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Scenario Planning and Risk Failure Mode Effect and Analysis (RFMEA) based Management
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 Title & Authors
Scenario Planning and Risk Failure Mode Effect and Analysis (RFMEA) based Management
Paul, Virendra Kumar; Basu, Chaitali;
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 Abstract
This paper elaborates the significance of scenario planning in risk management, and presents an integrated approach which takes into account the `Risk Events` derived from scenario planning for risk prioritisation. This research integrates scenario planning with Risk Failure Mode and Effect Analysis (RFMEA) through examples from construction litigations of project schedule and cost overrun cases as a simplified approach to project risk management. The proposed methodology incorporates scenarios developed from realistic events of dispute and arbitration cases from construction projects, and thereby increasing potential to foresee risks and their effects well in advance. The results from this methodology shall be validated against outcome of survey study conducted by KPMG-PMI (2013) on project schedule and cost overruns that was based on Ministry of Statistics and Programme Implementation (MoSPI) Project Monitoring data for 2012-13.
 Keywords
Scenario Planning;RFMEA;Risk Management;Detection Value;Risk Events;
 Language
English
 Cited by
 References
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List of Dispute and Arbitration Cases from http://indiankanoon.org/[Accesed on 15th Dec 2014] 1. http://indiankanoon.org/doc/158014472/ 2. http://indiankanoon.org/doc/173600971/ 3. http://indiankanoon.org/doc/142262332/ 4. http://indiankanoon.org/doc/177830522/ 5. http://indiankanoon.org/doc/139938493/ 6. http://indiankanoon.org/doc/161758924/ 7. http://indiankanoon.org/doc/145890018/ 8. http://indiankanoon.org/doc/9741462/ 9. http://indiankanoon.org/doc/194276058/