Despite the development of numerous techniques designed to estimate and manage project risk a high percentage of all projects end in failure. By reviewing pertinent literature this paper will attempt to catalogue recurrent causes of project failure and identify and evaluate the commonly used techniques for assessing project risk. It will then argue that complex projects are best tackled using a systems approach. Finally, the potential for using the Formal System Model (FSM) (Fortune and Peters, 1995) as a framework for predicting project risk will be examined.
KeywordsLiner Exter Milton
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