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Project Risk Management Phases

Author

Listed:
  • Claudiu-George BOCEAN

    (University of Craiova)

Abstract

Risk management is the human activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Notwithstanding the domain of activities where they are conducted, projects often entail risks, and risk management has been widely recognized as a success factor in project management. Following a concept clarification on project risk management, this paper presents a generic list steps in the risk management process. Risk analysis is highlighted. I use expected value analysis for quantitative estimation. I propose to determine risk probability using Fishbone-Ishikawa diagrams and I provide an example that illustrates this theory.

Suggested Citation

  • Claudiu-George BOCEAN, 2008. "Project Risk Management Phases," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(36), pages 245-252, May.
    • Handle: RePEc:aio:aucsse:v:1:y:2008:i:11:p:245-252
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    File URL: http://feaa.ucv.ro/AUCSSE/0036v1-014.pdf
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    More about this item

    Keywords

    risk evaluation; project management; risk management; expected value analysis..;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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