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Administrative Sciences
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Project Risk Management: Challenge Established Practice
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Project Risk Management: Challenge Established Practice

A special issue of Administrative Sciences (ISSN 2076-3387).

Deadline for manuscript submissions: closed (15 April 2016) | Viewed by 46287

Special Issue Editor

Prof. Dr. Ole Jonny Klakegg

E-Mail Website
Guest Editor
Department of Civil and Transport Engineering, Trondheim, Norway
Interests: project management; stakeholder management; governance of projects; uncertainty-/risk management

Special Issue Information

Dear Colleagues,

Risk management has been promoted as one of the most, if not the most important aspects of modern project management over the last few of decades. All the project management organizations, such as IPMA, APM and PMI have it on top of their agenda, as do all the PM journals and PM conferences. There are several risk management standards and certifications implemented all over the globe. The number of available software tools and risk management systems grows every month. Hardly any company, public entity or third sector organization chooses to neglect this development. They all follow this trend to some extent—some go all in and front the development, while others reluctantly follow. This is hardly a surprise, as we know that risk and uncertainty are a part of life itself, and present in every aspect and every phase of all projects. It is easy to understand this is an important issue, regardless if the consequences are measured in cost, time, quality, safety, reputation or other dimensions of success. There is no reason to relax the effort to develop further the theory and practice of project risk management (PRM). Projects still do not deliver the intended benefits, and they are delivered late and over budget (Ansar, Flyvbjerg, Budzier and Lunn 2014). Project management, including risk management, has improved significantly but project success rates have failed to improve at the same rate (Mir and Pinnington, 2014). Attained improvements also seen to deteriorate remarkably quickly (Klakegg, Williams and Shiferaw, 2015). All is certainly not well in the current PM and PRM practice. The aim of this Special Issue is to challenge the established practices in project risk management. It aims at strengthening a basis for better results in future projects, be it in corporate or public services, and in emerging technologies and economies. It welcomes contributions on the following, though not fully inclusive, list of topics:

  • Project governance in a risky world: How to balance the upsides and downsides in  a long term perspective
  • Recognizing and utilizing opportunities: The positive potential in uncertainty
  • Cost estimation under uncertainty: Realistic budgets in the front-end
  • Time risk management: Optimizing plans and production in project execution
  • Project risk management: Real control in project execution under uncertainty
  • Learning from PRM cases: How to identify and transfer good practices from risky projects and uncertain context

Dr. Ole Jonny Klakegg
Guest Editor

References:

Ansar, Atif; Flyvbjerg, Bent; Budzier, Alexander and Lunn, Daniel (2014) Should we build more large dams? The actual costs of hydropower megaproject development. Energy Policy, Volume 69, June 2014, Pages 43–56.

Klakegg, Ole Jonny; Williams, Terry and Shiferaw, Asmamaw Tadege (2015) Taming the ‘trolls’: Major public projects in the making. International Journal of Project Management, In press. Available online 8 April 2015.

 

Mir, Farzana Asad and Pinnington, Ashly H. (2014) Exploring the value of project management: Linking Project Management Performance and Project Success. International Journal of Project Management, Volume 32, Issue 2, February 2014, Pages 202–217.

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Published Papers (5 papers)

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Editorial

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147 KiB  
Editorial
Project Risk Management: Challenge Established Practice
by Ole Jonny Klakegg
Adm. Sci. 2016, 6(4), 21; https://doi.org/10.3390/admsci6040021 - 21 Dec 2016
Cited by 6 | Viewed by 6586
Abstract
The idea behind this Special Issue is based on the observation that project risk management is presented as a key knowledge area in project management and has become an important skill for updated project managers [1,2].[...] Full article
(This article belongs to the Special Issue Project Risk Management: Challenge Established Practice)

