Risk Analysis Application to Project Management

Oak Ridge National Laboratory staff are performing risk assessments for the Department of Energy Office of Nuclear Materials Integration for use in project management. The goal was to provide tools to help manage Department of Energy projects that require cross-functional teams to implement a project with a variety of drivers or constraints. The methodology is flexible and can be adapted for the level of rigor needed for the project. This paper focuses on risk assessments and risk mitigation planning for projects in their early stage of development when only preliminary project information is likely to be available. The methodology has been successfully used during the planning phases of projects to guide selection of tasks to be performed to reduce risk, lower costs, and improve chances of success.