Risk Analysis Methods in Project Management. Critical Analysis

Project based management has become a current concern for main economy actors under the circumstances of a rapidly changing society, projects representing pillars of stability for organizations in a competitive system (Mowshowitz, 2000). If some organizations use project management occasionally, other rise it at managerial level, the companies' performances depending on the degree to which these projects achieve their objectives. Project activities are accompanied by risks and uncertainty because they involve obtaining further results. Under these circumstances it is important to identify evaluate and control risks during the implementation of a project, therefore risk management becoming an essential issue in planning and implementing projects. The present paper aims to illustrate a structured approach for selecting a suitable risk analysis method. To this end, the authors identified techniques and methods used for identifying and analyzing risk, comparing them through an evaluation criteria established by the authors. The results of this study highlight the importance of project requirements that reflect the specificity of project, characterized by regulations, stakeholders, their requirements in various stages of project life cycle and also, the importance of general requirements imposed by methods, such as qualification of personnel performing the analysis, afferent cost and time, objectivity and accuracy of analysis.