Managing Project Risks

AvPeter J. Edwards,Paulo Vaz Serra

Inbunden, Engelska, 2025

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Beskrivning

A comprehensive and highly practical overview of project risk management emphasising pragmatic solutions and user-friendly methods without advanced mathematical techniques Managing Project Risks provides a comprehensive treatment of project risk management, offering a systematic but easy-to-follow approach. This book explores critical topics that influence how risks are managed, but which are rarely found in other books, including risk knowledge management, cultural risk-shaping, project complexity, political risks, and strategic risk management. The book commences with foundational concepts, providing an overview of risk, project definitions, project stakeholders, and risk management systems. Subsequent chapters explore the core processes of project risk management, including risk identification, analysis, evaluation, response strategies, and risk monitoring and control. Additional topics include risk knowledge management, the influence of culture on risk, political risks in projects, and relevant software applications. Experienced readers may choose to navigate directly to the later chapters, which focus on strategic risk management and offer recommendations for planning, building, and maturing a project risk management system. Throughout, the authors impart a practical approach that does not rely on high level expertise or advanced mathematical techniques; the emphasis remains on pragmatic solutions, user-friendly techniques, and reliable communication, enabling readers to seamlessly integrate theory into practice. Updates to the newly revised Second Edition of Managing Project Risks include: Additional tools and techniques for risk identification and an expanded treatment of risk communicationA new tool for early-stage project complexity assessment—the stage where uncertainties, and thus threat and opportunity risks, are at their highest levelA more substantial treatment of planning for crisis response and disaster recovery, taking into consideration climate change and the increasingly prevalent impacts of severe weather phenomenaMore information on strategic risk management, now including public and organizational policy development with respect to risks in projectsManaging Project Risks is an essential resource for practitioners of project management across architecture, construction, engineering, and technology disciplines, for undergraduate and postgraduate students, and for public and private sector stakeholders involved in decision-making and policy development. It is useful wherever project-driven activities are undertaken.

Produktinformation

Utgivningsdatum:2025-02-13
Mått:176 x 250 x 35 mm
Vikt:992 g
Format:Inbunden
Språk:Engelska
Antal sidor:512
Upplaga:2
Förlag:John Wiley & Sons Inc
ISBN:9781394263806

Utforska kategorier

Projektledning inom Ekonomi och Ledarskap

Mer om författaren

Peter J. Edwards, PhD, is an Emeritus Professor at RMIT University in Melbourne, Australia and continues to be active in research and writing in his retirement. Paulo Vaz Serra, PhD, is a civil engineer with more than 20 years of experience in the construction industry, public and private, and operational research and development in Europe. He is a Senior Lecturer at the University of Melbourne, Australia. Michael Edwards, BSc, has more than 20 years of experience initiating and managing projects in a large department of the Australian federal government.

