Project risk analysis and management - PRAM the generic process

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Why risk efficiency is a key aspect of best practice projects

An optimization method for selecting project risk response strategies

The risk response development phase is a major phase in the project risk management process. We present a model that integrates project work contents, risk events, and risk reduction actions and their effects into a comprehensive framework. The model allows the representation of the overlapping effects of multiple risk reduction actions and of the impacts of secondary risk events, and supports the evaluation of the total risk exposure of the project under various combinations of risk reduction actions. The model can be treated with optimisation techniques in order to generate the most cost-effective combination of risk reduction actions. In this work we describe the model, outline a solution procedure and illustrate its application with an example taken from the software industry.

An integrated approach for risk response development in project planning

Estimation and evaluation of uncertainty: a minimalist first pass approach

Describes the current status of SCERT (synergistic contingency evaluation and response techniques). SCERT is an attempt to provide a systematic approach to the planning and financial evaluation of large engineering projects involving significant risks. Its mathematical basis is a decision tree/semi-Markov process representation of a project. This basis is integrated with qualitative risk assessment procedures. The emphasis is preplanning positive responses to potential contingencies, the need to get approximate answers to the right questions, and the need to integrate specialist expert opinion of various kinds and more general seasoned intuition.

C. B. Chapman

Papers

Large engineering project risk analysis