Risk Identification Techniques

840 Words4 Pages
Literature Review Brush, (2005) research reviews defined risk as any uncertain event associated with the work of implementing a particular project. The definition is conventional with other universal definitions while it further attaching the definition with factors that could be used to identify inherent risks. The objective of the research review was to correlate risk as a product of two main factors: the expected consequences of the occurrence of the uncertain event and the probability that the uncertain event might occur. All the risks involved within the entity are distinct and different from each other. Employing this concept is vital in identifying the particular risks associated with a particular project. Risk can be categorized in terms of micro or macro depending on the population that the risk affects. Kmec (2011) article provides an assessment on the risk identification methods. The author outlines that the methods are a synthesis of techniques and existing tools in the society. The risk is viewed as a temporal hierarchy in which major decisions can be made based on the hierarchical level. Kmec (2011) argue that the risk identification process follows a phase in which it commences with operational phase, major decision phase, project phase, adjustment phase, and routine respondent phase. The article outlines the need to focus on this temporal hierarchical risk identification strategies in an attempt to achieve the desired success. It concludes by pointing out that risk identification is continuing an evolution, and it is the task of the management to develop measures that can determine the trend in the risk identification process and technique. Consequently, Mojtahedi et al. (2010) also asserts that there are differ... ... middle of paper ... ...Large Projects. Journal of Professional Issues in Engineering Education and Practice, 131(4), 281. Kmec, P. (October 18, 2011). Temporal hierarchy in enterprise risk identification. Management Decision, 49, 9, 1489-1509. Mojtahedi, S. M., Mousavi, S. M., & Makui, A. (2010). Project risk identification and assessment simultaneously using multi-attribute group decision making technique. Safety Science, 48(4), 499-507. Additional References Schneider, P., Schwab, M., & Hänscheid, H. (2011). Identification of factors associated with risk of fall using a force platform and power spectrum analysis technique. Journal of Biomechanics, 44(10), 2008-2012. Sudirman, W. B., & Hardjomuljadi, S. (2012). Project Risk Management in Hydropower Plant Projects: A Case Study from the State-owned Electricity Company of Indonesia. Journal of Infrastructure Development, 3(2), 171-186.
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