Project Risk Management Phases

Claudiu-George Bocean
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Claudiu-George Bocean: University of Craiova

Annals of University of Craiova - Economic Sciences Series, 2008, vol. 1, issue 36, 245-252

Abstract: Risk management is the human activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Notwithstanding the domain of activities where they are conducted, projects often entail risks, and risk management has been widely recognized as a success factor in project management. Following a concept clarification on project risk management, this paper presents a generic list steps in the risk management process. Risk analysis is highlighted. I use expected value analysis for quantitative estimation. I propose to determine risk probability using Fishbone-Ishikawa diagrams and I provide an example that illustrates this theory.

Keywords: risk evaluation; project management; risk management; expected value analysis.. (search for similar items in EconPapers)
JEL-codes: G00 G32 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:aio:aucsse:v:1:y:2008:i:11:p:245-252

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