Assisting project risk management method selection

Projects have spread into companies and are more than ever exposed to risk, because of tight constraints, uncertainty, complexity and change. Risk management thus plays an important role in project management. Since there are more and more available methods in the literature, it has become increasingly difficult to choose the right one. Our objective in this paper is to introduce and analyse the main existing project risk management (PRM) methods and to provide decision-makers with a model to assist them to select one of these methods for their projects. To do this, we first investigate the existing methods in the PRM field and the criteria that should be considered for the selection. Secondly, we propose a simple multi criteria decision making (MCDM) model which screens out inadequate methods and ranks remaining alternatives. An application for one example is presented and some conclusions and perspectives are drawn.

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