Project risk action management

Taxonomy Among Triplets: Opening the Black Box

“…It is necessary to determine the probabilities of undesirable events and their associated losses (Barki et al, 1993). With the exception of some practitioner publications, such as the PMI Guide to the Project Management Body of Knowledge (Project Management Institute, 2013), the literature associates risk only with the threat of negative outcomes, and positive outcomes are not considered to be a risk at all (Berkeley et al, 1991). A characteristic of an event carrying risk is that there is a probability that the event can give a certain result, and further that the result may have measurable or given consequences (Krane et al, 2012).…”

Understanding the key risks in construction projects in China

“…A systematic process of risk management are normally divided into (1) risk identification and classification, (2) risk analysis, and (3) risk response, where risk response has been further divided into four actions, i.e. retention, reduction, transfer and avoidance [1,9,14].…”

The application of the risk management process in capital investment decisions for EHV transmission line projects

“…1, good project management practice must be considered as an integral part of the analysis, such that the risks associated with commercial and market conditions on the value of services and equipment supplied to construct each option need to be considered in the model, to ensure that all risks are evaluated (Berkley et al, 1991;Burchett, 1994). This good practice is considered in the cost model used to select a transmission line project, as described in the following section.…”