{"id":16292,"date":"2018-10-08T17:35:00","date_gmt":"2018-10-08T06:35:00","guid":{"rendered":"https:\/\/creately.com\/blog\/?p=16292"},"modified":"2024-12-31T17:52:47","modified_gmt":"2024-12-31T06:52:47","slug":"risk-management-techniques","status":"publish","type":"post","link":"https:\/\/creately.com\/blog\/project-management\/risk-management-techniques\/","title":{"rendered":"The Ultimate List of Visual Risk Management Techniques"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Whether it\u2019s a multinational corporation or startup, risks cannot be avoided. It\u2019s a part of any new or routine endeavor.<\/p>\n<p>The best way to reduce the negative impact risks may have on your business is to incorporate risk management techniques into your business structure.<\/p>\n<p>In this post, we will discuss visual risk management techniques that you can use during each stage of your risk management strategy.<\/p>\n<h2>What is Risk Management?<\/h2>\n<p>Risk management is a process in which risks are identified and controlled proactively. It allows businesses to improve their chances of success by minimizing threats and maximizing opportunities.<\/p>\n<p>Risk management is essential to a business as it helps prevent financial losses and increase revenue. \u00a0Other benefits of risk management include,<\/p>\n<ul>\n<li>Help to identify projects that might be headed toward trouble and apply solutions<\/li>\n<li>Help to prepare for unexpected threats beforehand<\/li>\n<li>Help to provide enough data to make better decisions regarding projects\/ events<\/li>\n<li>Help to improve communication between stakeholders and project teams<\/li>\n<li>Help teams stay more focused on the key outcomes<\/li>\n<\/ul>\n<p>Key stages of a risk management process are identifying risks, analyzing risks and planning to mitigate risks. These are detailed below along with risk management techniques you can use.<\/p>\n<h2>Identify Risks<\/h2>\n<p>The risk management process begins with identifying risks in advance once you have set the goal. Identifying risks should be done early in a project and shouldn\u2019t be done in the middle of or during a project, as it may be too late.<\/p>\n<p>Identifying risks can be done in 2 ways<\/p>\n<ul>\n<li>By identifying root causes and the impact they may have<\/li>\n<li>By identifying the essential functions the company must perform to reach a goal and identifying how they can fail<\/li>\n<\/ul>\n<p>The following visual risk management methods can be used to identify risks beforehand.<\/p>\n<h3>1. Decision Tree Diagram<\/h3>\n<p>Decision trees are used to make decisions when you are faced with multiple options. It allows you to assess the values of outcomes and possibilities of achieving them. This, in turn, helps make a better decision.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1:<\/strong> Identify decisions and <a href=\"https:\/\/creately.com\/lp\/decision-tree-maker-online\/\">create a decision tree diagram<\/a> based on decisions, costs, and rewards of uncertain options available to you.<\/p>\n<p><strong>Step 2:<\/strong> Figure out the probability of a risk occurring and assign it<\/p>\n<p><strong>Step 3:<\/strong> In this step you have to identify the monetary value of the risk, or in other words how much it would cost you if the risk is to occur<\/p>\n<p><strong>Step 4:<\/strong> Calculate the Expected Monetary Value (EMV) of each decision path by multiplying probability and impact<\/p>\n<div id=\"attachment_16293\" style=\"width: 1171px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jm07er9t2\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16293\" class=\"wp-image-16293 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Decision-Tree-Analysis-Template.png\" alt=\"Decision Tree Analysis Template\" width=\"1161\" height=\"610\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Decision-Tree-Analysis-Template.png 1161w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Decision-Tree-Analysis-Template-300x158.png 300w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Decision-Tree-Analysis-Template-1024x538.png 1024w\" sizes=\"auto, (max-width: 1161px) 100vw, 1161px\" \/><\/a><p id=\"caption-attachment-16293\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/jm07er9t2\/Decision+Tree+Analysis+Template?