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Risk Analysis Techniques for the Project

Several risk analysis techniques which can be used for analyzing the risk incorporated in a particular project.

Nominal group technique

Delphi group technique

Crawford slip technique

Influence diagrams

For the project, “Delphi Group Technique” would be the most appropriate technique for the risk analysis of the project. The Delphi technique is a group communication process as well as a method of achieving a consensus of opinion associated with a specific topic. Predicated on the rationale that more heads are better than one and that inputs generated by experts based on their logical reasoning are superior to simply guessing, the technique engages a group of identified experts in detailed examinations and discussions on a particular issue for the purpose of policy investigation, goal setting, and forecasting future situations and outcomes (Hasson, 2000). Common surveys try to identify what is. The Delphi technique attempts to assess what could or should be. Currently, using the Delphi technique as an integral part or as an exclusive tool of investigation in a research or an evaluation project is not uncommon.

The Delphi Process

The Delphi technique is characterized by multiple iterations, or “rounds,” of inquiry. The iterations mean a series of feedback processes. Due to the iterative characteristic of the Delphi technique, instrument development, data collection, and questionnaire administration interconnected between rounds (Yousuf, 2007).

Rationale behind Using the Delphi Technique

Several components of the Delphi technique make it suitable for evaluation and research problems. First, the technique allows investigators to gather subjective judgments from experts on problems or issues for which no previously researched or documented information is available. Second, the multiple iterations allow participants time to reflect and an opportunity to modify their responses in subsequent iterations (Hasson, 2000). Third, Delphi encourages innovative thinking, particularly when a study attempts to forecast future possibilities. Last, participant anonymity minimizes the disadvantages often associated with group processes (for example, bandwagon effect) and frees subjects from pressure to conform. As a group communication process, the technique can serve as a means of gaining insightful inputs from experts without the requirement of face-to-face interactions. Additionally, confidentiality enhanced by the geographic dispersion of the participants, as well as the use of electronic devices such as email to solicit and exchange information.

Prioritization of Risk and Contingency Plan

Risk determination and prioritization is a proactive strategy in which before begin the technical work, identify potential risks, assesses the likelihood and impact and set a priority of importance. Therefore, be to maximize the actual effects of discrete events and reduce the consequences of its adverse effects. Risk analysis encompasses all processes related to identification, analysis and response to risks that may arise in a project. It aims to maximize the results of favorable events and minimize consequences of adversity. May be summarized schematically the processes where the activity is generally divided Risk Analysis:

Identification of risk.

Risk quantification.

Development of responses to risk.

Control responses to risk.

Identification of Risk

The identification of risks is not a point process that takes place in a particular time, it is a process ...