Risk analysis

Abstract

In order to end up a project successful and deliver it on time and on budget, it is important to get an overview of the risks, which is associated to the project. A project start often with a high uncertainty and you always have a plane of how the project should end, if you do not handle the risks of the project, there is a high probability that the project fails. Most of the projects fail due to lack of risk management, because in many projects the risks are not proactively identified, analyzed and mitigated or even in some projects the risk is a part of projects planning process, the projects fails, because they do not investing their resources completely and not pay attention to it. [1].

In this article I will provide a definition of risk, benefits of risk analysis, how important risk analysis in projects is and which tools you can use to analysis the risks of a project.

Reference

[1] Why projects fail: Avoiding the Classic Pitfall, An Oracle White Paper, October 2011

[2] Oxford English Dictionary

[3] Frank Knight: Imperfect competition through Risk and Uncertainty, Part III, Chapter VII

[4] DS484:2005