CMI Level 5 Unit: 5004V1 Identify the resources required to achieve objectives
It is a crucial step in the planning process that we identify the type and quantity of the resources required to achieve the team’s objectives. First we need to define […]
3.3 Determine a process for implementing and managing a disaster recovery plan
Solution Disaster recovery plan: A disaster recovery plan is a contingency plan which comes into play in case organization comes in contact with events that cause loss to its vital […]
3.2 Select and evaluate activities to eliminate, mitigate, deflect or accept risk
Solution Risk treatment: This is the most common risk management strategy that I use because it is easily understood and implemented. It means I limit the risk impact so that […]
3.1 Evaluate the level of risk against pre-established criteria
Solution We build on the model described in A.C.1.2, with health and safety category where we identified fall hazard as a risk. ADNOC Refinery observe the following: Likelihood or […]
2.3 Analyse a risk management model to quantify risk
In this analysis the risk matrix model is used. According to Dumbravă and Jacob (2013) this model is a common qualitative model in risk assessment as a risk management model […]
2.2 Identify and evaluate techniques to specify risk and risk interdependencies
Solution 2.2 Techniques to Specify Risk and Risk Interdependencies The critical process to specify risks can be at any level including the entire company, a strategic business unit, a function, […]
2.1 Develop and justify risk management criteria against which risk can be assessed
Solution The question as to which technique is most suitable for a specific organization depends upon how best it suits the organization’s goal of identifying risks. Following techniques are used […]
1.3 Explain a risk management model
Risk assessment model: ISO 31000 model provides a framework for risk management in all types of organizations. The basic risk management process, as is defined by this model can be […]
1.2 Define the responsibilities for risk management at operational management level
Solution It is important to note that operational manager’s responsibilities with respect to risk management stretch across the entire risk management process. Below are the responsibilities described of an operational […]