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Improving Objectivity in Project Risk Management

Improving Objectivity in Project Risk Management
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Author(s): Kailan Shang (Swin Solutions Inc., Canada)
Copyright: 2017
Pages: 18
Source title: Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management
Source Author(s)/Editor(s): Yuri Raydugin (Risk Services & Solutions Inc., Canada)
DOI: 10.4018/978-1-5225-1790-0.ch012

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Abstract

Project risk management requires subject matter expertise to identify and assess relevant and sometimes unique risks. Insufficient experience data and fast evolvement of emerging risks in the field of project risk management make qualitative analysis more prevalent in project risk assessment. Therefore, expert knowledge and experience play a critical role in project risk management. On the other hand, the resulting subjectivity often leads to inconsistent risk assessment. Undesired consequences include cost underestimation, risk underestimation and resource misallocation. This chapter discusses the causes and adverse impact of subjectivity in project risk management and methods to improve objectivity. It covers common human biases in project risk management and introduces measures to improve objectivity in project risk management using expert diversification, risk culture, process mining, fuzzy logic models, and back testing.

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