Project Risk Assessment is an integral part of Project Risk Management which primarily comprises of cost and schedule uncertainties and risks. These risks can be assessed or measured in terms of likelihood, impact and consequences. Depending upon the severity of each of the risks obtained after the assessment, specific risk mitigation measures have been proposed. The decision making authorities of the project should take appropriate decision pertaining to the adoption of the mitigation measures for reducing the likelihood of occurrence of the identified risks involved in the project. In this paper Case Study of Metro Corridor MC 1B (Delhi Metro Rail) has been considered for development and formulation of the Project Risk Assessor Model (PRAM). This PRAM will be effective for ongoing projects of Delhi, Kolkata and Bangalore metro rail, and future anticipated projects of Mumbai, Chennai and Ahmedabad metro rail.
- NBM&CW May 2010