List five methods to identify risk. To apply these methods to a real-world situa

Question

List five methods to identify risk. To apply these methods to a real-world situation, describe how you would perform a risk assessment using each of these methods in your organization or in other parts of your life. Compare the methods in terms of their efficiency and effectiveness. For example, if it is more effective to involve more people, then which method(s) enable more people to participate? Provide a short description and an associated URL for the tool or technique you located on the Internet that is used in identifying risk.

Explanation / Answer

Identifying risk is the primary factor which is important in an organization to ensure that the business is managed well and to ensure there are no errors in the project.

There are various tools and techniques to identify risk. Some of them are listed below:

1. Root cause analysis-

This strategy is used to identify the primary reason which caused the problem. Once the reason is identified, its solution can be developed.

By knowing the primary cause, we will be able to rectify the errors which increases the Customer Transaction Analysis

2. Voice of Associate-

This is the strategy in which employee in the organization are asked to inform their observations and to give ideas through which we can overcome the risk. It is very likely employee working in the process will have good knowledge of process development

This is the best way to identify the loop holes in the process. Upon taking the ideas into consideration and implementing them, front end user satisfaction will be developed.

3. Group Discussion-

This is the strategy wherein team members are given a topic related to the project and speak about it. This involves the ideas and opinions of every individual which results in identifying the common risks

This is one of the method to identify how good the employee are at subject knowledge. Based on the outcome, training can be given so that everyone can work efficiently with minimal errors. This can be one of the methods through which we can increase customer satisfaction rate.

4. Survey-

This is the strategy used to identify the problem faced by from end users. To identify client's issues and to develop the solution methods to ensure customer satisfaction. Surveys helps in developing the product as per user requirements.

5. Knowledge Base-

This is the guide of the project or process related queries. It is the collection of data and information of a product where an employee can refer to while working on a project. This needs to be updated as there are any changes n the process flow. Knowledge Base important because most of the products and process have huge information and it is very difficult to remember everything. Also, this needs to designed in a such a way that required information can be pulled by inserting the keywords. Good knowledge base is one of the factor through which query can be quickly identified and resolution can be provided accordingly.

For example if we require more number of people to identify risk, then Group discussion is one of the methods used. Through this methods every individual gets the chance to point out the vulnerabilities and the various ways how to to avoid it.

Resource: https://en.wikipedia.org/wiki/Risk_management

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