Risk management is a critical tool that helps companies and projects to see and address potential issues before they occur. It uses a structured approach to identify and examine a potential issue from the perspective of how likely they are to occur (likelihood), how big the problem will be if it does occur (consequence). This […]
Hoping for luck is generally not a sound business strategy. All start-ups expect success, but only those who effectively manage risk will prosper and join the ranks of the small and medium-sized companies that are the backbone of our economy. Managing risk can often feel like an overwhelming task, but with the right tools, it […]
TRM Advantage, Risk management online application, uses the industry standard 5×5 risk matrix for qualitative risk analysis. All matrices are used to assess and evaluate the probability and impact of potential risks, allowing organizations to prioritize risk mitigation efforts based on their level of severity. Research has shown that the 5X5 matrix provides a balance […]
Schedule is a major risk in any project, turnaround, or business endeavor. Schedule overruns and missed deadlines can have very large impacts on all measures of success. Customer satisfaction, schedule overrun, lost production, and earned value (in projects) are a few of the measures that can be impacted when things are late. How to quantify […]
Pre-activity risk reviews are a critical part of difficult, complex, or hazardous activities. They are performed by the supervisory team in the activity planning stages and their intent is to identify activity-related issues that could occur before, during, or after the work. There is tremendous value in this, particularly if the activity is one that […]
Risk management and quality management are critical parts of successful organizations (companies and projects). Each one supports the other and together they reduce company losses and streamline how the organization does business. With a new app that is available, TRM Advantage, risk management efficiency is significantly improved. Risk management is all about identifying potential issues […]
Risk management is a critical tool that helps companies and projects to see and address potential issues before they occur. It uses a structured approach to identify and examine a potential issue from the perspective of how likely they are to occur (likelihood), how big the problem will be if it does occur (consequence). This […]
