Scoring Method

Yuri G. Raydugin
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Yuri G. Raydugin: Risk Services & Solutions Inc.

Chapter Chapter 3 in Risk-Based Project Decisions in Situations of High Complexity and Deep Uncertainty, 2024, pp 65-113 from Springer

Abstract: Abstract This chapter overviews well-known basics of the traditional PRM and underlying concepts. Three components of the traditional PRM system—framework, process and tools—are looked through. Risk assessments are based on scoring method. Special attention is paid to various realizations of bias in project environment when looking at them from statistical and psychological angles. Systematic and random errors describing statistical aspects of bias are told apart which allows pin down inadequate PRM methodologies featured by high systematic errors. This chapter is justified by applicability of reviewed concepts to other PRM methodologies introduced in this book. This also promotes a general approach that any advanced PRM methodologies do not disavow previous less sophisticated ones using them for getting valuable inputs. A simplistic business case concludes the chapter. It includes six typical project execution risks collected in a risk register template and assessed using a proposed scoring risk assessment matrix (RAM). This basic information is consumed as inputs to other PRM methodologies in business cases of other chapters.

Keywords: Project value; Project objectives; Project uncertainty; Risk; Psychological bias; Organizational bias; Systematic errors; Risk breakdown structure (RBS); Bowtie diagram; Risk addressing; Risk assessment matrix (RAM); Risk register; PRM plan; Project risk management (PRM); Enterprise risk management (ERM) (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-56988-3_3

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DOI: 10.1007/978-3-031-56988-3_3

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