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Decision Tree Analysis Template<\/a> (Click on the template to edit it online)<\/p><\/div>\n<h3>2. Influence Diagram<\/h3>\n<p>An <a href=\"https:\/\/creately.com\/usage\/influence-diagram\/\">influence diagram is used to represent the summary of information<\/a> of a decision tree. It shows variables that are known and unknown when making a decision and the relationships that exist among them.<\/p>\n<p>Rectangles indicate decisions, ovals represent uncertainties and values or the required outputs are indicated by diamonds. The influence each variable have on the other is represented by arrows.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1: <\/strong>Identify the decisions to be made to reach your objective<\/p>\n<p><strong>Step 2:<\/strong> Consider the risks and performance factors that may have an influence on achieving your objective.<\/p>\n<p><strong>Step 3:<\/strong> Recognize secondary factors that affect uncertainty associated with the performance factors.<\/p>\n<p><strong>Step 4:<\/strong> Identify second-order risk factors that can influence secondary factors.<\/p>\n<p><strong>Step 5: <\/strong>Continue to figure out what factors influence uncertainty until all key risks are identified.<\/p>\n<div id=\"attachment_18157\" style=\"width: 1720px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jmud7lhj3\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-18157\" class=\"wp-image-18157 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/Untitled-Document.png\" alt=\"Example of a Influence Diagram\" width=\"1710\" height=\"1580\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/Untitled-Document.png 1710w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/Untitled-Document-300x277.png 300w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/Untitled-Document-1024x946.png 1024w\" sizes=\"auto, (max-width: 1710px) 100vw, 1710px\" \/><\/a><p id=\"caption-attachment-18157\" class=\"wp-caption-text\">Click on the template to edit it online<\/p><\/div>\n<h3>3. SWOT analysis<\/h3>\n<p>Whether you are planning a new project or developing a new process, a <a href=\"\/lp\/swot-analysis-tool-online\">SWOT analysis<\/a> can help you get insight into any risks that may occur. It helps you identify the Strengths, Weaknesses, Threats and Opportunities associated with the event.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p>To learn how to use a SWOT analysis refer to our article <a href=\"https:\/\/creately.com\/blog\/diagrams\/swot-analysis-what-why-how\/\">SWOT Analysis: What, Why and How to Use Them Effectively<\/a>.<\/p>\n<div id=\"attachment_16295\" style=\"width: 935px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=js48uduc1\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16295\" class=\"wp-image-16295 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-SWOT-Analysis-Template-2.png\" alt=\"SWOT Analysis Template \" width=\"925\" height=\"950\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-SWOT-Analysis-Template-2.png 925w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-SWOT-Analysis-Template-2-292x300.png 292w\" sizes=\"auto, (max-width: 925px) 100vw, 925px\" \/><\/a><p id=\"caption-attachment-16295\" class=\"wp-caption-text\">Click on the template to edit it online<\/p><\/div>\n<h3>4. Fishbone Diagram<\/h3>\n<p>Also known as the Ishikawa diagram and the cause and effect diagram, the <a href=\"\/lp\/fishbone-diagram-maker-online\">fishbone diagram<\/a> is used to break apart a problem and identify the root causes behind it. It works backward as it helps identify the causes of a certain effect.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p>Our <a href=\"https:\/\/creately.com\/blog\/diagrams\/fishbone-diagrams-tutorial\/\">Ultimate Guide to Fishbone Diagrams<\/a> covers how to use a fishbone diagram in depth.<\/p>\n<div id=\"attachment_16296\" style=\"width: 1505px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=hsvcu4b4\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16296\" class=\"wp-image-16296 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Cause-and-Effect-Template.png\" alt=\"Fishbone Diagram Template\" width=\"1495\" height=\"1305\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Cause-and-Effect-Template.png 1495w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Cause-and-Effect-Template-300x262.png 300w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Cause-and-Effect-Template-1024x894.png 1024w\" sizes=\"auto, (max-width: 1495px) 100vw, 1495px\" \/><\/a><p id=\"caption-attachment-16296\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/hsvcu4b4\/Cause+and+Effect+Template?