Part of the book: Supply Chain Management
Large, complex and challenging engineering projects require extensive understanding and management of risk. How these risks are identified at the infancy of a project and subsequently mitigated throughout the project lifecycle is critical to successful delivery. Many projects begin with a comprehensive attempt to identify risks but lack the tools to manage and measure risk mitigation as the project progresses through the lifecycle causing the project to spiral out of control. This chapter outlines details of a risk model that uses a system within a system approach of identifying and segmenting risks. The model can then be analysed quantitatively and generate a visual lifecycle risk profile that allows the project team to monitor risks continuously in the project lifecycle. Furthermore, the use of a baseline or ideal project is proposed that is used as a measure of likely success against new projects.
Part of the book: Perspectives on Risk, Assessment and Management Paradigms