Risk Management Assignment

Activity 9

A number of tools can be used to collect risk related information and data ready for analysis. List eight.

1. Checklists and Records
2. Flow charts
3. Brainstorming
4. System analysis and modeling
5. Scenario analysis
6. Surveys and questionnaires
7. SWOT
8. PEST or STEEP tools

SWOT:

SWOT analysis is a process that identifies an organization's strengths, weaknesses, opportunities and threats. Specifically, SWOT is a basic, analytical framework that assesses what an entity (usually a business, though it can be used for a place, industry or product) can and cannot do, for factors both internal (the strengths and weaknesses) as well as external (the potential opportunities and threats). Using environmental data to evaluate the position of a company, a SWOT analysis determines what assists the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results: where the organization is today, and where it may be positioned in the future.

SWOT analysis is a process that identifies an organization's strengths, weaknesses, opportunities and threats. Specifically, SWOT is a basic, analytical framework that assesses what an entity (usually a business, though it can be used for a place, industry or product) can and cannot do, for factors both internal (the strengths and weaknesses) as well as external (the potential opportunities and threats). Using environmental data to evaluate the position of a company, a SWOT analysis determines what assists the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results: where the organization is today, and where it may be positioned in the future.

Since the SWOT analysis is unique to each business, I can only give some general ideas.

• Strengths – are positive attributes internal to the organisation or situation that are within control.
• Weaknesses – are also internal factors within control that may impede the ability to meet your objectives.
• Opportunities – are external factors that the organisation or project should (or could) develop.
• Threats – are external factors beyond the control that could place the project or organisation at risk.

List every factors under each topic and analyze them. Take the highest ranking strengths, weaknesses, opportunities and develop a plan of action.

Brainstorming

Brainstorming is a way to generate ideas within a group setting. It is usually used in the beginning stages of a project, where the possibilities for the project are not clearly understood or defined. It provides a quick means for tapping the creativity of a limited number of people for a large number of ideas. The brainstorming environment fosters an uninhibited, non-judgmental explosion of ideas, concepts, policies, decisions, and strategies. Commonly, there are 9 steps to perform brainstorming as below:

1. Circulate the question or topic before start
2. Keep the following guidelines in a place everyone can see during the brainstorming
3. Seat the group at a round table (or in a circle)
4. Start at left and go around the circle
5. Aim for a specific quantity of ideas
6. Number the group list of ideas as it’s generated
7. Write down every single idea that is mentioned, and take a neutral, respectful stance toward each idea
8. Keep each session short
9. Share back the unfiltered ideas list after the brainstorm ends