In this better, faster, and cheaper era, project managers face many
challenges in their attempts to perform effective project
management. Too many projects suffer because the cost, schedule and
performance goals are unachievable. Unrealistic cost, schedule, and
performance estimates and a failure to quantify and communicate the
uncertainty of these estimates to managers and stakeholders often
results in project failure. A systematic risk identification
approach using expert judgment coupled with a risk quantification
method has utility in project planning and control. Cost, schedule,
and performance are regarded as the "magical" combination that is
continuously reviewed by project managers. These three factors form
the basis for project control. Therefore, to achieve project
success, each of these factors must be understood and properly
estimated. A risk assessment model was develop using fuzzy
membership sets. The model identified and quantified project risks
associated with all three of the project parameters considering
risk likelihood and the resulting potential consequences on project
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