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Experiences and Lessons Learned in Project Risk Management
LOG/AN INC LOS ANGELES CA
The paper describes a state-of-the-art computer-based project risk analysis technique which has been in widespread use since 1970. The technique has been used to assist in management of project risk on over a hundred projects worldwide, with a total value of over projects worldwide, with a total value of over 55 billion. PROMAP V resembles conventional deterministic project management tools only in that it uses the conventional critical path network as the framework for a project risk model. The model is then analyzed to determine the interrelated schedule and cost risks resulting from time, cost, and technical performance uncertainties. At the same time, the model serves in the usual way the routine functions of project estimating, planning, scheduling, resourcing, costing, and control.
This article is from 'Management of Risk and Uncertainty in Systems Acquisition: Proceedings of the 1983 Defense Risk and Uncertainty Workshop Held at Fort Belvoir, Virginia on 13-15 July 1983,' ADA136230, p205-212.
Approved for public release; distribution is unlimited.