Quantitative Methods for Project Risk Management: A Literature Review

Abstract

In a globalized world, organizations are constantly exposed to uncertainties. Therefore, risk management is important. To conduct the risk analysis in projects, six management processes are defined, according to the project management guide of the Project Management Institute, and the focus of this work is the study of the quantitative evaluation process. Through a literature review, we aimed to understand the techniques of quantitative analysis of the risks in projects. It was noted that every application requires major investment, whether it be for computational purposes, or for financial or human knowledge, making the use of this management process in smaller projects almost unfeasible. In the 33 articles analyzed, 8 quantitative methods for risk analysis in project management were collected. The results of this research can be used both by researchers, for future research, and by market professionals, to analyze the tool that best suits their needs.

Keywords

• Project management
• Risk analysis
• Quantitative analysis
• Quantitative methods