Project risk management-tools and techniques

Summary form only given. The PRAM process (project risk assessment and management) set forth by the APM (Association for Project Management) outlines some of the tools and techniques available in support of the process. This paper expands that discussion to examine and show some of the pertinent techniques and the software tools that are based on those techniques. Techniques are categorised into: qualitative-for identifying, scoring and tracking risk issues; and quantitative-for modelling the effect of risk issues on project objectives. Qualitative techniques include prompt and check lists, brainstorming and Delphi; quantitative techniques include decision trees, influence diagrams, sensitivity analysis and Monte Carlo simulation. Some of the software tools available to support these these techniques are discussed. As well as discussing the tools and techniques available, some guidance is given on the effective selection of the appropriate tools in a particular instance-focusing on fit-for-purpose selection