to achieve. Setting goals is an effective way to meet work requirements in a reasonable amount of time.

Create a matrix similar to the one from the your text (Pinto, Figure 7.5 Classifying Project Risk on page 222), making sure that it is consistent with your priority matrix, or use the risk management process in the

Weigh up the risk: a risk is the likelihood that a hazard will cause harm

* Estimate the risk level and probability and then determine the severity using the risk assessment matrix

First I would categorized them in 3 different groups, business related, political and environmental, but is very important to mention that in some cases a single risk can be categorize in more than one group, for example, that is the case of the weather risk that I consider in the environmental group but it has a direct impact in the business related group.

Risk identification more disciplined process involves using checklists of potential risks and evaluating the likelihood that those events might happen on the project. Some companies and industries develop risk checklists based on experience from past projects. These checklists can be helpful to the project manager and project team in identifying both specific risks on the checklist and expanding the thinking of the team. The past experience of the project team, project experience within the company, and experts in the industry can be valuable resources for identifying.

Hazard Assessment: determining the risks and the risk rating associated with the identified hazard based on probability, severity and frequency of occurrence

A thorough risk assessment requires a consideration of both risk and protective factors. Bland et al., (2009) states that when good clinical assessment instruments are available, they should be used, combined with ‘actuarial’ knowledge about the factors associated with particular risks. However, the majority of risks are difficult to predict accurately, and importantly, approaches will always need to be combined with a professional (clinical) judgement based on the unique circumstances of each situation (Bland et al., 2009, p. 144).

Assess the risk in terms of likelihood and impact (be sure to explain your assessments). High risk assessments should be given a weighting of 5, medium a weighting of 3

The assessments must cover the details of the risk, who might be affected, the likelihood of occurrence, the severity of the risk, a risk rating, controls and contingencies.

Clinical validity examines the significance of the test to determine if the results would translate to something with clinical importance or not; for example, risk of developing a disease, or metabolism of a drug or response to the drug. Clinical utility shows the use of the test in clinical decision-making and its translation to an important health outcome; it also assesses if any harms are outweighed by the benefits.

An organised person, who pays attention to detail, can prioritise tasks and who has the ability to perform routine histological procedures to a high scientific and technical standard is required for this role.

It prioritizes risks and results in recommendations for controls that might offset or mitigate the determined risk.

There are different approaches that can be taken when assessing risk. We can use quantitative methods, which deal in exact dollar amounts and figures. Quantitative methods are more concrete, but take longer to assess due to all the factors involved. This method would be more accurate at determining losses for our company which deals in information. You also have qualitative methods, which are more subjective and deal with assigning ratings. For example, you could have a risk rating system with values of