Comparative Review on the Tools and Techniques for Assessment and Selection of the Project Risk Response Actions (RRA)

Abstract

Project risk management is the process of risk identification, analysis, and response. Risk response includes assessment and selection of the efficient Risk Response Actions (RRA) in order to reduce/enhance the likelihood of the occurrence of threats/opportunities and/or the magnitude of threats/opportunities impact. There is wide agreement that development of RRA plans is an important phase of project risk management, while there are few widely accepted processes, models or tools to support the proper selection of RRAs. The present paper reviews and compares the efforts, which have been made to assess and select RRAs and address the mentioned deficiency found in the published literature. The investigations provide an insight into the need to provide the risk analysts with effective tools and techniques for assessing and selecting RRAs in the area of project risk management.