Managing Project Risks

 
 
Wiley (Verlag)
  • 1. Auflage
  • |
  • erschienen am 13. August 2019
  • |
  • 464 Seiten
 
E-Book | ePUB mit Adobe-DRM | Systemvoraussetzungen
978-1-119-48973-3 (ISBN)
 
A comprehensive overview of project risk management, providing guidance on implementing and improving project risk management systems in organizations

This book provides a comprehensive overview of project risk management. Besides offering an easy-to-follow, yet systematic approach to project risk management, it also introduces topics which have an important bearing on how risks are managed but which are generally not found in other books, including risk knowledge management, cultural risk-shaping, project complexity, political risks, and strategic risk management. Many new concepts about risk management are introduced. Diagrams and tables, together with project examples and case studies, illustrate the authors' precepts and ideas.

Each chapter in Managing Project Risks begins with an introduction to its topic and ends with a summary. The book starts by providing an understanding and overview of risk and continues with coverage of projects and project stakeholders. Ensuing chapters look at project risk management processes, contexts and risk drivers, identification, assessment and evaluation, response and treatment options, and risk monitoring and control. One chapter focuses entirely on risk knowledge management. Others explore the cultural shaping of risk, political risk in projects, computer applications, and more. The book finishes by examining the current state and potential future of project risk management.

In essence, this book:
* Effectively communicates a conceptual and philosophical understanding of risk
* Establishes the nature of projects and the stakeholders involved in them
* Presents a systematic and logically progressive approach to the processes of project risk management
* Demonstrates how to recognize the drivers of project risks and the factors which shape them
* Emphasizes the importance of capturing and exploiting project risk knowledge
* Provides guidance about implementing and building (or improving) project risk management systems in organizations

Managing Project Risks will benefit practitioners and students of project management across a wide range of industries and professions.
weitere Ausgaben werden ermittelt
PETER J EDWARDS, PHD, is an Adjunct Professor at RMIT University in Melbourne, Australia. He has authored and co-authored more than 150 peer-reviewed journal and conference papers, two books, and five book chapter contributions.

PAULO VAZ SERRA, PHD, is a Senior Lecturer in the Faculty of Architecture, Building and Planning at the University of Melbourne, Australia, with more than 20 years of experience working in the construction industry in Europe. He coordinates the "Risk in Construction" and other courses within a Master of Construction Management degree program.

