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Assessing and managing risk is a multiphase process. This chart will help your risk management team through qualitative and quantitative analysis of the risks facing a project or business process.
This diagram, uploaded by Michael Taylor, a project manager with more than 30 years of experience, gives a clear look at the transition from risk identification to risk monitoring and control.
In the risk identification phase, the team has the opportunity to choose to rely upon tools including process flowcharts, analogous project comparisons, risk checklists, brainstorming and Ishikawa diagrams, and more — or a combination thereof.
The stated risks then must undergo qualitative analysis, quantitative analysis and risk response planning before risk monitoring and control can begin.
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