RISK ANALYSIS AND APPLICATION OF MULTICRITERIA DECISION METHODS IN THE PROJECT MANAGEMENT PROCESS

Abstract

Summarizing global trends in project management, risk assessment is gaining to be more important. Risk management leads to better decision-making, based on quality and up-to-date information, which creates the preconditions for the achievement of the set project goals. Modern business recognizes, among other things, an increase in the standardization and use of web technologies, outsourcing in project management, an increase in the number of non-standard projects, an emphasis on risk management and communication. To achieve this, it is necessary to have human resources that have the appropriate knowledge, abilities, and skills to manage different types of risks, but primarily to understand and recognize the need for them, since the risk management process itself has certain costs and time requirements. The subject of this paper is an analysis of procedures and measures in risk assessment and management, as well as new tools for quality assurance in project management processes. Through this paper, we have sought to demonstrate that while it is not possible to eliminate all business risks because risks are a business factor, the emphasis should be on the risk management in terms of risk response, mitigation of potential adverse impacts, or ensuring readiness for the risks that cannot be easy to control.