<abstract xmlns="http://www.w3.org/1999/xhtml">Background: To stay competitive in a highly unpredictable market of today, companies must be able to manage project risks effectively. The basis for an effective risk management is a thorough risk analysis. Despite the availability of many different risk analysis approaches, companies can be reluctant to use them, since the models are usually complex and very time consuming.Objectives: The main objective is to present a simple, yet effective risk analysis approach that can also serve as a useful basis for resolving project risks.Methods/Approach: The proposed standard risk analysis approach is based on a standard risk model that deals with risk events and impacts separately and therefore allows for a separate planning of preventive and corrective measures. To classify risks and to represent them graphically, a risk map is used.Results: The use of the proposed approach is illustrated on a die-cast tool development project. The approach proved to be very simple to use and it served as a useful basis for resolving the identified risks.Conclusions: The main advantage of the proposed approach is its simplicity and clarity. It can also be used as a quick decision-making tool in a subsequent risk resolving process.</abstract>

Background: To stay competitive in a highly unpredictable market of today, companies must be able to manage project risks effectively. The basis for an effective risk management is a thorough risk analysis. Despite the availability of many different risk analysis approaches, companies can be reluctant to use them, since the models are usually complex and very time consuming.Objectives: The main objective is to present a simple, yet effective risk analysis approach that can also serve as a useful basis for resolving project risks.Methods/Approach: The proposed standard risk analysis approach is based on a standard risk model that deals with risk events and impacts separately and therefore allows for a separate planning of preventive and corrective measures. To classify risks and to represent them graphically, a risk map is used.Results: The use of the proposed approach is illustrated on a die-cast tool development project. The approach proved to be very simple to use and it served as a useful basis for resolving the identified risks.Conclusions: The main advantage of the proposed approach is its simplicity and clarity. It can also be used as a quick decision-making tool in a subsequent risk resolving process.

Standard Project Risk Analysis Approach

Business Systems Research Journal

This work is licensed under the Creative Commons Attribution 4.0 International License.

{"article-title":"Standard Project Risk Analysis Approach"}

Background: To stay competitive in a highly unpredictable market of today, companies must be able to manage project risks effectively. The basis for an...

Standard Project Risk Analysis Approach

Published Online: Oct 29, 2020

Page range: 149 - 158

Received: Nov 22, 2019

Accepted: Apr 19, 2020

DOI: https://doi.org/10.2478/bsrj-2020-0021

Keywords
risk management, risk analysis, standard risk model, risk map

© 2020 Tena Žužek et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Standard Project Risk Analysis Approach

Published Online: Oct 29, 2020

Page range: 149 - 158

Received: Nov 22, 2019

Accepted: Apr 19, 2020

DOI: https://doi.org/10.2478/bsrj-2020-0021

Keywordsrisk management, risk analysis, standard risk model, risk map

© 2020 Tena Žužek et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
risk management, risk analysis, standard risk model, risk map