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Task 4

Compare and rate the risk management options

Objective

Select the most appropriate risk management options

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ACTIONS

  • Retrieve your written summaries, stakeholder concerns that could affect the decision, and risk tolerability evaluations
  • Rate each risk management option using the¬†Options Rating Scale (in the workbook)¬†or a similar scale tailored to your situation:
  • Use the above written summaries as a basis for your rating.
  • As shown in the scale, provide ratings for safety risk, infrastructure and costs, and other concerns; thus, each risk management option will have three ratings.
  • Use the rating system 1 = low concern, 2 = moderate concern, 3 = high concern.
  • Add up the figures for each risk management option. (Note:The lower the figure, the better the option.)
  • Rank the options from best (#1) to worst.

Stage 5 Checklist

Before you proceed to the next stage, make sure you have:

  • A written summary of your stakeholder feedback
  • Completed risk tolerability summaries for each risk management option, with ratings/rankings for each risk management option
  • Completed Option Rating Scale

NEXT: Stage 6  >

  • Task 1
  • Task 2
  • Task 3
  • Task 4
  • Task 5