Risk In Complex Operations
Risk Management Tools
Simplifying risk management
Providing risk management tools for better and simpler risk management.
Risk Education
Teaching through examples
We post examples of projects with
different risk scenarios and analyse what went wrong.
Read the latest RICO post
What are drills and how can we use them?
A drill is an activity designed to train individuals or organizations, preparing them for potential challenges and scenarios they may encounter in the future. It serves not only to assess participants' knowledge and skills but can also serve as a learning session focusing on developing new skills and optimizing performance. It is important to remember …
Risk Identification
Risk identification is the initial step in risk management. It involves recognizing potential risks within the scope of a project such as the construction of an offshore wind farm. Effective risk management relies on identifying as many risks as possible. At this stage, the focus is not on assessing the impact or likelihood of these …
The Risk Matrix and Risk Assessment
What is a Risk Matrix? A risk matrix is a commonly used tool in Risk Management. It is applied after identifying the risks and hazards in a project. The matrix helps rank these risks based on their likelihood and potential consequences allowing you to visualize and prioritize them effectively. This process enables you to focus …
risk management
It does not have to be time consuming, complicated and expensive. But unfortunately it is most of the time… Especially in complex projects!
That is why we use risk management tools!
In risk management there is a number of tools, or methods, one can use to identify, rate and mitigate risk. These methods are a combination of simple and inexpensive ones, such as a brainstorming exercise. To the more complicated, expensive and time consuming ones, such as organisational risk governance and organisational risk communication.
The latest about risk management tools
The 5 Why Method
Introduction: This investigative method aims to uncover the complex relationship between cause and effect, revealing underlying issues. By asking 'why' repeatedly, it peels away layers of complexity until the root cause is exposed. Typically, five rounds of questioning are enough to lessen human errors like bias and assumptions, recognizing that problems don't always follow a …
Ishikawa diagram
Introduction The Ishikawa Diagram, also known as the Fishbone diagram, is a tool used to visually explore and identify possible root causes of a specific event. The Diagram resembles a fish skeleton, with the head being the event in question and potential causes represented as the fishbones protruding from the spine. Why use the Ishikawa …
Residual Risk
Can we eliminate every risk in a work process and still finish the process? Maybe if your name is Clark Kent. But for us mere mortals, accepting some risk may be the only way to move the society forward. This means that accepting and acknowledging a certain level of risk is an integral part of …
Educational Examples
With educational examples, our goal is to present the reader with situations or projects where a risk became an incident. By analysing what went wrong and what should have been done, we can hopefully provide valuable knowledge to the reader.
What went wrong
In these educational examples we present a case where a specific project or part of the projects have gone wrong. We try to examine where the “point-of-no-return” is (i.e., where the risk became an incident).
What should have been done
Then, when we know where the project went wrong, we will go back in time before the “point-of-no-return” and see what could have been done differently to avoid the risk becoming an incident.
What can we learn
By doing so, we can provide valuable knowledge and “experience” to, hopefully, get your critical thinking going, so you can avoid the same incidents in your projects!
The latest about our risk education content
Risk Data Quality Assesment
Every risk analysis is performed using certain data and information. These critical inputs must adhere to a high standard of credibility, precision, and impartiality. After all, if the risk analysis iso be trusted, its foundation—the data—must be equally reliable. By employing risk data quality assessment, project managers can evaluate the credibility, quality, accuracy, and ease …
Event Tree Analysis
ETA, also known as event tree analysis, is a systematic method used when trying to analyze accidents. This is done by breaking them down into a series of events. When doing ETA, you must start with an event called a “initiating event”. These will often refer to equipment failure, human error etc. From this initiating …
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