Towards an integrated controlling tool based on a time-varying project risk management concept

This article focuses on risk decreasing and disappearing with time, based on value-based risk monitoring. In a project, in order to maintain a value-based risk management process, a continuous valuation method is necessary which is able to capture the value of the project deliverable (e.g., building) in its current state. The objective of this paper is twofold. On the one hand a continuous, integrated monitoring and reassessment tool for risk management processes is briefly introduced. This extension of the original concepts defines the project goal by the owner's minimum requirements to be achieved, then objectively identifies risk factors with measurable financial variables. On the other hand, based on this framework of an automatized risk management process that delivers a more effective practical tool to reduce project risks, we seek future directions for research to develop and integrate risk management. This time the emphasis is more on the future possibilities than the promotion of the new concept.