Project risk management: A deterministic quantitative technique for assessment and mitigation

Cinzia Muriana, Giovanni Vizzini

Research output: Contribution to journalArticlepeer-review

Abstract

The paper presents a deterministic technique for assessing and preventing project risks, by determining the risk of the Work Progress Status. Firstly, the performance of the input factors, namely the costs, quality, and time, are detected, that reflect the Iron Triangle of the Project Management. As each phase ends, the actual values of the input factors are detected and compared with that planned, and corrective actions are taken for considering the impact of the actual performances on the overall project. Thus, the current risk degree of the project is determined through the Weighted Sum Method. If it is higher than planned, preventive actions are taken, in order to mitigate the risk of the entire project. Practical applications of the technique relate to routine projects and those cases in which the schedule/costs/requirements are to be defined in the planning phase, and deviations are detected in the progress phase.

Original languageEnglish
Pages (from-to)320-340
Number of pages21
JournalInternational Journal of Project Management
Volume35
Issue number3
DOIs
Publication statusPublished - Apr 1 2017

Keywords

  • European work programs
  • Project risk management
  • Risk assessment
  • Risk management
  • Risk mitigation
  • Risk prevention
  • Work Progress Status

ASJC Scopus subject areas

  • Business and International Management
  • Management, Monitoring, Policy and Law
  • Management of Technology and Innovation

Fingerprint Dive into the research topics of 'Project risk management: A deterministic quantitative technique for assessment and mitigation'. Together they form a unique fingerprint.

Cite this