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Conclusion

Current common practice project ‘risk’ management process descriptions usually employ a process initiation equivalent to the focus phase which is comparatively limited. A central limitation of common practice is often the use of a ‘linear’ process – a process that is not iterative by design. Routine updates are usually recommended, but an effective means of dealing with ambiguity via an efficient multi-pass process is not part of the recommended process.

Current common practice project ‘risk’ management processes typically restrict the search for ‘risks’ to uncertain events, sometimes limited to threat or downside risk events. Terminology generally inhibits effective opportunity management, even if opportunity management is officially part of the agenda. Most emphasize a need to identify ‘risks’ early in each process application, leaving response identification until later, as part of a ‘risk reduction’ task. Possibly taking more risk to achieve opportunity is not usually on the agenda. Most use a point estimate of ‘base’ cost, duration and other performance measures, defining associated variability in terms of ‘risks’. Most treat independence between ‘risks’ as a default assumption, with ....


  

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