Intelligent risk mapping and assessment system

Abstract

Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. In this paper describes a risk management approach designed to support the Risk Management Methodology and adapted to design software to be used in concurrent product/process design and development. A conceptual framework for integrating corporate, product and process knowledge that establishes context of projects is described and systematic approach used to identify, assess and mitigate risk at the early stages of project life cycle, thus preventing project failures are covered. © 2014 SERSC.