Information Technology for Determining Risk Levels and Their Priorities in Project Management

An important and relevant issue in project management is risk management. One of the most prevalent project risk management tools is the Risk Matrix method, which categorizes risks into three levels: high, medium, and low. This categorization is based on two criteria: the consequence of the risk on the project and the likelihood of its occurrence. However, this methodology occasionally presents challenges in accurately categorizing specific risks. Thus, a new problem revolving around the development of a method that would allow the project manager to accurately classify risks according to different levels of importance without being limited to only two criteria arises under such conditions. The research proposes and justifies a new method for project risk analysis. The new method is a combination of a modified Risk Matrix method, which provides the ability to assess risks with high accuracy on a broader scale and with a greater number of criteria than the traditional Risk Matrix method, and the Analytic Hierarchy Process (AHP) method, which determines the priorities and ranks of risks to prevent and mitigate those with the highest priorities first. To implement this method, a Project Risk Management Model (PRMM) has been created. In addition, the authors have developed an algorithm that implements this method. Finally, a new web resource has been developed. This web resource enables the automation of the online risk classification process, determines the priority of risks and their ranks, and also provides the user with recommendations for actions to prevent and eliminate the highest priority risks in the form of a risk register. This resource is based on modern programming languages and technologies. The acquired experimental results confirm the feasibility of applying the developed information technology to solve risk management tasks in projects.