MICHAEL EDWARDS, B.SC., has worked for the Australian Commonwealth Government for over 20 years initiating and managing projects for services and service improvements.
  • Cover Page
  • Title Page
  • Copyright Page
  • Contents
  • List of Tables
  • List of Figures
  • Preface
  • Acknowledgements
  • Glossary
  • Chapter 1 Introduction
  • 1.1 Introduction
  • 1.2 The Project Perspective
  • 1.3 The Project Stakeholder Perspective
  • 1.4 Overview of Contents
  • 1.5 Limitations Caveat
  • Chapter 2 An Overview of Risk
  • 2.1 Introduction
  • 2.2 Risk Definitions
  • 2.3 Threat and Opportunity
  • 2.4 Risk and Uncertainty
  • 2.4.1 Uncertainties in the Type of Risk Trigger Events
  • 2.4.2 Uncertainties in the Occurrence of Risk Events
  • 2.4.3 Uncertainties in the Period of Exposure to Risk Events
  • 2.4.4 Uncertainty in the Type of Consequences of Risk Events
  • 2.4.5 Uncertainty in the Magnitude of Risk Consequences
  • 2.4.6 Uncertainty in Periods of Exposure to Risk Consequences
  • 2.5 The Dynamic Nature of Risk
  • 2.6 Psychology and Perceptions of Risk
  • 2.7 Risk Awareness
  • 2.8 Classifying Risk
  • 2.8.1 A Generic Source-Event Risk Classification System
  • 2.8.2 Natural Systems Risks
  • 2.8.3 Human Risks
  • 2.8.4 Risk Classification Based upon Organisational Structure
  • 2.8.5 Risk Classification Based upon Project Phases
  • 2.8.6 Customised Hybrid Approaches to Risk Classification
  • 2.8.7 Multisystem Risk Classification
  • 2.9 Risk Communication
  • 2.10 Summary
  • References
  • Chapter 3 Projects and Project Stakeholders
  • 3.1 Introduction
  • 3.2 The Nature of Projects
  • 3.3 Project Objectives
  • 3.3.1 Procurement Objectives
  • 3.3.2 Operational Objectives
  • 3.3.3 Strategic Objectives
  • 3.4 Project Phases
  • 3.5 The Composition of Projects
  • 3.6 Processes of Project Implementation
  • 3.7 IT Project Example
  • 3.7.1 Ideation and Concept Development
  • 3.7.2 Project Development Stage
  • 3.7.3 Project Deployment and Operation
  • 3.7.4 Operational Maintenance
  • 3.8 Organisational Structures for Projects
  • 3.9 Project Stakeholder Relationships
  • 3.10 Stakeholder Organisational Structures
  • 3.10.1 Simple Structures
  • 3.10.2 Machine Bureaucracies
  • 3.10.3 Professional Bureaucracies
  • 3.10.4 Divisionalised Forms
  • 3.10.5 Adhocracies
  • 3.11 Modes of Organisational Management
  • 3.12 Project Stakeholder Decision Making
  • 3.13 'Risky' Projects
  • 3.14 Summary
  • References
  • Chapter 4 Project Risk Management Systems
  • 4.1 Introduction
  • 4.2 Risk Management
  • 4.3 Risk Management Systems
  • 4.4 Risk Management Standards and Guides
  • 4.5 A Cycle of Systematic Project Risk Management
  • 4.5.1 A: Establish the Context
  • 4.5.2 B: Identify Risks
  • 4.5.3 C1: Analyse Risks
  • 4.5.4 C2: Evaluate Risks
  • 4.5.5 D: Respond to Risks
  • 4.5.6 E: Monitor and Control Risks
  • 4.5.7 F: Capture Project Risk Knowledge
  • 4.6 Project Stages and Risk Management Workshops
  • 4.6.1 Construction Project Example
  • 4.6.1.1 The Design-Bid Stage
  • 4.6.1.2 The Build Stage
  • 4.6.2 IT Project Example
  • 4.7 A Project Risk Register Template
  • 4.8 Summary
  • References
  • Chapter 5 Project Risk Contexts and Drivers
  • 5.1 Introduction
  • 5.2 The Contextualising Process
  • 5.3 Internal Contexts as Risk Drivers
  • 5.4 External Contexts as Risk Drivers
  • 5.4.1 Physical Contexts
  • 5.4.2 Technical Contexts
  • 5.4.3 Economic Contexts
  • 5.4.4 Social Contexts
  • 5.5 Using Contextual Information
  • 5.6 Summary
  • Reference
  • Chapter 6 Approach to Project Risk Identification
  • 6.1 Introduction
