Risk management for small and medium-sized enterprises: Tools to use and how

Business endeavours have transformed to project based efforts for many years now. Most companies usually operate more than one project. Day by day risk management is earning ‘credits of appreciation’ even in the very competitive, project-based operating environment. The aim of this paper is to attempt a presentation of basic risk management tools along with their key features. Although other qualitative risk analysis tools exist, this paper presents only those with explicit quantitative analysis capabilities. Sixteen software tools have been indicated and ranked in terms of the features available. Indicative results of one of those tools are presented using a short case study. The study demonstrates that the use of appropriate software tools may enhance project-related operations and reduce costs, especially when the user is an SME.