Proceedings of the International Conference on Business, Management and Finance
Year: 2019
DOI: https://www.doi.org/10.33422/icbmf.2019.03.59
Proposed Red Plan to Secure Project in PRINCE2 Methodology at Premature Closing Decision Situation
Umar Ali, Cenk Calis
ABSTRACT:
In this paper, the optimal decision model is developed to secure project. The model is described using Red Plan (RP) in PRINCE2 (“Projects IN Controlled Environments”) approach.RP provides the significantly vivid estimation of loss comparison and helps to choose best way in Premature Closing Decision Situation (PCDS) time. However, the strategy of optimal decision to secure project has been proven by using RP which reduce the loss probability even in high threat open risk availability. The suggested model helps decision makers to assess optimal way before premature closing of the project.
Keywords: Loss comparison, PRINCE2, planning, risk, secure project.