13:00 Risk Management: RM

Bogdan Lent
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Bogdan Lent: Bern University of Applied Sciences

Chapter 8 in Cybernetic Approach to Project Management, 2013, pp 179-196 from Springer

Abstract: Abstract Risk, defined as occurrences with negative impact on a project, shall be analysed and with first countermeasures treated already in the first approach to structure the project in Planning & Scheduling. Subsequently the risk detection system shall be conceived. Composite Risk Index (CRI) is as a multiplication of the probability of the occurrence P and potential damages D. The risk handling strategies: avoidance, reduction, sharing and retention, called also ACAT (US defense industrial procurements) are presented. Praxis biased risk identification and risk assessment techniques extended with the assessment of the precautionary measures along Cost-Benefit-Analysis (CBA) and subsequent ABC-Analysis are practical tools of project management. Examples of Templates, Checklists and Bibliography close the Chapter. Quick look at the beginning of the Chapter that gives cornerstone assessment of the process is presented here.

Keywords: Risk Analysis; Risk Management; Check List; Project Goal; Risk Identification (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-32504-5_8

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DOI: 10.1007/978-3-642-32504-5_8

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