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Risk Analysis Templates for You

Running a project or an activity means you will have the risk to face, especially when you run a business. You should know that every step you take in your business obviously has risks you should take into account. Before taking a step, a calculation of potential risk should be done in order to avoid or at least minimize the loss you may have. That is why risk analysis will help you to calculate that thing. However, you need to know some things first before making a risk analysis.

Internal Factors

Risk analysis does not only involve the potential risks for your business but also involve the impact of the risks to your business or project. The analysis can be both in qualitative or quantitative. There several internal and external factors you should put into your analysis. For internal factors, the example of the potential risks is the number of people who handle the project. If the people who handle the project are too much though the task seems quite easy, it will lead to conflict in the regarding the task. In addition, there may be people who work hard while the rest will do nothing because of the poor organization. The other example of the risk is having not enough participant for your project. Having too many people in a project is a bad thing, the same goes for having not enough people. The lack of participant in a project means the person assigned the project will work harder.

External Factors

You can easily identify the internal factors as well as controlling them in project management. However, identifying external factors will be harder. In some cases, external factors can be predictable and unpredictable. Therefore, you still have to account for the external factors since they will still impact your business. You can identify the external factors by conducting researches and accessing information. While listing them down, you also have to record the probability of the impact of each external factor you have found. Doing this, you can make your analysis based on what you have found in your research. Inflation, social changes, environmental changes are things you should take into account for.After knowing what you should put into your risk analysis, you can find a template to help you conduct the analysis. It also can be a guide to make sure that you have not missed anything in your risk analysis.