Project Management: Achieving Competitive Advantage, Fifth Edition

Project Risk Management: An Integrated Approach

1. LO 7.3 Explain the Project Risk Analysis and Management (PRAM) process.

The European Association for Project Management has developed an integrated program of risk management based on efforts to extend risk management across a project’s entire life cycle. This program, known as Project Risk Analysis and Management (PRAM), presents a generic methodology that can be applied to multiple project environments and encompasses the key components of project risk management.14 The ultimate benefit of models such as PRAM is that they present a systematic alternative to ad hoc approaches to risk assessment, and hence can help organizations that may not have a clearly developed, comprehensive process for ...