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Evaluating Sources of Risks in Large Engineering Projects: The Roles of Equivocality and Uncertainty

Author

Listed:
  • Leena Pekkinen

    (University of Oulu, Finland)

  • Kirsi Aaltonen

    (University of Oulu, Finland)

  • Jaakko Kujala

    (University of Oulu, Finland)

  • Janne Härkönen

    (University of Oulu, Finland)

Abstract

Contemporary project risk management literature introduces uncertainty, i.e., the lack of information, as a fundamental basis of project risks. In this study the authors assert that equivocality, i.e., the existence of multiple and conflicting interpretations, can also serve as a basis of risks. With an in-depth empirical investigation of a large complex engineering project the authors identified risk sources having their bases in the situations where uncertainty or equivocality was the predominant attribute. The information processing theory proposes different managerial practices for risk management based on the sources of risks in uncertainty or equivocality.

Suggested Citation

  • Leena Pekkinen & Kirsi Aaltonen & Jaakko Kujala & Janne Härkönen, 2015. "Evaluating Sources of Risks in Large Engineering Projects: The Roles of Equivocality and Uncertainty," International Journal of Management, Knowledge and Learning, International School for Social and Business Studies, Celje, Slovenia, vol. 4(2), pages 163-180.
    • Handle: RePEc:isv:jouijm:v:4:y:2015:i:2:p:163-180
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    References listed on IDEAS

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    4. Flyvbjerg,Bent & Bruzelius,Nils & Rothengatter,Werner, 2003. "Megaprojects and Risk," Cambridge Books, Cambridge University Press, number 9780521009461, October.
    5. Ryan J Orr & W Richard Scott, 2008. "Institutional exceptions on global projects: a process model," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(4), pages 562-588, June.
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