Risk Management Strategies in Project Management: A Management Science Approach

Abstract

Risk management is a critical aspect of project management, aiming to identify, assess, and mitigate potential threats to project success. This paper examines the application of management science principles in developing effective risk management strategies for projects. Drawing upon established methodologies and theoretical frameworks, this study investigates the role of quantitative analysis, decision theory, and optimization techniques in enhancing risk management practices. Through a comprehensive review of literature and case studies, this paper offers insights into the integration of management science tools in project risk management, highlighting their benefits, challenges, and best practices. The findings contribute to advancing the understanding of how management science can inform and improve risk management strategies in project environments.