Project Risk Analysis and Management: Methods and Examples for Effective Project Risk Analysis and Management

Abstract

A process of risk management in projects is a rational chain of practices by which decision-agents plan and execute actions and control the results in order to keep the implementation of the project under certain conditions (time, cost and quality parameters’ set). Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. The study describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management. The selection of the best practices taking into account the organizational maturity and project complexity, a theoretical framework to classify and associate those practices to each phase of the project life cycle and to each project risk management process is proposed.