Friday, December 24, 2010

Risk Defined

"A Risk is an Unknown". 

It is not an Issue.

The hardest thing is "To know what you don't know." meaning to be able to identify a risk. More on this in the Risk Management post coming soon.

When creating a new product or service, or when transforming an existing product or service, "a risk is an unknown in how to design, create, or implement the the product or service to meet the customer's requirements."

Also see my post "The Risk Management Process"

1 comment:

  1. So to reduce risks/unknowns, represent everything you can think of that directly or indirectly relates to the transformation activity (IDEF0 again). Represent these thing by modeling their architecture. Directly and indirectly relate these things by using a consistent architecture modeling approach (i.e., architecture metamodel, to include a commmon taxonomy of terms to assure accurate meaning, and a thesaurus of terms to translate jargon and language and to "normalize" terms about the transformation).