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The Owner's Role in Project Risk Management (2005) / Chapter Skim
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3 Properties of Project Risks
Pages 16-21

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From page 16...
... This chapter focuses on the general attributes of project risks. But project risk management is not limited to the identification and aggregation of risks, and it cannot be repeated too often that the point of risk assessment is to be better able to mitigate and manage the project risks.
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From page 17...
... These include risks that are not significant in themselves but that can accumulate to constitute a major risk. For example, a cost overrun in one subcontract may not in itself consti tute a risk to the project budget, but if a number of subcontracts overrun due to random causes or a common cause (i.e., a common
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From page 18...
... Therefore, the risk of all three safety injection pumps failing to operate was just the risk that a fire occurred in the cable tray -- the three safety trains were correlated, not independent. This incident led directly to the development of the methodology of probabilistic risk assess ment and its required implementation at all nuclear power plants.
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From page 19...
... The major steps in determining the appropriate risk management strategies include the following: · Development of risk awareness, · Project risk identification, · Qualitative risk assessment,
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From page 20...
... Risk assessments and risk management plans should be part of the documentation for every critical decision point -- especially the early ones required by the DOE policies defined in O 413.3. Risk mitigation plans should be documented, inde
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From page 21...
... PROPERTIES OF PROJECT RISKS 21 pendently reviewed, critiqued, and reworked as needed so that management may permit the project to proceed to the next phase with confidence that the project risks are acceptable and are being adequately managed.
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Key Terms

  • project risks
  • management strategies
  • risk mitigation
  • increased project
  • risk assessments

  • risk awareness
  • cost risks
  • probabilistic risk
  • risk profiles
  • risk characterization

  • management tools
  • performance risk
  • management plans
  • significant risks
  • risk consciousness

  • cost overrun
  • apply risk
  • comprehensive risk
  • develop comprehensive
  • potentially risky

  • revised throughout
  • project directors
  • overrun due
  • jointly develop
  • low risk

  • cumulative effect
  • poor results
  • qualitative risk
  • adversarial relationships
  • project budgets


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