Abstract
Project risk can be defined as a deviation from the project objectives, in terms of time, cost and functionality. In order to increase the probability of project success, managing this deviation, i.e. considering risk in projects, should be the project manager’s major concern. Risk indicates the probability that something can happen endangering the project outcome. Since the probability and the impact of the different threats may vary over the project lifecycle, project risk management should be a never-ending effort which implies a continuous process.
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Notes
- 1.
The law of large numbers describes the result of performing the same experiment many times. According to this law, the average of the results obtained from a large number of trials should be close to the expected value, and will tend to become closer as more trials are performed (Wikipedia).
- 2.
A Functional Size Unit (FSU) is a standard unit of software size for measuring the functionality of software. Numerous software sizing methods have been proposed in the past, such as the number of source lines of program code and various measures derived from the technical characteristics of the software. However, these methods have limitations being superseded by the concept of Functional Size, which focuses the measure of size in terms of the functions required by the user. In short, an FSU is to software acquisition and development what a square foot is to the building construction industry.
- 3.
“The Delphi method was developed after WWII by Olaf Helmer and Norman Dalkey of the RAND Corporation. It is essentially an iterative communication system that works with groups of experts, spatially located, in order to get their independent input about certain issues and responding to a coordinator. A questionnaire is prepared about some specific subject and then sent by mail or email to this panel of experts whose members are not known to each other. The experts are allotted some time to answer the questions posed, make their evaluations and comments and send them back to the coordinator. Once the responses of one round are received they are analyzed, aggregated, and then returned to the experts. The experts work with this information and refine their estimates” (Munier 2004).
- 4.
Requirements analysis is the process of determining user expectations or needs for a new or altered (modified) product, and translating them into quantifiable and detailed features, also called requirements or functional specifications. The aim is to ensure that the final product conforms to client needs.
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Fernández-Diego, M. (2013). Project Risk Management. In: Project Management for Environmental, Construction and Manufacturing Engineers. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-4476-9_6
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