Risk - Controlling Risk
13 important questions on Risk - Controlling Risk
What 3 approaches in reducing risks are there?
- Avoid it: you plan to eliminate or substantially reduce the risk
- Deflect it: you try to pass the risk on to someone else
- Contingency: you draw up contingency plans should the risk occur
How can you deflect risks?
- Insurance: by which it is passed to a third party
- Bonding: by which a security is held against the risk
- The contract: by which it is passed between owner, contractor and sub-contractors
Under what 2 circumstances can a risk be passed to a contractor?
- When they are the best party to control it
- When the risk has a high likelihood and low consequences
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
What 2 contingency approaches do you know?
- Make an allowance by increasing the time and/or cost budgets (at least 2: (1) baseline (raw estimate without contingency) communicated to the team and (2) the estimate with contingency communicated to the owner
- Plan to change the scope by drawing up contingency plans should the risk occur
What formula can be used for determining to draw up contingency plans?
If the Likelihood X Consequence without the action is greater than de likelihood X consequence plus the cost of the action, then the action is worthwhile.
What are the 6 steps of risk management?
- Identify the risk
- Assess the impact op individual risks
- Prioiritize risks for further analysis
- Assess overall impact of risks
- Develop a risk reduction plan
- Control the identified risks
Which 2 techniques for identifying risks do you know?
- Brainstorming
- Mechanistic process based on plan decomposition and expert judgement
What 2 tyoes of risks do you know?
- Business risk
- Insurable risks
What 5 sources of risks do you know?
- External - unpredictable
- External - predictable
- Internal - technical
- Internal - nontechnical
- Legal
What can you use in assessing the combined impact of several risks?
- A top-down approach based on plan decomposition
- A bottom-up approach and Monte Carlo analysis
- Influence diagrams
What 3 ways of reducing risks do you know?
- Avoidance
- Deflection, either by Insurance or through the contract
- Contingency
What 3 types of contingency do you know?
- Pure contingency
- Contingency with essential prior asction
- Contingency with mitigating prior action
What are the 4 steps in controlling risks?
- Draw up a risk management plan consisting of risk item tracking forms
- Monitor progress of the significant few, using the risk register
- Reassess risks at regular intervals, and at key milestones or stage transitions
- Take action to overcome any divergence from plan
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
