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A New Strategic Planning Model

In: Risk Navigation Strategies for Major Capital Projects

Author

Listed:
  • Asbjørn Rolstadås

    (Norwegian University of Science and Technology)

  • Per Willy Hetland

    (Norwegian School of Management)

  • George Farage Jergeas

    (University of Calgary)

  • Richard E. Westney

    (Westney Consulting Group, Inc.)

Abstract

This chapter introduces a new strategic planning model for projects. The model consists of two complementary tasks; (1) risk analysis and (2) risk navigation strategies. The project risk analysis commences with a comprehensive review of the project challenge. Threats, in terms of risk factors, are identified to assess the level of operational, strategic and contextual risks that constitute the total project risk exposure. If the project risk level is not acceptable, the project challenge has to be revisited and modified before a new risk analysis can take place. When the risk exposure is found acceptable, strategies for how to navigate in the Bermuda Project Risk Triangle are prepared. The risk navigation strategies have two components; (1) before the event actions and (2) after the event actions. During project execution, prevailing risks are monitored closely and, if the risk level rises above the authorized risk level for the project, corrective actions will be activated by means of preset trigger mechanisms.

Suggested Citation

  • Asbjørn Rolstadås & Per Willy Hetland & George Farage Jergeas & Richard E. Westney, 2011. "A New Strategic Planning Model," Springer Series in Reliability Engineering, in: Risk Navigation Strategies for Major Capital Projects, chapter 0, pages 109-117, Springer.
    • Handle: RePEc:spr:ssrchp:978-0-85729-594-1_10
    DOI: 10.1007/978-0-85729-594-1_10
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