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Practical Management Science

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 73P

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It is the likehood of an event notn pushing through due to delays.

Roll over risk

People risk

Prepayment risk

Schedule risk

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Risk assessmentFor many enterprises, normal risk assessment occurs on a regular schedule. These are often annual occurrences, but monitoring the ongoing risk mitigation and state of identified risks should be a continuous activity. We monitor and react to risk constantly in our daily lives; a conscious monitoring of our organization’s risk mitigation position should occur as well. It’s a good idea to schedule periodic risk reviews ahead of time. Take the time each month to review the highest probable and largest impact risk along with the mitigation strategy that will allow for continuous improvement.Periodically re-examine the risk. Has the environment changed in a way that has impacted the risk? Will you require more or less mitigation? A risk trigger is an indicator that signals that the risk event has occurred or is about to occur. In other words, what may cause the impact or the risk to occur? This provides you with a level of reaction that may limit the impact to your…
Risk assessmentFor many enterprises, normal risk assessment occurs on a regular schedule. These are often annual occurrences, but monitoring the ongoing risk mitigation and state of identified risks should be a continuous activity. We monitor and react to risk constantly in our daily lives; a conscious monitoring of our organization’s risk mitigation position should occur as well. It’s a good idea to schedule periodic risk reviews ahead of time. Take the time each month to review the highest probable and largest impact risk along with the mitigation strategy that will allow for continuous improvement.Periodically re-examine the risk. Has the environment changed in a way that has impacted the risk? Will you require more or less mitigation? A risk trigger is an indicator that signals that the risk event has occurred or is about to occur. In other words, what may cause the impact or the risk to occur? This provides you with a level of reaction that may limit the impact to your…

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