Risk Management Research And Application In Swift-BACnet Project

Risk management is an important part of project management knowledge system which consists of nine different knowledge areas. Any potential risk of project will impact the result. The projects cannot finish in scope, such as out of the schedule, cost over budget, or product performance cannot match requirement. The root cause of these problems mainly due to not using the scientific method to identify, assess the project’s potential risks.This thesis is base on the risks which meeting in development of new generation BACnet smart meter project, and using quantitative analysis of evaluation methods to study the knowledge of risk management. Due to there are lots of risks in this project about technology and time, this thesis uses different risk identification and assessment skills in the project life cycle. It includes:For the urgent schedule, using PERT (Program Evaluation and Review Technique) to assess the project time risk, and using Gantt chart to monitor and manage the project schedule; For the problem of not familiar with BACnet protocol, using AHP (Analytic Hierarchy Process) to quantize the risk for different solutions of BACnet stack choice, and choosing low risk solution. This can reduce the subjectivity in the decision-making process; At the same time, because the risk is in all stage of whole project, and the priority of each risk is different. We use the Probability and Impact Matrix Method to identify, assess, and deal with all risks according to the priority of the each risk. Because of using project risk management knowledge to quantify and assess the project risk, this project finished on time finally.At the same time, the thesis evaluates the result of research and application of risk management in project. Comparing with the similar project in some key performance factors, such as the cost, schedule and quality, we can find out the importance of risk management in project process.