Risk Assessment – a human psychology approach

As most of us already know, risk management means making steps in order to identify those risks with a highly probability of causing problems to a project, to analyze the probability of loss and the magnitude of loss for each risk and developing composed risks, to classify the risk points identified according to the composed risks they belong to. All these processes are important in a risk management plan, but one is definitely considered to be a “landmark” for the rest. And this is risk assessment. At this point a risk manager would probably choose a qualitative approach or a quantitative one? This paper will make a short overview over the risk evaluation process but also proposing a new approach in this direction - a human psychology approach.