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- Title
DO YOU WANT TO FINISH YOUR PROJECT ON TIME AND WITHIN THE BUDGET?
- Authors
Fekete, István
- Abstract
In risk management literature a great number of methods can be found that are suitable for risk assessment. Most of them can only be used if there are historical data available as they rely on statistical analysis to assess risks. However, many times there is no daily database to use for assessing most risks. Of course, the probability of occurrence and impact of these risks should always be assessed/ estimated in a reliable manner. The question is: exactly how? To answer it a method has been developed by the author that has been used in more than 50 different applications up to now. The aim of this paper is to demonstrate the way how can be assessed the risks affecting the target values of building a new football stadium by using of the developed method. Main steps of risk assessment according to the developed method: creating project schedule suitable for risk assessment, identification of different risk sources/events for particular project activity, risk analysis with the help of scenario analysis, risk evaluation for selecting critical risks, formulating risk treatment actions for all critical risks, running Monte-Carlo simulation by using the outputs of scenario-analysis. Results Building of new football stadium has finished on time and has met the quality expectations thanks to the execution of suggested risk response actions.
- Subjects
RISK assessment in project management; RISK management in business; PROJECT managers; RISK assessment; MONTE Carlo method
- Publication
Project Management Development - Practice & Perspectives, 2015, p43
- ISSN
2256-0513
- Publication type
Article