Prepare Organizations to Accept Risks: A Feasible Risk Management Model

Projects are well-known context of uncertainty and project managers have to deal with it in the face of other issues as productivity, efficiency, limited financial and human resource, time schedule etc. Previous studies and practices have proposed risk management models that include identification and assessment of risks and measures to control them, but in several cases the complexity of the model and the amount of data to feed it make its actual implementation difficult. The aim of the study here presented is to provide a feasible framework that can support risk acceptance on the basis of the identification and assessment of risks in an actual project management context. Accepting a risk can be counted as a strength of seizing new opportunities from uncertainty. The model, which the framework produces, can be designed and optimized step-by-step. Initially, the model is designed with a five-step DRIVE procedure, then it is reviewed and optimized by a DMAIK procedure. The proposed framework supports the building of a flexible and a practical model, which is efficient and effective for risk management in projects and can create new opportunities for a company by accepting the risk.