Abstract
The purpose of risk management is to support informed decision making, considering that current practices do not align with what we know to be human mental approaches posing a significant problem for risk managers. One part of a solution is to state risks in terms of their effect upon program objectives as suggested by the ISO 31000 risk definition. Another approach is to communicate the combined effect of risks in terms of a decision maker's perception of risk. The Entropy Decision Risk Model Utility (EDRM-U) developed and validated a method for quantifying risk perception in terms of risk aversion and risk sensitivity, while combining the effects of multiple uncertain choices on a single risk perception plot. By considering each risk and mitigation as a choice, their combined effect can be understood in terms of decision difficulty for a person's perception of risk. The goal of this research is to improve project/program performance through better understanding of the effect of uncertainty focusing on the critical impact that risk perception plays on this process. This research is seen as providing value to both researchers and practitioners interested in this area of study and practice.