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Risk Management in the bidding context A Schedule Risk Analysis Approach
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The paper discusses an approach to project risk management with a basic assumption that risks are affected by risk responses only. This might imply that finally only risk response execution is important, and risk estimation would not be necessary in all risk management applications. Although risk management applications discussed in literature mostly tend to have an emphasis on the risk identification and risk estimating or quantification stages as necessary prerequisites to responses, empirical applications exist that almost ignore applying risk analysis. Thus, applications have features that cause a strong orientation to response planning and an action plan development without going via any specific risk analysis stage. Rationales and potential solutions for a tentative risk management approach is discussed where the major effort is directed to risk response development and risk response execution rather than to risk estimation.
This paper discusses some of the factors that commonly affect the quality of quantitative risk analysis. It aims both to help improve the capability of analysts and to equip managers with the ability to discriminate between good and poor practice. To this end, the conclusions include two checklists that can be used to help form a judgement as to the reliability of the risk model and estimates. Whilst, this paper is primarily concerned with timescale risk analysis, much of the discussion is also applicable to the analysis of cost risk.
This paper describes the standard methods currently available for assessing Extension of Time delays on major projects, and issues around such assessment. Network-based techniques have been much developed, and are powerful and credible tools for assessing the effect of a small number of discrete impacts on a project, where major reactive management actions have not been needed. The paper points out the problems inherent in such methods in other, more complex situations, and describes the contribution that other methods using cause mapping and System Dynamics can make. These, however, are also not universally useful, and the paper describes how the two methodologies can be used together to produce useful analyses of the impact of delays on a project.
Risk management is one of the key project management processes. Numerous tools are available to support the various phases of the risk management process. We present the results of a study designed to identify the tools that are most widely used and those that are associated with successful project management in general, and with effective project risk management in particular. The study is based on a questionnaire administered to a sample of project managers from the software and high-tech industries. The response data was analyzed in order to find which tools are more likely to be used in those organizations that report better project management performance and in those that value the contribution of risk management processes.
Sumario: This book provides a framework for integrating risk management into the management of projects. It explains how to do this through the definition of generic risk management processes and shows how these processes can be mapped onto the stages of the project life cycle. As the disciplines of formal project management are being, applied ever more widely go the generic project risk management processes set out here will readly find use in diverse areas of application
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