Risk Mitigation - What's Your Score? – Juniper Publishers


Risk Mitigation - What's Your Score? By Philip Crosby in Engineering Technology Open Access Journal in Juniper Publishers



This article examines conventional methods for risk identification and risk scoring using 'look-up' tables and concludes that such methods are inherently flawed and offer false confidence in project management. The author suggests a series of searching questions to test the efficacy of traditional risk assessment in order to better prepare the project for review. Important further considerations are posed in relation to nonspecific, irrational risk exposure (i.e. Black Swans), and the author presents two approaches for improved preparedness against undefined risk.

Ask about risk management in almost any complex project, and you're likely to be presented with some form of table listing various risks, often ranked by severity, with many of the highest risk exposures “mitigated” by control measures and demoted to safer (non-red!) scores. These conventional style risk plans, underpinned by likelihood and consequence ratings derived from coloured look-up tables, certainly give the impression of a scientific treatment of project risk.

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