Question

Project management class:

The main keys of stakeholder-driven risk elicitation techniques.

300 words.

Answer 1

Risk elicitation techniques are the data collection methodology pertaining to risk estimation and risk mitigation. With the help of data collected, the probability of risk occurrence can be estimated. This prepares the system to face any kind of risk. Risk elicitation also facilitates decision-making process as the business is prepared to face any emerging situation.

Some of the risk-elicitation techniques are:

• Balloon Analogue Risk Task (BART): this method anticipates the risk preference of individuals by a balloon simulation game
• Questionnaires: Risk elicitation at the workplace can be conducted through the means of a questionnaire. This will be based on the individual’s self assessment about his propensity to face and address risk
• The Gneezy and Potters method: This method is used in financial decision making in business.

https://rady.ucsd.edu/docs/faculty/GneezyRiskElicitation.pdf

https://s3.amazonaws.com/academia.edu.documents/35348307/knowledgeelicitation.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1525123660&Signature=SaFVTvwbIzFjnegl%2BeZNKtQAwsQ%3D&response-content-disposition=inline%3B%20filename%3DKnowledgeelicitation.pdf