Project Management Risk

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Copyright: 2018
Pages: 23
Source title: Novel Six Sigma Approaches to Risk Assessment and Management
Source Author(s)/Editor(s): Vojo Bubevski (Independent Researcher, UK)
DOI: 10.4018/978-1-5225-2703-9.ch006

Keywords: Business & Management / Business Science Reference / Management Science / Risk Management & Analysis

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Abstract

Presented method is applied to Project Management by using PERT-CPM critical paths to manage project risk. DMAIC framework applies stochastic techniques. Stochastic optimisation determines the critical paths. Every critical path is simulated and associated risks are calculated. Six Sigma process metrics are calculated against specified targets. Simulation results are analysed and sensitivity analysis is used to identify and quantify the main contributors to the variability of the project duration time. The critical paths are ranked and prioritised for management's attention based on their associated risk factors. The project was not implemented, so there no data for analysis. However, assuming that the project was implemented, a generic Project Control phase is applied.

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