Functional block diagram illustrating methodology for time-value assessment of risk, in a global project environment. 

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Current approaches to "risk assessment" span a variety of disciplines: signal processing; macroeconomic theory and practice; systems engineering of small and large-scale engineering projects; time-series models; financial models; and projects requiring stochastic-driven decision-making.  A general approach to such problems has been articulated as being a combination of: (1) time-series analysis based on historical precedence, and (2) heuristic parameter-driven modeling [6].