Structured, In the Shadows

Six Sigma Forum Magazine vol. 15 issue 1 - November 2015

Abstract: Risk assessment can be simple and very cost-effective using tools in plain sight mixed with a bit of creativity. Measuring risk can lead to evaluating the severity of each risk, establishing improvement benchmarks, creating action plans for reducing risk, and prioritizing the risks that need the most attention. Risk analysis can be as simple as comparing the needs of stakeholders against the current operations, but is often complicated due to biased views skewing analysis, demands of risk assessment as is without including possible missing data, or lack of creative solutions.

Keywords: Risk analysis; Risk management; Assessment; Measurement; Metrics; Evaluation; Resources

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