  • 6.2 Approach to Risk Identification
  • 6.3 Workshop Timing
  • 6.4 Types of Risk Identification Techniques
  • 6.4.1 Activity-Related Techniques
  • 6.4.2 Analytical Techniques
  • 6.4.3 Associated Representative Techniques
  • 6.4.4 Functional Value Technique
  • 6.4.5 Matrices
  • 6.4.6 Simulation and Visualisation Techniques
  • 6.4.7 Speculative Techniques
  • 6.4.8 Structural and Management Tools
  • 6.5 Summary
  • Reference
  • Chapter 7 Project Risk Identification Tools
  • 7.1 Introduction
  • 7.2 Activity-Related Tools
  • 7.2.1 Work Breakdown Structures
  • 7.2.2 Bar Charts
  • 7.2.3 Critical Path Networks
  • 7.3 Analytical Tools
  • 7.3.1 Decision Tree Analysis
  • 7.3.2 Event Tree Analysis
  • 7.3.3 Fault Tree Analysis
  • 7.3.4 Failure Modes and Effects Criticality Analysis
  • 7.3.5 Hazard and Operability Studies
  • 7.3.6 Safety Hazard Analysis (SHA)
  • 7.4 Associated Representative Tools
  • 7.4.1 Contextualisation
  • 7.4.2 Checklists
  • 7.4.3 Financially Related Tools
  • 7.4.4 Procedural Tools
  • 7.4.5 Design/Cost Related Tools
  • 7.4.6 Risk Related Tools
  • 7.5 Matrix Tools
  • 7.6 Simulation and Visualisation Tools
  • 7.7 Speculation Tools
  • 7.7.1 Scenario Testing
  • 7.7.2 Stress Testing
  • 7.8 Structural and Management Tools
  • 7.9 Risk Identification Statements
  • 7.10 Summary
  • References
  • Chapter 8 Project Risk Analysis and Evaluation
  • 8.1 Introduction
  • 8.2 Qualitative Analysis
  • 8.3 Assessing Likelihood
  • 8.4 Assessing Impacts
  • 8.5 Evaluating Risk Severity
  • 8.6 Quantitative Analysis
  • 8.7 Risk Mapping
  • 8.8 Summary
  • References
  • Chapter 9 Risk Response and Treatment Options
  • 9.1 Introduction
  • 9.2 Risk Attitudes and Appetites
  • 9.3 Existing Risk Controls
  • 9.4 Risk Response Options
  • 9.4.1 Risk Avoidance
  • 9.4.2 Risk Transfer
  • 9.4.3 Risk Reduction and Retention
  • 9.4.4 Risk Retention
  • 9.4.5 Combination Responses to Risk
  • 9.5 Risk Treatment Options
  • 9.6 Risk Mitigation Principles
  • 9.7 Strategic Use of ALARP ('As Low as Reasonably Practical')
  • 9.8 Reassessment
  • 9.9 Recording Decisions
  • 9.10 Summary
  • References
  • Chapter 10 Risk Monitoring and Control
  • 10.1 Introduction
  • 10.2 Assigning Responsibility
  • 10.3 Monitoring Procedures
  • 10.3.1 Negligible Risks
  • 10.3.2 Low Risks
  • 10.3.3 Medium Risks
  • 10.3.4 High Risks
  • 10.3.5 Extreme Risks
  • 10.4 Control Measures
  • 10.4.1 Negligible Risks
  • 10.4.2 Low Risks
  • 10.4.3 Medium Risks
  • 10.4.4 High Risks
  • 10.4.5 Extreme Risks
  • 10.5 Reporting Processes
  • 10.6 Dealing with New Risks
  • 10.7 Disaster Planning and Recovery
  • 10.8 Capturing Project Risk Knowledge
  • 10.9 Summary
  • References
  • Chapter 11 Project Risk Knowledge Management
  • 11.1 Introduction
  • 11.2 Knowledge Definitions and Types
  • 11.3 Knowledge Transformation
  • 11.4 Types and Forms of Knowledge
  • 11.5 Organisational Culture and Knowledge Management
  • 11.6 The Knowledge Creation Cycle
  • 11.6.1 Stage 1 (Tacit to Tacit): Use and Validate
  • 11.6.2 Stage 2 (Tacit to Explicit): Identify and Capture
  • 11.6.3 Stage 3 (Explicit to Explicit): Codify and Store
  • 11.6.4 Stage 4 (Explicit to Tacit): Share and Update
  • 11.6.5 Using and Validating Knowledge
  • 11.6.6 Identifying and Capturing Knowledge
  • 11.6.7 Codifying and Storing Knowledge
  • 11.6.8 Sharing and Updating Knowledge
  • 11.7 Additional Issues of Organisational Culture
  • 11.8 KMS Alignment and Information Redundancy
  • 11.9 Tools and Techniques for Eliciting Risk Knowledge
  • 11.9.1 Brainstorming Sessions
  • 11.9.2 Storytelling
