Search results

The purpose of this paper is to highlight the main findings of a successfully defended doctoral thesis that studied factors or interventions causing the discrepancy between how adequate project risks should be managed and how project risks are actually managed.

The approach involved interviews and a survey using questionnaires gathered data from project managers about their experiences with project risk management during two phases of fieldwork. The first phase included in‐depth interviews with information technology (IT) project managers in order to explore patterns involving risk mediators and their influence on project risk management. A web‐based survey was used in the second phase for the purpose of testing these patterns on a wider range of project managers.

Specific risk‐related interventions strongly influence the effective use of project risk management: project managers tended to deny, avoid, ignore risks and to delay the management of risk. Risks were perceived as discomforting, not agreed upon. IT project managers were unaware of risks and considered them to be outside their scope of influence and preferred to let risks resolve themselves rather than proactively engaging with them. As a consequence, factors such as the lack of awareness of risks by IT project managers appeared to constrain the application of project risk management with the result that risk had an adverse influence on the outcome of IT projects.

The underlying rational assumptions of project risk management and the usefulness of best practice project risk management standards as a whole need to be questioned because of the occurrence of interventions such as the lack of information. IT project managers should first prevent risk‐related interventions from influencing the use of project risk management. However, if this is not possible, they should be prepared to adapt to risks influencing the project outcome.

The paper contradicts the myth of a “self‐evidently” correct project risk management approach. It defines interventions that constrain project manager's ability to manage project risk.

This chapter explains the concept of risk management in construction in relation to project success. The types of risks were examined based on the date of identification which are known risk, unknown risk, new or discovered risk, secondary risk and residual risk. Project risk is not an all-encompassing negative event as it could also cause a positive impact on construction projects. It was acknowledged that project risk in itself could have a positive impact if its risk management process is properly implemented by the construction project team.

The purpose of this article is to investigate the influence that firm-specific characteristics, such as organisational capabilities, risk management methods and stakeholder relationships, have on political risks (PRs) that are associated with multinational construction projects in Pakistan.

The methodology employed in this investigation involved the acquisition of data through the use of questionnaires administered to experts in the construction industry. The research applied a quantitative method, and the sources of the data are from the Pakistani stakeholders. One hundred questionnaires were used for the data collection during field visits. Based on the data, it has been ensured that the valid questionnaires were utilised, and the data were tested for validity and reliability. The analysis tool utilised was SPSS software. For the questionnaire, a total of 15 firm-specific factors were considered in order to design the survey, which specifically targeted the identified features. The factors identified as risks were investigated using quantitative method to determine firm-specific risks.

It was found that when stakeholders have a better grasp of these dynamics, they are better able to strengthen their resilience and efficacy in managing PRs, which ultimately increases the likelihood that the project will be successful.

International construction projects (ICPs) in emerging countries are substantially impacted by PRs, which can have a considerable impact on their success and sustainability. The study is localised and not generic as it is limited to Pakistan, and the risk factors considered are firm-specific but related to PRs.

By identifying key risk factors, these firms can develop targeted risk management strategies, leading to enhanced decision-making and more efficient resource allocation. Effective strategies include diversification, local partnerships and comprehensive risk assessments tailored to the unique challenges faced by international contracting firms in Pakistan.

ICPs in emerging countries like Pakistan face critical problems, which include the presence of PRs. Although the larger political environment plays a significant part, the manner in which businesses navigate and mitigate PRs is also influenced by firm-specific elements.

The study is novel in terms of the factors looked at, the data, the conceptual framework and the findings of the study. The dynamic political scene, which is characterised by instability, policy changes, corruption and geopolitical conflicts, poses significant dangers to the timeliness of projects, the expenses of such projects and the investments that are made in those projects.

The aim of this article is to develop an understanding of the issues related to risk management in digital library projects as well as techniques for mitigating risk in these projects.

Using evidence from other research in the area, this article outlines the major risk issues within a project and then defines a model for mitigating risk within a project.

The article finds that understanding the risk management entails understanding the underlying factors that contribute to project risks. These risks are often the same, regardless of the nature of the project. The first step in risk assessment is risk identification. Once risk identification is complete, risk analysis is used to identify the likelihood the risks that have been identified will happen. While there are several formal methods that can be used for risk analysis, many project managers use some type of matrix‐based decision process for analyzing and evaluating project risk. The most successful project managers maintain open lines of communication throughout their organizations to stay in touch with constituent's needs.

This article fills a gap in the digital project management literature by helping project managers understand the issues related to project risk and how to avoid them, thereby insuring greater probability their project will come to a successful and satisfying conclusion.

This paper explores how risks are managed in project practice beyond formalized risk management processes by applying the lens of actuality research to project risk management.

The paper follows a qualitative multimethod research approach utilizing literature review, interviews, observations and document analysis. The paper is based on three case studies and one interview study in project organizations facing green transition challenges.

Little work exists to reveal how risk management is actually done by project practitioners, and why. Few studies report on contextual variation and consider confounding factors beyond a “one size fits all” formalized explicit risk management process, despite ample evidence that risks are managed outside the formal process. The study documents that informal and/or implicit risk management activities add significantly more value.

The paper contributes a literature review of research into the actuality of project risk management, a sense-making framework of how risks are managed in practice beyond the formal, explicit risk-management process by including informal and/or implicit risk management activities, an empirical study of risk-management practice highlighting that informal and/or implicit risk-management activities dominate in practice, a discussion of why risks are managed outside formalized, explicit process and a research agenda to enable the design of impactful project risk-management practices.

Project information is widely and thoroughly exchanged within construction projects. However, the risk management process exhibits deficiencies in coordination and visibility, particularly in developing countries. Practitioners in developing countries often engage in Project Risk Management (PRiM) using practices that inadvertently hinder project success, frequently resulting in suboptimal outcomes. Therefore, this research explores practices within Project Integration Management (PIM) and Project Communication Management (PCmM) that could enhance PRiM and improve managerial proficiency to achieve project success in developing countries.

