Risk management - What should risk analysis provide?

What should risk analysis provide?

Time

There must be time for corrective action [see 'The Complete Time Management package']. This will only happen if risks are identified along with responses.
These can be either proactive (actions form part of the plan) or reactive (actions form part of the contingency plans which have a trigger).

These are discussed in more detail later.

Priorities

Once risks have been identified we will need to categorise them in terms of impact and likelihood.
The management of the risks may be limited by the available resource.

Aggregation

One we have assessed the impact on an individual risk (or group of risks) we will need to combine or aggregate their affects.
This will need to be done on an interim and summary basis to see the affect on the overall project.

Decision making

Understanding the risks involved in a project will improve the decision making process.

Realism

Identifying the risks and defining responses accordingly will aid in the setting of the project objectives.