Ontology Driven Feedforward Risk Management

Organizations are increasingly relying on projects to support their activities. With this increase, the management of these projects is becoming critical. New methods, tools and frameworks appear in order to improve the success rate of these projects. However, being complex endeavours, projects face numerous challenges that have to be addressed with proper risk management. Various risk management frameworks have been developed in order to support project managers in their task of identifying and controlling risk. Although these frameworks are effective in reducing the impact of risk, they are slow to implement. In order to more productively address these risks, we have developed an ontology to support feedforward risk management. This ontology can be implemented in project management software to provide project managers with a multi-level approach of the risks associated with their projects. The scope and breadth of the risks identified by the software will be closely related to the project data collected in the system, reducing the need for a lengthy setup. Moreover, using data collected by the project management software, the system will be able to proactively raise management awareness towards potential upcoming issues.