IDEAS home Printed from https://ideas.repec.org/h/spr/ssrchp/978-0-85729-594-1_3.html
   My bibliography  Save this book chapter

Rethinking Project Risk Management

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 shows that there is a need to rethink project risk management. The current best practice for managing large projects focuses on major topics such as a phase-gated development process, governing documentation, team alignment, risk management, stakeholder management, and contract structure. The conventional thinking about project risk has led to much attention on the concept of front-end loading. The main philosophy behind this concept is to reduce the probability of cost and schedule deviations by fully defining the project before execution begins. A common approach for managing risk may contain four steps: identification of risk factors, risk analysis, risk action plan, and risk control. Management is about making decisions, and decisions introduce risk. The decision process and terms like uncertainty and risk are elaborated in this chapter.

Suggested Citation

  • Asbjørn Rolstadås & Per Willy Hetland & George Farage Jergeas & Richard E. Westney, 2011. "Rethinking Project Risk Management," Springer Series in Reliability Engineering, in: Risk Navigation Strategies for Major Capital Projects, chapter 0, pages 15-38, Springer.
    • Handle: RePEc:spr:ssrchp:978-0-85729-594-1_3
    DOI: 10.1007/978-0-85729-594-1_3
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:ssrchp:978-0-85729-594-1_3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.