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Risk analysis is a method used to identify and assess factors that may jeopardize the success of a project or achieving a goal.
This method also helps to define preventive measures to reduce the probability of these factors from occurring and identify countermeasures to successfully deal with these constraints when they develop to avert possible negative effects on the competitiveness of the company.
Facilitated Risk Analysis process assumes that additional efforts to develop precisely quantified risks are not cost effective because:
such estimates are time consuming
risk documentation becomes too voluminous for practical use
specific loss estimates are generally not needed to determine if controls are needed.
without assumptions there is little risk analysis
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- Risk Analysis and Management
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