As part of the risk management process, you will apply a variety of risk management tools to identify and assess risk. It is important to know your options so you can choose the best tool for the task

HCS/456 v6

Risk Management Tools Reference Guide As part of the risk management process, you will apply a variety of risk management tools to identify and assess risk. It is important to know your options so you can choose the best tool for the task 1

As part of the risk management process, you will apply a variety of risk management tools to identify and assess risk. It is important to know your options so you can choose the best tool for the task 1

Complete the following table. In the first column, identify 4 risk management tools that can be used to make management decisions. In the second column, in 90 to 175 words total, describe each tool and how its use can help with decision-making. An example has been provided for you.

Be clear and concise, use complete sentences, and use your own words. Follow standard grammar rules and provide examples where appropriate to support your answers.

Risk Management Tool	Use
Example: SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis	A SWOT analysis can be used in risk management to identify risks. These risks can be classified as internal (e.g., strengths and/or weaknesses) or external risks (e.g., opportunities and/or threats). The SWOT analysis can help in decision-making by allowing an organization to prioritize the identified risks and in deciding which risks to address first. The continued use of the SWOT analysis can also help understand which risks have been mitigated, which risks remain, and any new risks not previously identified within the context of an ever-changing health care environment.