Evaluating Decision Alternatives and Assessing Risk slp
In the background materials section, we observed that formal risk analysis can be a daunting task and the computations involved are difficult. While a quantitative risk assessment is beyond the scope of this class (we will leave this for your MBA studies!), a rough estimate of relative risk can be determined using qualitative methods.
For this SLP, think of an example of a risky decision from your own experience. Then, using the method outlined below, assess the risk involved in this decision. Address the following questions in a 1-2 page paper:
Describe the situation that requires a decision. What solution do you propose?
What could happen?
How likely is it to occur?
What is the impact?
On a scale of 1 to 10 where 1 is no risk and 10 is devastating loss of material assets or life, what is your assessment of the risk involved in this solution?
This exercise is adapted from the following source (optional reading):
Schreider, T. (2004) Risk assessment tools: A primer. ISACA/IT Governance Institute. http://www.isaca.org/Content/ContentGroups/Journal1/20033/Risk_Assessment_Tools_A_Primer.htm
Be careful to address all questions and provide sufficient reasoning to justify your answers.
Be sure to include an introduction and conclusion, and if you refer to any outside source of information, be sure to cite the source and list it on a reference page. See http://www.trident.edu/files/Well-Written-Paper.pdf
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