Premium
2.2.1 The Value of Integrated Project Risk Management
Author(s) -
Stump Evin J.,
Ferguson Kevin
Publication year - 1998
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.1998.tb00030.x
Subject(s) - project risk management , risk management plan , project management triangle , project manager , risk management , project management , process management , project charter , opm3 , project planning , business , project stakeholder , earned value management , process (computing) , project team , risk analysis (engineering) , computer science , it risk management , engineering , knowledge management , systems engineering , finance , operating system
Current initiatives and trends emphasize more aggressive management of project risks. Traditionally, project risk management, when practiced at all, has been a “top down” activity involving mostly the project manager and perhaps a designated risk manager with input from selected individuals. The proactive participation of project teams was not sought. The customer was not part of the process. The process seldom required any quantification or risk metrics, although that is commonplace in other project areas. This paper describes a methodology called integrated project risk management that involves project teams and the customer, and uses a mathematically simple but valid method of quantification easily adopted by project teams. It has been used successfully on two major U.S. Air Force projects.