Risk Analysis and Management for Projects (RAMP): A strategic framework for managing project risk and its financial implications
English
By (author): Institute and Faculty of Actuaries Institute of Civil Engineers
Risk and uncertainty surround every human activity and influence everything we do.
RAMP (Risk Analysis and Management for Projects) is a well-established framework for analysing and managing the risks involved in projects, whether large or small. With an emphasis on the strategic and financial aspects, this practical working guide will assist planners, engineers, accountants, actuaries, lawyers, project managers, public administrators and anyone else who is involved with a projects success.
Businesses increasingly need to manage their projects in a turbulent environment, where change is often unexpected and continuous. RAMP's systematic approach helps to ensure that risks are effectively identified, analysed and controlled, and that newly emerging risks can be spotted while there is still time to do something about them.
The benefits of applying RAMP include:
- avoidance of wasted work, because of the iterative nature of the process
- consideration of opportunities as well as threats
- improvement of the credibility of the business case for the project
- consistency with approaches to Enterprise Risk Management (ERM) in the project sponsor's organisation
- greater confidence for those who decide on whether projects should proceed
- recording and communication of lessons learned.
This new and much improved edition of the RAMP Guide:
- sets out practical ways of managing uncertainty and risk
- includes new step-by-step guidance for practitioners
- provides a simple method for determining whether possible responses to risks would be cost-effective
- shows how to summarise a project's risks for decision-makers
- discusses how to tackle social and environmental risks in infrastructure projects/li>
- works as a check-list to ensure that important steps are not overlooked.
RAMP aims to achieve better financial returns for sponsors, investors and lenders, and improve the consequences of projects for the wider community.
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