Quantifying Risk Mitigation Strategies for Manufacturing and Service Delivery

Organisations need to develop attitudes and practices to manage risks, which surround any project. Project failure comes from inadequate implementation of risk management. Thus, risk management processes must be accurate, feasible and explain what should be included and not, clarify tasks and responsibilities and the way it should be accomplished. The purpose of this paper is to develop a standard process to compare different risk mitigation strategies and guide users in selecting the suitable actions based on consistent criterion. Based on validation and verification with a UK defence organisation, the paper offers an insight in to quantifying risk mitigation strategies.Video abstract To view the video inline, enable JavaScript on your browser. However, you can download and view the video by clicking on the icon belowHelp with MP4 filesOptionsDownload video (1969 K)