ABSTRACT
A risk model’s purpose is to illuminate potential events that can adversely affect a project’s success. This chapter describes the benefits and downsides of models, along with a set of criteria to judge the quality of the models the people employ. It also describes four risk models: Standard Risk Model, Simple Risk Model, Cascade Risk Model, and finally the Ishikawa Risk Model. This model of a risk provides two important objectives. First, it helps the people quantify the magnitude of a risk so that it can be compared against other risk candidates and help their decide which risks the people are going to manage. Second, it points the people toward root causes so that their can formulate effective plans to resolve their risks. The important point is that drivers of Standard Risk Model are critical pieces of information the people will use in risk resolution planning. To prevent risk event from happening, the people could simply defer Austin’s training.
