Project risk analysis and management – PRAM the generic process

This paper provides an overview of a project risk management process developed by a working party of the Association of Project Managers. It is a synthesis of methods developed by a number of individuals and organizations over an extended period. All aspects of it have been tested and developed in the context of successful practice (and difficulties associated with achieving success). The process of synthesis has provided a number of new insights. These include: a more detailed phase structure based on objectives, tasks and deliverables; a more formal process of defining the project to be assessed; treating the risk management process as a project in its own right; and treating the resolution of ownership–contractual issues as a project in its own right.