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Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring.
Governance, risk management, and compliance are three related facets that aim to assure an organization reliably achieves objectives, addresses uncertainty and acts with integrity. [6] Governance is the combination of processes established and executed by the directors (or the board of directors) that are reflected in the organization's ...
A risk management plan is a document that a project manager prepares 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 ...
Sports periodization. Periodization is a cyclical method of planning and managing athletic or physical training and involves progressive cycling of various aspects of a training program during a specific period. [1][2] Conditioning programs can use periodization to break up the training program into the off-season, preseason, inseason, and the ...
An asset management plan (AMP) is a tactical plan for managing an organisation's infrastructure and other assets to deliver an agreed standard of service. Typically, an asset management plan will cover more than a single asset, taking a system approach - especially where a number of assets are co-dependent and are required to work together to deliver an agreed standard of service.
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).
Contingency plan. A contingency plan, or alternate plan, also known colloquially as Plan B, is a plan devised for an outcome other than in the usual (expected) plan. [1] It is often used for risk management for an exceptional risk that, though unlikely, would have catastrophic consequences.