How to Manage Risk - don't go out on a LIMB!

For each Risk you identify you need to establish 4 critical things:

1. Likelihood - the probability of it happening - typically high, medium or low
2. Impact - the consequences of it happening - also high, medium or low
3. Mitigation - what you are doing to ensure it does not happen
4. Backup plan - what you will do if it does happen

You can remember these 4 using the simple acronym - LIMB.

Ken Thompson (aka The BumbleBee) blogs about bioteams, virtual collaboration and business simulation at www.bioteams.com.

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