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A Comprehensive Project Risk Management Framework for Today’s Dynamic Environment

[+] Author Affiliations
Ghaleb Y. Abbasi

University of Jordan, Amman, Jordan

Paper No. DETC2009-87787, pp. 1473-1481; 9 pages
doi:10.1115/DETC2009-87787
From:
  • ASME 2009 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference
  • Volume 2: 29th Computers and Information in Engineering Conference, Parts A and B
  • San Diego, California, USA, August 30–September 2, 2009
  • Conference Sponsors: Design Engineering Division and Computers in Engineering Division
  • ISBN: 978-0-7918-4899-9 | eISBN: 978-0-7918-3856-3
  • Copyright © 2009 by ASME

abstract

A comprehensive risk management framework (RMF) was developed and introduced to help management deal with the project risks in today’s changing world using a well-defined process. Several projects were analyzed to determine their causes of failure and identify risk elements. The RMF consisted of six phases; project identification, risk identification, risk assessment, response development, contingency planning, and implementation and control. Each process must be tailored to the particular circumstances of the project and of the organization undertaking it. The RMF treated risks in a structured process starting by identifying the project and the potential risks, assessing these risks and responding to each risk. Using such an approach management can identify potential risks that may affect the project and respond proactively. The developed framework is comprehensive and applicable for any project type.

Copyright © 2009 by ASME
Topics: Risk management

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