MSc Project Management: Risk Management in Projects - CEN4017 Report

This report delves into the critical aspects of risk management within projects, addressing various methodologies for optimal decision-making under uncertainty. It begins by exploring different decision criteria, including maximin, maximax, regret, Hurwicz, and Laplace criteria, using payoff matrices to evaluate strategic choices. The report then incorporates probabilistic scenarios using Expected Monetary Value (EMV) and decision trees to refine decision-making processes. Furthermore, the report applies linear programming, using both graphical and solver methods, to optimize resource allocation and maximize profits. The analysis extends to project scheduling and control, employing PERT analysis to determine expected project duration, critical paths, and standard deviations, incorporating factors such as weather conditions, soil types, and equipment failures. The report uses various tools to analyze the project including Gantt charts and network diagrams. The assignment adheres to specific formatting requirements, including font styles, spacing, and referencing, demonstrating a comprehensive understanding of project management principles and quantitative risk analysis.