  • 11.9.3 Communities of Practice
  • 11.9.4 Networking
  • 11.9.5 Project Reviews, Project Debriefings, and 'Lessons Learned'
  • 11.9.6 Mentoring and Apprenticeships
  • 11.9.7 Induction and Training Courses
  • 11.9.8 Workplace Design
  • 11.9.9 People Finders
  • 11.9.10 Intranets and IT Platforms
  • 11.9.11 Internet Search Engines and Alerting Services
  • 11.9.12 Organisational Culture
  • 11.9.13 PRMS-Related Tools
  • 11.10 Developing Organisational Risk Wisdom
  • 11.11 Project and Organisational Risk Register Architecture
  • 11.11.1 Capturing Project Risk Experiences
  • 11.11.2 Project Risk Registers
  • 11.11.3 Organisational Risk Registers
  • 11.12 Challenges for Implementing Risk Knowledge Management Systems
  • 11.12.1 Issues Relating to Knowledge Itself
  • 11.12.2 Storing, Accessing, and Using Knowledge
  • 11.12.3 Knowledge System Development and Implementation Costs
  • 11.12.3.1 Concern with Financial Issues and Return on Investment
  • 11.12.3.2 Concern with Time Management and 'Unproductive Tasks'
  • 11.13 Communication and Risk Knowledge Management
  • 11.14 Summary
  • References
  • Chapter 12 Cultural Shaping of Risk
  • 12.1 Introduction
  • 12.2 Culture in Society
  • 12.3 Organisational Cultures
  • 12.3.1 Organisational Scans
  • 12.3.2 The Organisational Scanning Process
  • 12.4 External Cultures as Project Risk Shapers
  • 12.4.1 Media Scans
  • 12.5 Organisational Cultures of Other Project Stakeholders
  • 12.6 Applying Cultural Shaping in Project Risk Management
  • 12.7 Summary
  • Reference
  • Chapter 13 Project Complexity and Risk
  • 13.1 Introduction
  • 13.2 The Concept of Complexity
  • 13.2.1 Differentiation
  • 13.2.2 Interdependency
  • 13.3 Relative Complexity
  • 13.4 Uncertainty and Project Complexity
  • 13.5 Identifying and Mapping Complexity
  • 13.6 Influence of Complexity on Risk Management
  • 13.7 Complexity and Mega-projects
  • 13.8 Summary
  • References
  • Chapter 14 Political Risk
  • 14.1 Introduction
  • 14.2 Political Spheres
  • 14.3 Dimensions of Political Risk Factors
  • 14.4 Examples of Political Risks
  • 14.5 Political Stakeholders
  • 14.6 Managing Political Risks
  • 14.6.1 Contextualising
  • 14.6.2 Identifying Risks
  • 14.6.3 Analysing and Assessing Risks
  • 14.6.4 Responding to Risks
  • 14.6.5 Monitoring and Controlling Risks
  • 14.6.6 Knowledge Capture
  • 14.7 In-house Political Risks
  • 14.8 More Extreme Political Threat Risks
  • 14.9 Summary
  • Reference
  • Chapter 15 Opportunity Risk Management
  • 15.1 Introduction
  • 15.2 Concept of Opportunity Risk
  • 15.3 Opportunity Risk in Projects
  • 15.4 Examples of Opportunity Risks
  • 15.4.1 IT Brand Product Personalisation Service
  • 15.4.2 Botanic Gardens Special Display Project
  • 15.4.3 Case Study A (PPP Correctional Facility)
  • 15.4.4 Case Study C (Aid-Funded Pacific Rim Island Civic Project)
  • 15.5 Managing Opportunity Risks
  • 15.5.1 Implications for Personnel
  • 15.5.2 Implications for the PRMS
  • 15.6 Summary
  • Reference
  • Chapter 16 Strategic Risk Management
  • 16.1 Introduction
  • 16.2 Strategic Issues for Project Risk Management
  • 16.2.1 PRMS Implementation
  • 16.2.2 System Separation
  • 16.2.3 System Inception
  • 16.2.4 Initial System Application
  • 16.2.5 Roles and Responsibilities
  • 16.2.6 PRMS Process Approach
  • 16.2.7 Risk Knowledge Management
  • 16.2.8 PRMS Maintenance and Development
  • 16.2.9 Disaster Preparedness
  • 16.3 PRMS Process Strategies
  • 16.3.1 Project Contextualisation
  • 16.3.2 Project Risk Identification Strategies
  • 16.3.3 Quantitative and Qualitative Risk Analysis Strategies
