T.E.A.M. Approach to Risks
"Deloitte (2007) stated that ""the traditional concept of
risk assessment, which relies on the outcome of probability, and
the impacts based on schedule and cost is outpaced by the speed
at which risks move throughout the project life cycle"".
I agree that to only identify risks that may jeopardize
business objectives, and to rank their severity based on two
dimensional P x C are not a complete closed-loop risk management
process. To instigate the most effective and appropriate risk
response strategy and plan, and to take actions and monitor the
residual risk levels would ensure the completion of the entire
risk management cycle."