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MNO3706 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024
MNO3706 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024
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, MNO3706 Assignment 1 (COMPLETEANSWERS) Semester 2 2024 - DUE August 2024
; 100% TRUSTED Complete, trusted solutions
and explanations.
1. Explain the use the technique used to measure or manage
risk. (10)
Techniques to Measure or Manage Risk
There are various techniques used to measure or manage risk,
each suitable for different contexts and types of risk. Here are
some common techniques:
1. Risk Assessment: This involves identifying potential risks,
analyzing their likelihood and impact, and prioritizing
them. Techniques include qualitative assessment (using
expert judgment) and quantitative assessment (using
statistical methods).
2. Risk Register: A tool used to document all identified risks,
including their status, potential impact, likelihood, and
mitigation strategies. It helps in tracking and managing
risks throughout a project or organization.
3. Risk Matrix: A graphical representation that maps the
probability of risks occurring against their impact. It helps
prioritize risks by visualizing which ones require immediate
attention.
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