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Fishbone Diagram Template<\/a> (Click on the template to edit it online)<\/p><\/div>\n<h3>5. Process Maps<\/h3>\n<p>Process maps help visualize the major steps and relationships between them in a process. By having the people who actually perform it outline the process using a <a href=\"\/lp\/process-mapping-software\">process map<\/a>, you can check for its accuracy. This also helps identify bottlenecks and blockers in advance.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1: <\/strong>Identify the team you need to map &#8211; whether its a new process or a process being redesigned<\/p>\n<p><strong>Step 2:<\/strong> Bring together everyone who is involved in performing\/ developing the process and brainstorm all information related to the process, such as inputs, outputs etc.<\/p>\n<p><strong>Step 3:<\/strong> Take the steps you identified and put them in a sequential order<\/p>\n<p><strong>Step 4:<\/strong> Draw a map that shows the current state of the process<\/p>\n<p><strong>Step 5: <\/strong>Identify the bottlenecks and flaws in your process<\/p>\n<p>Check out <a href=\"https:\/\/creately.com\/blog\/diagrams\/process-mapping-guide\/#create\">The Easy Guide to Process Mapping<\/a> to learn about what process maps are, process map symbols, types of process maps, etc.<\/p>\n<div id=\"attachment_16297\" style=\"width: 895px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=gsy8pdq4f\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16297\" class=\"wp-image-16297 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Recruitment-Process-Flowchart.png\" alt=\"Process Map for Risk Management \" width=\"885\" height=\"935\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Recruitment-Process-Flowchart.png 885w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Recruitment-Process-Flowchart-284x300.png 284w\" sizes=\"auto, (max-width: 885px) 100vw, 885px\" \/><\/a><p id=\"caption-attachment-16297\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/gsy8pdq4f\/Recruitment+Process+Flowchart?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Process Map for Risk Management<\/a> (Click on the template to edit online)<\/p><\/div>\n<h2>Analyze the Identified Risk<\/h2>\n<p>Once you have identified the risks, the next step is to assess the risks to see what kind of an impact they have on your business and current projects. By correctly analyzing the risks, you will be able to prioritize as to which risk has the highest impact on your business.<\/p>\n<p>Analyzing risks can be done in two ways<\/p>\n<ul>\n<li>Qualitative risk analysis \u00a0&#8211;\u00a0 here the risks are analyzed based on the likelihood of them occurring and the impact they may have on projects, business etc.<\/li>\n<li>Quantitative risk analysis &#8211; quantifies the possible outcomes and evaluate the probability of achieving objects<\/li>\n<\/ul>\n<p>Following are a few risk management methods you can use to help during the <a href=\"https:\/\/creately.com\/diagram\/example\/gtznfk9j2\/Project%20Plan%20%28Analyze%20Phase%29\">analysis phase<\/a> of the risk management process.<\/p>\n<h3>1. Risk Probability and Impact Matrix<\/h3>\n<p>This is a tool that can be used to do a qualitative risk assessment. It helps to evaluate the relative impact (high or low) of a risk and the probability of its occurrence (high or low).<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p>According to the risk probability and <a href=\"https:\/\/creately.com\/usage\/impact-effort-matrix-template\/\">impact matrix<\/a>, there are two dimensions to risks<\/p>\n<ol>\n<li>Probability- The probability of a risk occurring can range from 0% to below 100%, therefore it is an event that <em>may<\/em> occur.<\/li>\n<li>Impact &#8211; A risk always has a negative impact<\/li>\n<\/ol>\n<p>In the risk probability and impact matrix, you can rate potential risks based on these two dimensions. Based on where the risk is placed on the matrix, you can prioritize it as<\/p>\n<ul>\n<li>Low impact &#8211; low probability<\/li>\n<li>Low impact &#8211; high probability<\/li>\n<li>High impact &#8211; low probability<\/li>\n<li>High impact &#8211; high probability<\/li>\n<\/ul>\n<p>While the risks on the bottom left corner can often be disregarded, the risks placed on the top right corner should be given top priority.