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IN RISK
Risk: 'A Hazard, Peril, Exposure to Loss or Injury'. This definition can be applied to a PD effort because risk is impressed in many things we reason, say and do during such an effort. Risks can exist in processes, product definition, data, assumptions, beliefs, rules, decisions and constructs.
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No plan for assessing and managing risk.
What will you do when a decision, process, etc. goes wrong?
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What to do about it!
Have a risk management plan or at least consider some options in case should things go wrong:
- Analyze the product and market and brainstorm to expose possible risk areas.
- Monitor and review the risk areas periodically.
- Analyze the risks.
- Quantify and prioritize the risks - low to high.
- Resolve high priority risks; use the 80% rule.
- Distribute and share risks.
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©2003, Richard M. (Dick) Haney
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