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Prime Value Method to Prioritize Risk Handling Strategies.

DE2007920378

Publication Date	2007
Personal Author	Noller, D. K.; Venkatesh, S.
Page Count	13
Abstract	Funding for implementing risk handling strategies typically is allocated according to either the risk-averse approach (the worst risk first) or the cost-effective approach (the greatest risk reduction per implementation dollar first). This paper introduces a prime value approach in which risk handling strategies are prioritized according to how nearly they meet the goals of the organization that disburses funds for risk handling. The prime value approach factors in the importance of the project in which the risk has been identified, elements of both risk-averse and cost-effective approaches, and the time period in which the risk could happen. This paper also presents a prioritizer spreadsheet, which employs weighted criteria to calculate a relative rank for the handling strategy of each risk evaluated.
Keywords	Funding Risk handling Strategies Spreadsheets Weighted criteria Calculations Implementations Prioritization Organizational goals Prime value method
Source Agency	Technical Information Center Oak Ridge Tennessee
Corporate Authors	Department of Energy, Aiken, SC. Savannah River Site.; Department of Energy, Washington, DC.
Supplemental Notes	Sponsored by Department of Energy, Washington, DC.
Document Type	Technical Report
NTIS Issue Number	200810

Prime Value Method to Prioritize Risk Handling Strategies.

Prime Value Method to Prioritize Risk Handling Strategies.
DE2007920378

Publication Date	2007
Personal Author	Noller, D. K.; Venkatesh, S.
Page Count	13
Abstract	Funding for implementing risk handling strategies typically is allocated according to either the risk-averse approach (the worst risk first) or the cost-effective approach (the greatest risk reduction per implementation dollar first). This paper introduces a prime value approach in which risk handling strategies are prioritized according to how nearly they meet the goals of the organization that disburses funds for risk handling. The prime value approach factors in the importance of the project in which the risk has been identified, elements of both risk-averse and cost-effective approaches, and the time period in which the risk could happen. This paper also presents a prioritizer spreadsheet, which employs weighted criteria to calculate a relative rank for the handling strategy of each risk evaluated.
Keywords	Funding Risk handling Strategies Spreadsheets Weighted criteria Calculations Implementations Prioritization Organizational goals Prime value method
Source Agency	Technical Information Center Oak Ridge Tennessee
Corporate Authors	Department of Energy, Aiken, SC. Savannah River Site.; Department of Energy, Washington, DC.
Supplemental Notes	Sponsored by Department of Energy, Washington, DC.
Document Type	Technical Report
NTIS Issue Number	200810