<\/p>\n<div id=\"attachment_16298\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jmu6vqxw1\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16298\" class=\"wp-image-16298 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Risk-Probability-and-Impact-Matrix-.png\" alt=\"Risk Probability and Impact Matrix\" width=\"890\" height=\"960\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Risk-Probability-and-Impact-Matrix-.png 890w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Risk-Probability-and-Impact-Matrix--278x300.png 278w\" sizes=\"auto, (max-width: 890px) 100vw, 890px\" \/><\/a><p id=\"caption-attachment-16298\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/jmu6vqxw1\/Risk+Probability+and+Impact+Matrix+?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Risk Probability and Impact Matrix<\/a> (Click on the template to edit it online)<\/p><\/div>\n<h3>2. Pareto Chart<\/h3>\n<p><a href=\"https:\/\/creately.com\/diagram\/example\/jmu6vqxw2\/pareto-chart\">Pareto diagrams<\/a> are a great way to identify which problems should be prioritized based on the cumulative effect it has on a system. While the length of the bars represents the frequency or cost (time or money), the bars are arranged with the longest bars to the right and shortest bars to the right. This way it depicts which situation is the most significant.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1:<\/strong> Identify the categories you want to use to group the items, and the measurements (i.e. frequency, cost, time etc.)<\/p>\n<p><strong>Step 2:<\/strong> Decide the period of time (an hour, week or day etc.) you want the Pareto chart to cover<\/p>\n<p><strong>Step 3: <\/strong>Collect the data along with the category and subtotal the measurements for each category<\/p>\n<p><strong>Step 4:<\/strong> Determine the right scale for the measurements and mark the scale on the left side of the chart<\/p>\n<p><strong>Step 5:<\/strong> Label bars for each category, placing the tallest at the far left<\/p>\n<p><strong>Step 6:<\/strong> Calculate the percentage for each category<\/p>\n<p><strong>Step 7<\/strong>: Calculate and draw cumulative sums<\/p>\n<div id=\"attachment_16299\" style=\"width: 685px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jmu6vqxw2\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16299\" class=\"wp-image-16299 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Pareto-Chart-.png\" alt=\"Pareto Chart for Risk Management \" width=\"675\" height=\"605\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Pareto-Chart-.png 675w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Pareto-Chart--300x269.png 300w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><\/a><p id=\"caption-attachment-16299\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/jmu6vqxw2\/Pareto+Chart+?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Pareto Chart for Risk Management<\/a> (Click on the template to edit online)<\/p><\/div>\n<h3>3. Fault Tree Analysis<\/h3>\n<p>The <a href=\"https:\/\/creately.com\/lp\/fault-tree-analysis\">fault tree analysis<\/a> helps to identify the probabilities of various outcomes from given faults and failures. The fault tree analysis helps to identify the likelihood of an event occurring by visualizing a certain event at a top and the conditions causing that event.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1:<\/strong> Identify the fault\/ failure that should be analyzed<\/p>\n<p><strong>Step 2: <\/strong>List down the immediate or direct causes of the fault. Thoroughly examine each step until the root causes are analyzed<\/p>\n<p><strong>Step 3:<\/strong> Once you apply the data to the fault tree, use it to do the evaluation<\/p>\n<div id=\"attachment_16300\" style=\"width: 1140px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jmu6vqxw3\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16300\" class=\"wp-image-16300 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Fault-Tree-Analysis-Diagram-.png\" alt=\"Fault Tree Analysis Diagram\" width=\"1130\" height=\"815\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Fault-Tree-Analysis-Diagram-.png 1130w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Fault-Tree-Analysis-Diagram--300x216.png 300w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Fault-Tree-Analysis-Diagram--1024x739.png 1024w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/a><p id=\"caption-attachment-16300\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/jmu6vqxw3\/Fault+Tree+Analysis+Diagram+?