Research

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978 KiB  
Article
Challenges in Cost Estimation under Uncertainty—A Case Study of the Decommissioning of Barsebäck Nuclear Power Plant
by Olav Torp and Ole Jonny Klakegg
Adm. Sci. 2016, 6(4), 14; https://doi.org/10.3390/admsci6040014 - 20 Oct 2016
Cited by 23 | Viewed by 11250
Abstract
Cost estimation is an important part of project planning. Over the years different approaches have developed, taking uncertainty into account in the cost estimation processes in order to tackle the dynamic nature of projects. However, when implementing these approaches, some challenges have been [...] Read more.
Cost estimation is an important part of project planning. Over the years different approaches have developed, taking uncertainty into account in the cost estimation processes in order to tackle the dynamic nature of projects. However, when implementing these approaches, some challenges have been revealed. The aim in a cost estimation process is to establish a realistic overview of the total project costs and its uncertainties. Even though tools and methods for taking uncertainty into account are implemented, projects with cost overruns are often seen. In this paper we look into some challenges with the practice in cost estimation processes and identify possible improvements to overcome them. The purpose of this paper is to illustrate better solutions to some of the major weaknesses identified in current cost estimation practice. We use a case study of decommissioning of Barsebäck Nuclear Power Plant to illustrate how to overcome these challenges. First of all, this is an interesting case with challenges related to the project and the cost estimation process, given the complexity in the situation and that very few have experiences related to decommission of nuclear power plants. Second, we applied an approach that is not yet commonly used to develop cost estimates for this kind of projects. The paper concludes that it is possible to improve the results of uncertainty analysis of cost estimates. A well prepared process, with a suitable group of experts that go through a well-structured process, focusing both on risks and opportunities and using a top-down approach can compensate for some of the challenges related to cost estimation under uncertainty. Full article
(This article belongs to the Special Issue Project Risk Management: Challenge Established Practice)
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630 KiB  
Article
Value of Uncertainty: The Lost Opportunities in Large Projects
by Agnar Johansen, Petter Eik-Andresen, Andreas Dypvik Landmark, Anandasivakumar Ekambaram and Asbjørn Rolstadås
Adm. Sci. 2016, 6(3), 11; https://doi.org/10.3390/admsci6030011 - 26 Aug 2016
Cited by 10 | Viewed by 8097
Abstract
The uncertainty management theory has become well established over the last 20–30 years. However, the authors suggest that it does not fully address why opportunities often remain unexploited. Empirical studies show a stronger focus on mitigating risks than exploiting opportunities. This paper therefore [...] Read more.
The uncertainty management theory has become well established over the last 20–30 years. However, the authors suggest that it does not fully address why opportunities often remain unexploited. Empirical studies show a stronger focus on mitigating risks than exploiting opportunities. This paper therefore addresses why so few opportunities are explored in large projects. The theory claims that risks and opportunities should be equally managed in the same process. In two surveys, conducted in six (private and public) companies over a four-year period, project managers stated that uncertainty management is about managing risk and opportunities. However, two case studies from 12 projects from the same companies revealed that all of them had their main focus on risks, and most of the opportunities were left unexploited. We have developed a theoretical explanation model to shed light on this phenomena. The concept is a reflection based on findings from our empirical data up against current project management, uncertainty, risk and stakeholder literature. Our model shows that the threshold for pursuing a potential opportunity is high. If a potential opportunity should be considered, it must be extremely interesting, since it may require contract changes, and the project must abandon an earlier-accepted best solution. Full article
(This article belongs to the Special Issue Project Risk Management: Challenge Established Practice)
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1745 KiB  
Article
Successful Control of Major Project Budgets
by Steen Lichtenberg
Adm. Sci. 2016, 6(3), 8; https://doi.org/10.3390/admsci6030008 - 8 Jul 2016
Cited by 9 | Viewed by 11139
Abstract
This paper differs from scientific papers describing current research. In line with the theme of this special issue, it challenges conventional risk management practice against the background of former research results successfully finished decades ago. It is well-known that conventional practice frequently results [...] Read more.
This paper differs from scientific papers describing current research. In line with the theme of this special issue, it challenges conventional risk management practice against the background of former research results successfully finished decades ago. It is well-known that conventional practice frequently results in budget overruns of large projects. International reviews document that. Severe delays of schedules are also well-known. This paper describes successful research results from almost three decades ago, which successfully challenges this severe problem and has led to new practices. The research involved is an unusual mix: Scandinavian researchers from psychology, statistical theory and engineering economy. The resulting procedure has been widely used since around 1990 and challenges conventional procedures. The procedure is documented to be able to yield statistically correct prognoses, when the “rules of the game” have been correctly followed. After a short summary of the basic situation, this paper summarizes the research, followed by some resulting experiences, focusing on two recent studies each of 40 infrastructures and other major projects. In both sets, the actual final cost largely equaled the expected project cost. This result is a marked change from international past and present experience. Finally, the need for further research and progress is discussed. Full article
(This article belongs to the Special Issue Project Risk Management: Challenge Established Practice)
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Other

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747 KiB  
Concept Paper
Understanding Collaboration in Integrated Forms of Project Delivery by Taking a Risk-Uncertainty Based Perspective
by Derek Walker and Beverley Lloyd-Walker
Adm. Sci. 2016, 6(3), 10; https://doi.org/10.3390/admsci6030010 - 1 Aug 2016
Cited by 13 | Viewed by 8334
Abstract
Background: Cross-discipline team collaboration between the project ownership team, design team and project delivery team is central to effective management of risk, uncertainty and ambiguity. A recently-developed framework that was developed to provide a visualisation tool to enable various project procurement and delivery [...] Read more.
Background: Cross-discipline team collaboration between the project ownership team, design team and project delivery team is central to effective management of risk, uncertainty and ambiguity. A recently-developed framework that was developed to provide a visualisation tool to enable various project procurement and delivery forms has been adapted to answer the research question How can uncertainty best be managed in complex projects? Methods: The research involved reviewing transcribed recorded interviews with 50 subject matter experts that was originally analysed using axial coding with Nvivo 10 software to develop the framework that the paper refers to. It extends analysis to focus on risk and uncertainty previously reported upon in that study. Results and Conclusions: The adaptation presents a hypothetical partnering and alliancing project collaboration map taken from a risk and uncertainty management perspective and it also refines its focus on coping and sensemaking mechanisms to help manage risk-uncertainty in a practical and ‘how to do’ manner. This contributes to theory by extending the relationship based procurement (RBP) framework from taking a purely procurement theory focus to being applied in a risk-uncertainty project management theory domain. It also provides a practice contribution by explaining how the RBP mutation to a collaboration and risk-uncertainty management framework may be applied. Full article
(This article belongs to the Special Issue Project Risk Management: Challenge Established Practice)
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