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Scoring Method

In: Risk-Based Project Decisions in Situations of High Complexity and Deep Uncertainty

Author

Listed:
  • Yuri G. Raydugin

    (Risk Services & Solutions Inc.)

Abstract

This chapter overviews well-known basics of the traditional PRM and underlying concepts. Three components of the traditional PRM system—framework, process and tools—are looked through. Risk assessments are based on scoring method. Special attention is paid to various realizations of bias in project environment when looking at them from statistical and psychological angles. Systematic and random errors describing statistical aspects of bias are told apart which allows pin down inadequate PRM methodologies featured by high systematic errors. This chapter is justified by applicability of reviewed concepts to other PRM methodologies introduced in this book. This also promotes a general approach that any advanced PRM methodologies do not disavow previous less sophisticated ones using them for getting valuable inputs. A simplistic business case concludes the chapter. It includes six typical project execution risks collected in a risk register template and assessed using a proposed scoring risk assessment matrix (RAM). This basic information is consumed as inputs to other PRM methodologies in business cases of other chapters.

Suggested Citation

  • Yuri G. Raydugin, 2024. "Scoring Method," Springer Books, in: Risk-Based Project Decisions in Situations of High Complexity and Deep Uncertainty, chapter 0, pages 65-113, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-56988-3_3
    DOI: 10.1007/978-3-031-56988-3_3
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