  • 16.3.4 Risk Response and Treatment Strategies
  • 16.3.5 Risk Monitoring and Control Strategies
  • 16.3.6 Risk Knowledge Capture Strategies
  • 16.4 Summary
  • References
  • Chapter 17 Planning, Building, and Maturing a Project Risk Management System
  • 17.1 Introduction
  • 17.2 PRMS Objectives
  • 17.3 Planning and Designing the PRMS
  • 17.3.1 Planning the PRMS
  • 17.3.2 Designing the System
  • 17.4 Risk Management Maturity
  • 17.4.1 Level 1 PRMS Maturity (Mostly Unaware)
  • 17.4.2 Level 2 PRMS Maturity (Starting)
  • 17.4.3 Level 3 PRMS Maturity (Growing)
  • 17.4.4 Level 4 RM Maturity (Maturing)
  • 17.5 Building the PRMS
  • 17.5.1 Organising the PRMS Project
  • 17.5.2 PRMS Specialists
  • 17.5.3 System Building Tasks
  • 17.5.4 Component Testing
  • 17.5.5 PRMS Trials
  • 17.5.6 PRMS Roll-Out
  • 17.6 PRMS Performance Review and Improvement Cycle
  • 17.6.1 Review Criteria
  • 17.6.2 System Benchmarking
  • 17.6.3 Addressing System Decay
  • 17.6.4 Review Frequency
  • 17.7 Summary
  • References
  • Chapter 18 Computer Applications
  • 18.1 Introduction
  • 18.2 Project Risk Management System (PRMS) Software Applications
  • 18.2.1 Tables and Matrices
  • 18.2.2 Spreadsheets
  • 18.2.3 Project Management Systems
  • 18.2.4 Bespoke Risk Knowledge Management Systems (RKMSs)
  • 18.3 Other Information Technologies and Tools
  • 18.3.1 Simulation Systems
  • 18.3.2 Smart Sensors
  • 18.3.3 Aerial Drones
  • 18.4 Summary
  • Chapter 19 Communicating Risk
  • 19.1 Introduction
  • 19.2 Communication Theory and Models
  • 19.2.1 Communication Theories in the Model
  • 19.2.2 Other Theory Elements of the Model
  • 19.2.3 Processes in the Model
  • 19.3 Components in the Communication Process
  • 19.3.1 Senders
  • 19.3.2 Receivers
  • 19.3.3 Messages
  • 19.3.4 Media
  • 19.3.5 Channels
  • 19.3.6 Relays
  • 19.3.7 Filters
  • 19.3.8 Interference
  • 19.3.9 Feedback
  • 19.4 Communicating Risk in the PRMS Cycle
  • 19.5 Communicating Project Risk Beyond the Project Stakeholder Organisations
  • 19.5.1 Promotional Announcements
  • 19.5.2 Communicating Risk in Adverse or Challenging Environments
  • 19.5.3 Communication in Extensive Advisory Loops
  • 19.6 Evaluating Risk Communication
  • 19.7 Summary
  • References
  • Chapter 20 Conclusions
  • 20.1 Introduction
  • 20.2 Current State of Project Risk Management
  • 20.2.1 Changes in Business Conditions
  • 20.2.2 More Serious Risk Impacts and Consequences
  • 20.2.3 Public Expectations and Regulations
  • 20.2.4 Publication of Standards and Texts
  • 20.2.5 Tertiary Curriculum Changes
  • 20.2.6 Continuing Issues with Contemporary PRMSs
  • 20.3 Future Project Risk Management
  • 20.4 Checking Your Reading Satisfaction
  • 20.4.1 Risk
  • 20.4.2 Projects
  • 20.4.3 PRMSs
  • 20.4.4 Risk Contexts
  • 20.4.5 Risk Identification
  • 20.4.6 Risk Assessment
  • 20.4.7 Risk Response
  • 20.4.8 Risk Monitoring and Control
  • 20.4.9 Risk Knowledge Management
  • 20.4.10 Risk and Culture
  • 20.4.11 Complexity
  • 20.4.12 Political Risk
  • 20.4.13 Opportunity Risk
  • 20.4.14 Strategic Risk Management
  • 20.4.15 Building and Maturing a PRMS
  • 20.4.16 Computer Applications
  • 20.4.17 Communicating Risk
  • 20.4.18 Case Studies
  • 20.5 Closing Remarks
  • Case Study A: Public-Private Partnership (PPP) Correctional Facilities Project
  • Case Study B: Rail Improvement Project
  • Case Study C: PM Consultant and a Government Aid-Funded Pacific Rim Project
  • Case Study D: High-Capacity Metropolitan Train Mock-up Project
  • Case Study E: Hot-Rod Car Project
  • Case Study F: Aquatic Theme Park Project
  • Index
  • EULA

