Cognition and Cognitive Dynamic Systems Concepts and Applications in Project Risk Management

Cognition is the brain’s ability to perform high-level functions including understanding and information processing. In general, cognition is considered analytical rather than emotional. Cognitive models are mathematical representations of issues that are not necessarily mathematical. On the other hand, risk analysis and management is a process of defining factors or parameters that are mildly to severely dangerous for a given system involving businesses or individuals. Recently, research and investigations have explored the potential of utilizing cognitive models in risk management and analysis in order to better clarify risk factors in a system and control risk resources. In this paper, fundamentals of risk management and cognitive dynamic systems are discussed, and applications and various implementations of cognitive systems based on real-life examples are introduced