NDLI: A Dynamic and practical approach to Project Risk Analysis and Management

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A Dynamic and practical approach to Project Risk Analysis and Management

Content Provider	Semantic Scholar
Author	Khamooshi, Homayoun
Copyright Year	2004
Abstract	The paper presents a model for Project Risk Analysis and Management (PRAM) which embarks upon the problems of existing approaches and aims at rectifying these issues. The problems with the existing models are: either they are too complex to be used by all and every project manager or the approach is too simplistic to take into account the total picture and provide a quantified value of benefits of implementing PRAM. This causes PRAM to be viewed as an additional cost for a project while the benefits from PRAM could easily out pay the costs. The base of the model is Project Risk Network (PRN) which is derived and developed from Project Activity Network (PAN). The model emphasises on assessment of the impact of each risk and suggests a procedure which is a compromise between a relatively complex approach such as system dynamics or simulation and a very simplistic method like ranking of risks which treats each risk discretely and ignores the interaction between the risk factors. The model while simple takes into account risk transferability and accounts for total impact of risks on the project. The result of the analysis is a risk profile for each risk and a Total Project Risk Profile (TPRP) for the whole project. The results of the analysis not only could be used to assess the benefits of using PRAM but also could help in developing risk management decisions and strategies and answering a number of what if questions.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://home.gwu.edu/~hkh/PDF%20of%20papers/TPRPAOM.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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