What is the PRAM methodology and what are its salient features?

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.