Abstract
Large, complex, innovative development projects, such as many in the aeronautical industry, occur under conditions of consequential uncertainty, i.e. risk. Risk is manifest with respect to project cost, schedule, and technical performance. These risks need to be managed in relation to each other as well as to the project schedule, budget, and technical requirements. This chapter presents an integrated model to plan and monitor project value in terms of all of these areas. The model complements conventional approaches such as earned value management, which does not directly account for technical performance or any kind of risk. The model allows a user to quantify a project's overall value, the portion of that value at risk, and the respective contributions of cost, schedule, and technical performance to that value and risk.
Published Version
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