THE BASIC FRAMEWORK OF PROJECT RISK MANAGEMENT

 Gheorghe Popescu, Sorin Gherghinescu, Eusebiu Ionete

National Institute of R&D for Cryogenics and Isotopes Technologies - ICIT Rm. Valcea, Code 240050, Uzinei Street no.4, CP7 Raureni, Valcea, Romania phone: 0040 250 736979, fax:0040 250 732746, e-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

ABSTRACT

The basis for project risk management is the four-step process and nine tasks illustrated on this paper. The starting point for risk management shall be the formulation of the risk management policy at the beginning of the project in order to meet the customer requirements and to cover all project domain such as management, engineering, performance, schedule and cost, taking into account the project resources such as margins in schedule, cost, performance and power. The risk management policy also define requirements for risk management and establish scoring and risk ranking criteria in order to decide and act for the treatment of individual and global risks.

Keywords: risk, consequences, probability, threshold, risk management, risk assessment, failure scenarios