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What is Risk Ranking

Chapter 18
Handbook of Research on Technology Project Management, Planning, and Operations
The phase of a risk management process where all identified risks are assessed either quantitatively or qualitatively, to ascertain which ones have the highest likelihood of occurrence and which ones have the greatest consequence of occurrence so as to rank the risks in overall order of importance.
Published in Chapter:
Technical Risk Management
Pete Hylton (Indiana University Purdue University Indianapolis, USA)
Copyright: © 2009 |Pages: 12
DOI: 10.4018/978-1-60566-400-2.ch018
Abstract
In today’s highly competitive industrial environment, many high-tech businesses are using Technical Risk Management (TRM) in their engineering design programs as a means of improving the chances of success. TRM allows program mangers to pinpoint potential failure modes of a project early in the process, so that corrective actions can be taken in the most effective manner. TRM also allows managers to appropriately prioritize program tasks so as to achieve optimum use of available technical resources. TRM requires that a methodology of practices and processes be implemented on an ongoing basis. These processes identify, evaluate, mitigate, and manage technical risks affecting program success. This chapter will discuss implementation of the TRM process and provide a simple example to show how the process works.
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