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Fault Tree Analysis Diagram<\/a> (Click on the template to edit it online)<\/p><\/div>\n<h2>Planning to Avoid Future Risks<\/h2>\n<p>In the planning phase of the <a href=\"https:\/\/creately.com\/diagram\/example\/in3lymts1\/Risk%20Management%20\">risk management cycle<\/a>, you need to pay attention to mitigating risks by finding solutions and controlling them. \u00a0Starting from the risks that have the most severe impact on your projects or organization, find out how to minimize their effect.<\/p>\n<h3>1. Futures wheel diagram<\/h3>\n<p><a href=\"https:\/\/creately.com\/diagram\/example\/ie1eht912\/Futures%20wheel\">Futures wheel<\/a> is a tool that you can use to identify direct and indirect results of a certain trend, event or decision.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1:<\/strong> Identify the change. This could be a problem or a potential risk.<\/p>\n<p><strong>Step 2:<\/strong> Brainstorm possible consequences of the trend.<\/p>\n<p><strong>Step 3:<\/strong> Brainstorm the secondary or \u201csecond-order\u201d consequences related to the \u201cfirst-order\u201d consequences you identified earlier. You can continue to expand the diagram by adding several layers.<\/p>\n<p><strong>Step 4:<\/strong> Once the <a href=\"https:\/\/creately.com\/diagram\/example\/jmu6vqxw4\/Futures%20Wheel\">futures wheel<\/a> is complete you can get an overview of the direct and indirect consequences of the change you want to implement.<\/p>\n<p><strong>Step 5:<\/strong> Take the negative consequences and identify possible actions you can take to control them.<\/p>\n<div id=\"attachment_16301\" style=\"width: 1260px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jmu6vqxw4\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16301\" class=\"wp-image-16301 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Futures-Wheel.png\" alt=\"Futures Wheel Template \" width=\"1250\" height=\"1165\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Futures-Wheel.png 1250w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Futures-Wheel-300x280.png 300w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Futures-Wheel-1024x954.png 1024w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/a><p id=\"caption-attachment-16301\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/jmu6vqxw4\/Futures+Wheel?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Futures Wheel Template<\/a> (Click on the template to edit it online)<\/p><\/div>\n<h3>2. Process Decision Program Chart<\/h3>\n<p>The process decision program chart (PDPC) help you look into what might go wrong in a plan that is under development. You can use the chart to alter your plan in order to prevent the problem from occurring and to prepare a <a href=\"https:\/\/creately.com\/blog\/business\/business-contingency-plan-templates\/\" target=\"_blank\" rel=\"noopener noreferrer\">contingency plan<\/a> to mitigate the risk.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1:<\/strong> Create a tree diagram of the plan, listing the objectives, main activities and the tasks that should be completed under each activity.<\/p>\n<p><strong>Step 2: <\/strong>Take the tasks on the third level and brainstorm what could go wrong<\/p>\n<p><strong>Step 3:<\/strong> If the consequences of the problems identified earlier are insignificant leave them out. Add the significant problems related to each task on the tree diagram as a fourth level.<\/p>\n<p><strong>Step 4:<\/strong> Come up with countermeasures for each problem, and add them as a fifth level to the diagram<\/p>\n<p><strong>Step 5:<\/strong> Consider how practical each countermeasure is in terms of time, resources, cost etc. You can use an X to mark the impractical solution and an O to mark those that are practical.<\/p>\n<p>Refer to this <a href=\"http:\/\/asq.org\/learn-about-quality\/new-management-planning-tools\/overview\/process-decision-program-chart.html\" target=\"_blank\" rel=\"noopener noreferrer\">article<\/a> on PDPC to learn more about the tool.