The PIM, PCmM and PRiM processes were explored from the literature; the data was gathered initially by close-ended interviews conducted with a panel of twelve experts followed by a well-structured questionnaire. Structural Equation Modeling (SEM) was employed via AMOS to analyze the data and construct a model representing the intricate relationships between the processes. Additionally, the validity and reliability of the method were inspected.

The data analysis confirmed that PIM and PCmM were correlated according to contractors and consultants in the Jordanian construction industry. Furthermore, both have a positive influence on the PRiM. In addition, a 13-step process was developed to apply extra processes and practices to ensure better implementation of the PRiM in developing countries.

The literature highlights that integration and communication management influence project performance. However, there is a lack of research utilizing practices from these knowledge areas to achieve better project risk management implementation. This research highlights two of the most underrated knowledge areas in project management. Therefore, a framework was devised, comprising processes that practitioners should take into account during the planning phase leading to efficient PRiM to enhance their managerial proficiency.

Due to the increasing size and complexity of construction projects, construction engineering and management involves the coordination of many complex and dynamic processes and relies on the analysis of uncertain, imprecise and incomplete information, including subjective and linguistically expressed information. Various modelling and computing techniques have been used by construction researchers and applied to practical construction problems in order to overcome these challenges, including fuzzy hybrid techniques. Fuzzy hybrid techniques combine the human-like reasoning capabilities of fuzzy logic with the capabilities of other techniques, such as optimization, machine learning, multi-criteria decision-making (MCDM) and simulation, to capitalise on their strengths and overcome their limitations. Based on a review of construction literature, this chapter identifies the most common types of fuzzy hybrid techniques applied to construction problems and reviews selected papers in each category of fuzzy hybrid technique to illustrate their capabilities for addressing construction challenges. Finally, this chapter discusses areas for future development of fuzzy hybrid techniques that will increase their capabilities for solving construction-related problems. The contributions of this chapter are threefold: (1) the limitations of some standard techniques for solving construction problems are discussed, as are the ways that fuzzy methods have been hybridized with these techniques in order to address their limitations; (2) a review of existing applications of fuzzy hybrid techniques in construction is provided in order to illustrate the capabilities of these techniques for solving a variety of construction problems and (3) potential improvements in each category of fuzzy hybrid technique in construction are provided, as areas for future research.

This study aims to develop an interface management risk interaction modeling and analysis methodology applicable to complex systems in high-speed rail construction projects, reveal the interaction mechanism of interface management risk and provide theoretical support for project managers to develop appropriate interface management risk response strategies.

This paper introduces the association rule mining technique to improve the complex network modeling method. Taking China as an example, based on the stakeholder perspective, the risk factors and significant accident types of interface management of high-speed rail construction projects are systematically identified, and a database is established. Then, the Apriori algorithm is used to mine and analyze the strong association rules among the factors in the database, construct the complex network, and analyze its topological characteristics to reveal the interaction mechanism of the interface management risk of high-speed rail construction projects.

The results show that the network is both scale-free and small-world, implying that construction accidents are not random events but rather the result of strong interactions between numerous interface management risks. Contractors, technical interfaces, mechanical equipment, and environmental factors are the primary direct causal factors of accidents, while owners and designers are essential indirect causal factors. The global importance of stakeholders such as owners, designers, and supervisors rises significantly after considering the indirect correlations between factors. This theoretically explains the need to consider the interactions between interface management risks.

The interaction mechanism between interface management risks is unclear, which is an essential factor influencing the decision of risk response measures. This study proposes a new methodology for analyzing interface management risk response strategies that incorporate quantitative analysis methods and considers the interaction of interface management risks.

The construction industry is unique but with uncertainties. This is because of the operating environment. This intricacy gives rise to several construction risks and is compounded in developing countries’ turbulent times. If not managed, these risks enhanced in turbulent times could negatively impact the Nigerian construction projects’ cost, time, quality, and performance. Hence, this study investigated the perceived encumbrances facing construction risk management techniques and identified measures to promote sustainable-based construction risk management in turbulent times.

The researchers adopted a qualitative approach and achieved saturation with 28 participants. The participants were government policymakers, quantity surveyors in government ministries/agencies/departments, consultant engineers, consultant architects, consultant and contracting quantity surveyors, and construction contractors knowledgeable about construction risk management. The research employed a thematic analysis for the study’s data.

Findings identified turbulent times related to the industry and major techniques for managing construction project risks in the Nigerian construction industry. It revealed lax adoption and implementation of practices. Also, the study identified major encumbrances facing construction risk and proffered initiatives that would promote sustainable-based construction risk management in turbulent times.

This study investigates encumbrances and suggests measures to promote construction project risk management in turbulent times in Nigeria. Also, the study contributes to the literature’s paucity, uncovering perceived encumbrances and evolving organisations’ management styles to imbed sustainable-based risk management practices by qualitative research design method.

We explore the design risk factors and associated managerial practices driving collaborative risk management for design efficacy in green building projects. By illuminating project design risk as an important project risk category in its own right, the study contributes to our understanding of optimising design efficacies for collaborative project risk management.

The study comprises exploratory interviews conducted with 27 industry project practitioners involved in the design and delivery/implementation of Green Star-certified building projects in South Africa.

The findings discursively highlight seven sources of design risk. We also identify seven specific collaborative risk management practices for design efficacy emerging from a consideration of how risk environments vary in the Green Star-certified projects, each with its own project design risk implications.

The study advances our understanding of how collaborations emerging from particular relational yet context-specific practices can be optimised to strengthen project risk management.