Project risk analysis based on prototype activities

Project risk analysis based on prototype activities

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Article ID: iaor1995931
Country: United Kingdom
Volume: 45
Issue: 7
Start Page Number: 749
End Page Number: 757
Publication Date: Jul 1994
Journal: Journal of the Operational Research Society
Authors: , ,
Keywords: project management
Abstract:

This paper describes an approach to project risk analysis based on the assessment of risk associated with a prototype activity, which may typify a set of actual project activities in a variety of ways. Risk associated with the actual activities is assessed by treating these activities as variations on the prototype activity. In appropriate circumstances, this approach offers savings in the time and effort spent on risk analysis, possibly at the expense of some detail. The approach was conceived to deal with a commercially sensitive industrial project; in this paper it is illustrated by means of three hypothetical examples, which demonstrate a wide range of potential applications.

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