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13:00 Risk Management: RM

In: Cybernetic Approach to Project Management

Author

Listed:
  • Bogdan Lent

    (Bern University of Applied Sciences)

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.

Suggested Citation

  • Bogdan Lent, 2013. "13:00 Risk Management: RM," Springer Books, in: Cybernetic Approach to Project Management, edition 127, chapter 8, pages 179-196, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-32504-5_8
    DOI: 10.1007/978-3-642-32504-5_8
    as

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