1
Introduction


1.1 Introduction


In this introductory chapter, we describe the project and project stakeholder perspectives that we have adopted to frame this book. Since we cover a range of topics and readers will have different levels of knowledge and experience about projects, project risks, and their management, we also provide a brief overview of the contents of the book. The chapter synopses will guide you in choosing the actual sequence you wish to follow for individual reading, but we recommend that you do follow the order for Chapters 4-10, as these chapters embrace the sequential and systematic application of project risk management processes.

1.2 The Project Perspective


We live in a world that is highly focused on 'development' and has become increasingly 'project-driven'. This is largely because projects are seen to be more 'containable' than other methods of achieving development goals. Projects are perceived as having clearly identifiable beginnings and finite endings (although sometimes these are hard to pinpoint precisely). The fulfilment of sought-for objectives is intended to deliver desirable (and hopefully measurable) outcomes. It is thus assumed that the project approach is more manageable than other ways of doing things, although that assumption may not always translate easily or fully into reality.

Projects are endeavours usually surrounded by uncertainty and often cloaked in risk. While we tend to regard them as exclusively human undertakings, projects do occur in the natural world. Beavers build dams across watercourses; termites construct elaborate edifices to shelter themselves from harsh extremes of weather; birds build nests to accommodate their young. These creatures also face risks as they go about their 'project' work.

Managing risks is an important part of managing projects, as much for human society as for natural fauna. This book describes a comprehensive and systematic approach to the management of project risks. Whilst we have no plans for further references to animals and insects, their potential contribution to risk management should not be ignored. Biomimicry has become an important source of innovation for contemporary society in many fields, and there is every reason to suppose that it could also contribute to risk management.

Project management, as an art and a science (hence its vulnerability to many interpretations), stems largely from the construction industry, which has been project-based since human beings first attempted to create shelter for themselves. Since then, we have become increasingly aware of the need to organise the ways in which our building activities are planned, resourced, and carried out in order to satisfy our need to develop our physical environment. Traditionally, therefore, project management has been associated with building projects, and many books (including those on risk management) retain that perspective exclusively.

In this book, however, we have tried to embrace the project-driven nature of contemporary society more fully and have deliberately adopted a generic project perspective.

All projects are exposed to risks. While particular risks will be different for varying projects and project environments, we intend to demonstrate that it is possible to adopt a systematically uniform approach in order to deal with those risks. Thus, while many of the examples presented in this book are taken from projects in the construction industry, we have sought to include others from a range of different fields. The actual risks will not be identical (although many will be similar), but the risk management principles remain the same.

