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Abstract

The proposed synthesis approach to risk identification of project tasks should encourage the project managers to embrace risk analysis, and also overcome the limitations of the existing identification approaches to risk analysis. More specifically, risk synthesis will help the project manager to: (1) request in-depth analysis of the most critical tasks, depending on the availability of resources; (2) make an informed decision when to omit in-depth analysis (for want of time and money) but alert the risk management personnel to implement risk reduction measures; (3) alert the project participants--designers, onsite supervisors, etc.--about potential tasks of concern, and demand special attention to such tasks, and-, (4) develop a risk reduction program across multiple projects.

There exists no systematic approach to aid in the process of identifying critical project elements for risk analysis. Synthesis is therefore a missing step in risk analysis for project management.
To overcome this deficiency, a systematic approach to the identification, evaluation, and prioritization of critical elements for risk analysis of environmental remediation project is proposed and developed. The proposed synthesis approach identifies, evaluates and prioritizes the numerous project tasks, or activities, for a given set of component risks. These component risks are the most critical ones as identified by the analyst and/or project participants for the project under consideration. For example, ER and PWI project management is characterized by the risks of cost overrun, schedule delays, worker safety risk, and failure to achieve technical performance standards.