<\/p>\n<div id=\"attachment_16302\" style=\"width: 880px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jmud7lhj1\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16302\" class=\"wp-image-16302 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Process-Decision-Program-Chart-PDPC.png\" alt=\"Process Decision Program Chart (PDPC)\" width=\"870\" height=\"610\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Process-Decision-Program-Chart-PDPC.png 870w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Process-Decision-Program-Chart-PDPC-300x210.png 300w\" sizes=\"auto, (max-width: 870px) 100vw, 870px\" \/><\/a><p id=\"caption-attachment-16302\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/jmud7lhj1\/Process+Decision+Program+Chart+%28PDPC%29?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Process Decision Program Chart &#8211; PDPC<\/a> (Click on the template to edit it online)<\/p><\/div>\n<h3>3. Risk-Reward Analysis<\/h3>\n<p>Risk reward analysis is a tool you can use to evaluate the risk and reward profile of different options.<\/p>\n<p><strong>How to use it<\/strong><\/p>\n<p><strong>Step 1:<\/strong> List down the options and possible risks related to them<\/p>\n<p><strong>Step 2:<\/strong> Plot the risks and rewards on the <a href=\"https:\/\/creately.com\/usage\/risk-management-tools-templates\/\">risk-reward analysis chart<\/a><\/p>\n<p><strong>Step 3:<\/strong> While some options may have a positive risk-reward profile, take time to see whether you should spend time on mitigating risks of other options as well.<\/p>\n<p><strong>Step 4:<\/strong> Compare each option against one another to identify the best option for you<\/p>\n<div id=\"attachment_16303\" style=\"width: 840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/creately.com\/demo-start\/?tempId=jmud7lhj2\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-16303\" class=\"wp-image-16303 size-full\" src=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Risk-Reward-Analysis-.png\" alt=\"Risk - Reward Analysis Template\" width=\"830\" height=\"890\" srcset=\"https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Risk-Reward-Analysis-.png 830w, https:\/\/d3n817fwly711g.cloudfront.net\/uploads\/2018\/10\/New-Risk-Reward-Analysis--280x300.png 280w\" sizes=\"auto, (max-width: 830px) 100vw, 830px\" \/><\/a><p id=\"caption-attachment-16303\" class=\"wp-caption-text\"><a href=\"https:\/\/creately.com\/diagram\/example\/jmud7lhj2\/Risk+-+Reward+Analysis+?utm_source=riskmanagement&amp;utm_medium=blog&amp;utm_campaign=diagusage\" target=\"_blank\" rel=\"noopener noreferrer\">Risk &#8211; Reward Analysis Template<\/a> (Click on the template to edit online)<\/p><\/div>\n<h5>Add to the List of Visual Risk Management Techniques<\/h5>\n<p>The risk management techniques we\u2019ve discusses above will help you identify, analyze and control risks that may occur during your projects or the development of new business processes.<\/p>\n<p>Do you know of any other visual techniques that can be used to manage risks? Let us know in the comment section below.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether it\u2019s a multinational corporation or startup, risks cannot be avoided. It\u2019s a part of any new or routine endeavor. The best way to reduce the negative impact risks may have on your business is to incorporate risk management techniques&#8230;<span class=\"continue-reading\"> <a href=\"https:\/\/creately.com\/blog\/project-management\/risk-management-techniques\/\">Read More<\/a><\/span><\/p>\n","protected":false},"author":24,"featured_media":28936,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9270,866,9278,9285],"tags":[1075,1076,1070,1073,1074,1077,1067,1069,1068,1071,1072],"class_list":["post-16292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bpm","category-project-management","category-research-analysis","category-strategy-and-planning","tag-fault-tree-analysis","tag-futures-wheel","tag-how-to-manage-risks","tag-influence-diagram","tag-pareto-chart","tag-process-decision-program-chart","tag-risk-management","tag-risk-management-strategies","tag-risk-management-techniques","tag-risk-management-tools","tag-risk-probability-and-impact-matrix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>11 Effective Risk Management Techniques - Creately Blog<\/title>\n<meta name=\"description\" content=\"Risk management techniques to identify, analyze and mitigate risks. 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