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Your project –what are the risks?

Your project –what are the risks?. You must not gamble that your research project will go to plan and nothing will go wrong. “Planning is an unnatural process; it is much more fun to do something.

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Your project –what are the risks?

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  1. Your project –what are the risks? You must not gamble that your research project will go to plan and nothing will go wrong.

  2. “Planning is an unnatural process; it is much more fun to do something. The nice thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry and depression.” Sir John Harvey-Jones

  3. Risk Management is about identifying and doing something about the things that might go wrong with your plans

  4. Risk is something happening that may have an impact on the achievement of your objectives, so… • You must identify the things that could go wrong with achieving your objectives. • Understand the probability and impact of each of them happening. • Eliminate the risk or prepare appropriate mitigation and contingency plans and act on them. Escalate issues if appropriate. • Put in place controls that will alert you to problems early so you can act. • Provide an evidence-based system that demonstrates you are doing the above. Adapted from: http://www.govexec.com/tech/articles/0498tech2.htm accessed 16 November 2001

  5. The Risk Management Process 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process perhaps using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4b. Re-plot the risks on a new risk matrix 4c. Prepare contingency plans for the risks that remain

  6. The Researcher’s Risk Management Process 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4b. Re-plot the risks on a new risk matrix 4c. Prepare contingency plans for the risks that remain

  7. The Researcher’s Risk Management Process 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4b. Re-plot the risks on a new risk matrix 4c. Prepare contingency plans for the risks that remain

  8. The Researcher’s Risk Management Process 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4b. Re-plot the risks on a new risk matrix 4c. Prepare contingency plans for the risks that remain

  9. Put the risks you face on the risk matrix Risk Appetite

  10. The Researcher’s Risk Management Process 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4b. Re-plot the risks on a new risk matrix 4c. Prepare contingency plans for the risks that remain

  11. Ways to address risks Risk zone Where is the risk on your matrix? • Countermeasures • Terminate the risk • Transfer the risk • Temporarily stop the risk • Treat (mitigate) the risk • Tolerate the risk • Contingency • Your Plan B’s • Intolerable zone • Undesirable zone • Acceptable zone • Negligible zone Adapted from: Risk Management Strategy. DEFRA. April 2002

  12. The Researcher’s Risk Management Process 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4b. Re-plot the risks on a new risk matrix 4c. Prepare contingency plans for the risks that remain

  13. The Researcher’s Risk Management Process 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix

  14. The Researcher’s Risk Management Process 2. List the risks, includingtheir consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 1. Identify your objectives 5. Record the risk management process using the Risk Register format 4a. Prepare mitigation plans for the risks you should do something about 4b. Re-plot the risks on a new risk matrix 4c. Prepare contingency plans for the risks that remain

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