What is the PRAM methodology and what are its salient features?
What will be an ideal response?
The PRAM (Project Risk Analysis and Management) program is a creation of the European Association for Project Management. PRAM is an integrated program of risk management, based on efforts to extend risk management to cover a project's entire life cycle. The PRAM model offers a systematic approach to creating a comprehensive and logically sequenced method for analyzing and addressing project risk. The key features of the PRAM methodology are:
— recognition that risk management follows its own life cycle and must be integrated throughout the project's entire life cycle,
— application of different risk management strategies at various points in the life cycle,
— integration of multiple approaches to risk management into a coherent, synthesized approach.
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