Reference : Measure and Failure Cost Analysis: Selecting Risk Treatment Strategies
Scientific congresses, symposiums and conference proceedings : Paper published in a book
Engineering, computing & technology : Mechanical engineering
Engineering, computing & technology : Multidisciplinary, general & others
Measure and Failure Cost Analysis: Selecting Risk Treatment Strategies
Gericke, Kilian mailto [Technische Universität Berlin, Germany]
Klimentew, Lars [Technische Universität Berlin, Germany]
Blessing, Lucienne mailto [University of Luxembourg > Faculty of Science, Technology and Communication (FSTC) > Engineering Research Unit >]
Proceedings of the 17th International Conference on Engineering Design
Design Society
International Conference on Engineering Design 2009, ICED'09
from 24-08-2009 to 27-08-2009
[en] Project Risk Management ; Risk Treatment ; Strategy
[en] Project Risk Management is used to prevent projects to fail. Despite its proven use, barriers still exist that hinder implementation and use by inexperienced persons. One barrier is the additional effort required by the process of Project Risk Management itself. An additional barrier is the lack of systematic support of important steps like the selection of an appropriate risk treatment strategy. The decision which strategy to select is a challenging task due to the uncertain character of the addressed issue. The trade-off of the perceived additional efforts caused by a method must be addressed by an enhancement of the cost-benefit ratio of the applied methods and implemented risk treatment measures. Decision making using the proposed Measure and Failure Cost Analysis (MFCA) method enables the Risk Manager to compare the arising costs of different risk treatment strategies caused by an occurring risk and risk treatment measures. It is based on a de-escalation principle which analyzes the course of the impact of an event. The method compares the reaction rate of different strategies and proposes the favorite one.
Proceedings of the International Conference on Enginerring Design ICED09

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