1. Number of communications channels = (n(n-1))/2. For 6 people, there would be
ID: 665514 • Letter: 1
Question
1. Number of communications channels = (n(n-1))/2. For 6 people, there would be (6(6-1))/2 = communications channels. If the team grew to 10 people, there would be (10(10-1))/2 = communications channels, or 30 more channels .
2. What is the difference between using brainstorming and the Delphi technique for risk identification? What are some of the advantages and disadvantages of each approach? Describe the contents of a risk register and how the risk register is used in several risk management processes.
Explanation / Answer
1. Is this statement or a question?
2. The difference between using brainstorming and the Delphi Technique for risk identification is simple. The first risk management process is Risk Identification; the idea is that you want to figure out every possible risk that might affect a firm or project. Applying technique in Risk Identification is called Information Gathering and this is where brainstorming and the Delphi Technique comes in.
Project Risk Management states that, "Brainstorming refers to a technique to generate creative ideas. This may be done as an individual or in a group setting. Brainstorming "sessions" are most effective where the participants "defer judgment" about whether their responses to a problem statement are correct or good. It is often suggested that participants aim for quantity of ideas, and off-the-wall, crazy sounding ideas (i.e., lateral thinking) are encouraged.
Brainstorming is useful in original problem definition, and in generating a long list of possible impacts. However, because it is based on deferring judgment, brainstorming is clearly not an assessment technique - it is just a tool that can play a critical part of a large assessment project.
The Delphi technique involves circulating questionnaires on a specific problem among group members, sharing the questionnaire results with them, and then continuing to recirculate and refine individual responses until a consensus regarding the problem is reached.
In contrast to brainstorming, the Delphi technique does not have group members meet face to face. The formal steps followed in the Delphi Technique are:
Brainstorming offers the advantage of encouraging the expression of as many useful ideas as possible, but the disadvantage of wasting the group's time on ideas that are wildly impractical.
The advantage of the Delhi Technique is that ideas can be gathered from group members who are too geogrpahically separated or busy to meet face to face.Its disadvantage is that members are unable to ask questions of one another.
A risk register is a risk management tool commonly used in risk management and regulatory compliance. It acts as a central repository for all risks identified by the organisation and, for each risk, includes information such as source, nature, treatment option, existing counter-measures, recommended counter-measures and so on.
A risk registeris used in several risk management processes namely to
• Understand the nature of the risks the organization faces.
• Become aware of the extent of those risks.
• Identify both the level of risk that the organization's management is willing to accept and the level of risk that the organization itself is willing to accept.
• Recognize its ability to control and reduce risk.
• Report the risk status at any point in time.
• Have in place risk event "early warning" factors and upward reporting thresholds.
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