1.3 The Project Stakeholder Perspective


All projects involve stakeholders: those people or entities that have capacity to influence the decision making associated with projects. We explore this concept in greater depth later in this book. Suffice it to say here that every project involves multiple stakeholders (or at least more than one). I may decide to embark on a renovation project on my house. While it is 'my' project, it is likely that other family members will be involved, that tradesmen will be engaged and external suppliers sourced. I may have to approach consultants for advice or even apply for permits from local authorities. To a greater or lesser extent, each and all of these will influence the decision making that inevitably surrounds the project. Anyone with that capacity has to be regarded as a stakeholder. How much influence they have will determine the nature, level, and treatment of the risks involved.

Similarly, you may propose a project to write a book as a sole author. However, if you want others to read it and if you want to earn royalties from its publication, other people will become involved in and help to make decisions about the publication process. The same scenario applies to artistic and creative works. While the intellectual inputs may be entirely individual on the part of the artist, if the project outcomes are intended to become available to others, or even to just a single end-user or purchaser, then we might argue that the follow-up process is also part of the project and thus susceptible to decision making beyond that of the original artist. Few artists can afford to ignore their 'market'.

A single project stakeholder perspective is thus only tenable if the project outcomes were never meant to be available to anyone other than the project originator.

However, while all may be involved in bringing a project to fruition, each stakeholder is likely to have at least some objectives that are different to those of other stakeholders. By definition, as we shall see in Chapter 3, this means that each stakeholder will be exposed to different risks, albeit possibly of a similar type but of varying uncertainty in terms of likelihood and consequence. Each stakeholder may have to manage its risks in ways that may be subtly different to those of other project stakeholders.

Logically, therefore, whatever the organisational arrangement of stakeholders in a project, any attempt to insist upon a common risk management system for that project is neither practical nor advisable, particularly where the stakeholders are autonomous entities. Even where projects are undertaken 'in-house' by an organisation (e.g. under project management office [PMO] or enterprise project management [EPM] arrangements), there will still be other stakeholders involved, including other departments within the host organisation and external stakeholders supplying goods or services to the project.

In this book, we adopt a stakeholder perspective that assumes that each stakeholder implements its own risk management system for each of the projects in which it is involved. Ideally, each stakeholder will employ an overarching approach that, while dealing individually with all of its risks on each of the projects in which it is involved, will apply common principles of risk management throughout, and will capture risk knowledge from each project to the benefit of the whole stakeholder organisation.

The project and project stakeholder perspectives outlined here provide the essential context for the whole of this book.

1.4 Overview of Contents


As noted in Section 1.1, the chapter synopses in this section should help you to determine the topic sequence you wish to follow. For those who are involved in teaching project risk management, the synopses may help you to formulate a useful reading programme for students.

In Chapter 2, attention is given to understanding risk itself. Definitions of risk are explored, and common risk terms set out. Positive and negative concepts of risk (threat risk and opportunity risk) are presented. The psychology of risk is considered, together with risk awareness. Risk and uncertainty are distinguished, and their association is clarified. The dynamic nature of risk is discussed. Approaches to classifying risks are considered. The important topic of risk communication is introduced here, but it is treated more comprehensively in Chapter 19 (Communicating Risk).

Chapter 3 is all about projects, further consolidating the essential platform upon which the processes of managing project risks can be presented. The nature of projects is considered, in terms of their life cycles and processes. Additional thought is given to project stakeholders and their influence. Project decision making is considered, and the chapter concludes with some wisdom about what may constitute a risky project.

National and international risk management standards are described in Chapter 4, which then presents a systematic approach to project risk management in the form of an experiential learning cycle. This provides an essential precursor for the more detailed presentation of the stages of the risk management process in subsequent chapters.

In Chapter 5, the important preliminary task of establishing the internal and external contexts for a project is presented, together with the importance of considering the risk drivers operating in those contexts.

For risks to be managed, they must first be identified. This process is dealt with in Chapters 6 and 7. Approaches to identifying project risks are first considered and then followed by a presentation of several risk identification tools.

Following identification, risks...

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