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Prioritize risk reduction measures. The Risk management knowledge area, as defined by the Project Management Body of Knowledge PMBoK, consists of the following processes: Plan Risk Management – defining how to conduct risk management activities. Identify Risks – identifying individual project risks as well as sources.
That unmitigated risk is then compared against a tolerable risk target. The difference between the unmitigated risk and the tolerable risk, if the unmitigated risk is higher than tolerable, must be addressed through risk reduction of provided by the SIF. This amount of required risk reduction is correlated with the SIL target.
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A risk management plan is a document to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix.According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed".
Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
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This template is designed to be used in a table to make a cell with text in that cell, with an appropriately colored background. It can be used in comparison tables with descriptions of risk, hazard, criticality, threat or severity level. There are many risk assessment systems using a varying number of risk categories.