Risk-Based Decision Support Techniques for Programs and Projects

Abstract : This article is designed for the project management professional who intends to make risk-based decision making a fundamental, integrating principle of the project's operating processes. It is about making decisions using information that relates possible future outcomes to the risk inherent to decisions made. A project manager needs to make two types of decisions: those that relate to the business aspects of a project and those that relate to the performance aspects of the product. Part 1 details the project-focused tools and techniques and Part 2 details the product-focused tools and techniques. Advanced integrated quantitative techniques and tools that have been proven to have high utility to decision makers are presented.