Business

Beyond probability-impact matrices in project risk management: A quantitative methodology for risk prioritisation

F. Acebes, J. M. González-varona, et al.

Discover a groundbreaking approach to project risk prioritization developed by F. Acebes, J. M. González-Varona, A. López-Paredes, and J. Pajares. This innovative research utilizes Monte Carlo Simulation to provide a quantitative assessment of risks, enabling project managers to effectively allocate resources and focus on critical risks impacting duration and cost.

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Abstract

Project risk prioritization is crucial for effective resource allocation. While probability-impact matrices are commonly used, they suffer from limitations. This paper proposes a novel approach using Monte Carlo Simulation (MCS) with MCSimulRisk software to quantitatively prioritize risks. The simulation models risk probability and impact on cost and duration, providing a quantitative assessment of each risk's effect on project objectives. This allows for differentiation of critical risks based on their impact on project duration and cost.

Publisher

HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS

Published On

May 24, 2024

Authors

F. Acebes, J. M. González-Varona, A. López-Paredes, J. Pajares

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