A Risk Management Methodology for Project Risk Dependencies

Project risks are not always independent, yet current risk management practices do not clearly manage dependencies between risks. If dependencies can be explicitly identified and analyzed, project managers will be able to develop better risk management strategies and make more effective risk plannin...

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Bibliographic Details
Published in:IEEE transactions on software engineering 2011-09, Vol.37 (5), p.635-648
Main Authors: Tak Wah Kwan, Leung, H. K. N.
Format: Article
Language:English
Subjects:
Analysis
Analytical models
Case studies
Decisions
Delta modulation
Digital Object Identifier
Fault trees
Information technology
Lead
Management
Measurement
Methodology
metrics
Monitoring
Probability
Project management
Project risk management
Risk
Risk assessment
risk dependencies
Risk management
Software engineering
Strategy
Studies
SWOT analysis
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Summary:Project risks are not always independent, yet current risk management practices do not clearly manage dependencies between risks. If dependencies can be explicitly identified and analyzed, project managers will be able to develop better risk management strategies and make more effective risk planning decisions. This paper proposes a management methodology to address risk dependency issues. Through the study of three IT projects, we confirm that risk dependencies do exist in projects and can be identified and systematically managed. We also observed that, as project teams needed to deal with risk dependency issues, communications between projects were improved, and there were synergetic effects in managing risks and risk dependencies among projects.
ISSN:0098-5589
1939-3520
DOI:10.1109/TSE.2010.108