The simplest version of Murphy’s Law states that anything that can go wrong will go wrong and if you associate this with the 2nd Law of Thermodynamics whereby the total entropy of the universe is constantly increasing, not only will things go wrong, they must go wrong.
If you are fatalistic, you could interpret this to mean that no matter what we do, we are doomed so why bother trying to do anything? However, if you look around you there are an infinite number of examples of things that work pretty well,…when they are actively managed. Given this, there are obviously some limits to the implacable nature of Murphy’s Law.
The escape route is found in the words “anything that can go wrong” which means that by limiting the number of things that can plausibly go wrong, there is a very high probability that things will work out fine, at least over a finite time scale.
That’s what Risk Analysis, the subject of this course, is all about. Based on the principle that prevention is better than cure, it’s a process that helps you to identify and proactively manage potential problems that could undermine key business activities or projects.
Given this, Risk Analysis should be considered a core skill for anyone such as Project Managers, Installation Managers, Continuous Improvement Managers etc.. who have leadership responsibilities in the implementation of action plans, projects etc…
You will learn how to go through all of the steps of a pragmatic, qualitative Risk Analysis process which you can apply to any type of high stake action plan.
The process proposed includes the following steps:
- Identification of critical activities/work elements
- Identification of the Risks associated with the critical activities & evaluation of their effects/consequences
- Identification of the most probable direct causes of these risks
- Identification of preventive measures to neutralize/mitigate these causes
- Identification of contingency measures to treat the effects of risks should they nevertheless materialize
- Choice of preventive measures and contingency measures
Risk Analysis can be used directly as a stand-alone methodology but to understand it’s place in CoThink’s RATIO process, we highly recommend that you first have a look at our free introduction course
Including the hoework exercise, this course should take about 2 hours.