Innehållsförteckning

About the Authors xviiPreface to the Second Edition xviiiPreface to the First Edition xixAcknowledgments xxiGlossary of Terms xxii1 Introduction 11.1 Introduction 11.2 The Project Perspective 11.3 The Project Stakeholder Perspective 21.4 Overview of Contents 31.5 Limitations Caveat 52 An Overview of Risk 72.1 Chapter Introduction 72.2 Risk Definitions 72.3 Threat and Opportunity 92.4 Risk and Uncertainty 112.4.1 Uncertainties in the Type of Risk Trigger Events 142.4.2 Uncertainties in the Occurrence of Risk Events 142.4.3 Uncertainties in the Period of Exposure to Risk Events 142.4.4 Uncertainty in the Type of Consequences of Risk Events 152.4.5 Uncertainty in the Magnitude of Risk Consequences 152.4.6 Uncertainty in Periods of Exposure to Risk Consequences 162.5 The Dynamic Nature of Risk 172.6 Psychology and Perceptions of Risk 172.7 Risk Awareness 182.8 Classifying Risk 192.8.1 A Generic Source Event Risk Classification System 202.8.2 Natural Systems Risks 212.8.3 Human Risks 222.8.4 Risk Classification Based on Organisational Structure 252.8.5 Risk Classification Based on Project Phases 262.8.6 Customised Hybrid Approaches to Risk Classification 262.8.7 Multisystem Risk Classification 282.9 Risk Communication 282.10 Chapter Summary 29References 303 Projects and Project Stakeholders 313.1 Introduction 313.2 The Nature of Projects 313.3 Project Objectives 323.3.1 Procurement Objectives 333.3.2 Operational Objectives 353.3.3 Strategic Objectives 363.4 Project Phases 393.5 Composition of Projects 413.6 Processes of Project Implementation 433.6.1 IT Project Example 443.6.2 Ideation and Concept Development 443.6.3 Project Development Stage 453.6.4 Project Deployment and Operation 463.6.5 Operational Maintenance 463.7 Organisational Structures for Projects 463.8 Project Stakeholder Relationships 473.9 Stakeholder Organisational Structures 553.9.1 Simple Structures 553.9.2 Machine Bureaucracies 553.9.3 Professional Bureaucracies 573.9.4 Divisionalised Forms 593.9.5 Adhocracies 603.10 Modes of Organisational Management 613.11 Project Stakeholder Decision-Making 623.12 ‘Risky’ Projects 663.13 Chapter Summary 68References 684 Project Risk Management Systems and Frameworks 694.1 Chapter Introduction 694.2 Risk Management 704.3 Risk Management Systems 724.4 Risk Management Standards and Guides 734.5 A Cycle of Systematic Project Risk Management 754.5.1 A: Establish the Context 774.5.2 B 1 : Identify Risks 774.5.3 B 2 : Analyse Risks 784.5.4 B 3 : Evaluate Risks 784.5.5 C: Respond to Risks 784.5.6 D: Monitor and Control Risks 794.5.7 E: Capture Project Risk Knowledge 794.6 Project Stages and Risk Management Workshops 804.6.1 Construction Project Example 804.6.2 The DB Design-Bid Stage 824.6.3 The DB Build Stage 834.6.4 IT Project Example 844.7 A Project Risk Register Template 864.8 RMS Integration 894.9 RM Governance and Responsibility 894.10 Joint Venture RMS 894.11 Project Client RM Requirements 904.12 Chapter Summary 90References 915 Project Risk Contexts and Drivers 935.1 Chapter Introduction 935.2 The Contextualising Process 945.3 Internal Contexts as Risk Drivers 955.4 External Contexts as Risk Drivers 975.4.1 Physical Contexts 995.4.2 Technical Contexts 1005.4.3 Economic Contexts 1005.4.4 Social Contexts 1015.5 Using Contextual Information 1025.6 Chapter Summary 104Reference 1046 Approach to Project Risk Identification 1056.1 Chapter Introduction 1056.2 Approach to Risk Identification 1066.3 Workshop Timing 1076.4 Types of Risk Identification Techniques 1126.4.1 Activity-Related Techniques 1146.4.2 Analytical Techniques 1146.4.3 Associated Representative Techniques 1156.4.4 Functional Value-Related Technique 1166.4.5 Matrix Combinations 1176.4.6 Simulation or Visualisation Techniques 1176.4.7 Speculation Techniques 1176.4.8 Structural or Management Techniques 1186.5 Chapter Summary 119Reference 1197 Project Risk Identification Tools 1217.1 Chapter Introduction 1217.2 Activity-Related Tools 1227.2.1 Work Breakdown Structures 1227.2.2 Bar Charts 1267.2.3 Critical Path Networks 1277.3 Analytical Tools 1307.3.1 Decision Tree Analysis 1317.3.2 Event Tree Analysis 1337.3.3 Fault Tree Analysis 1347.3.4 Failure Modes and Effects Criticality Analysis 1357.3.5 Hazard and Operability Studies (HAZOPS) 1367.3.6 Safety Hazard Analysis (SHA) 1387.4 Associated Representative Tools 1417.4.1 Contextualisation 1417.4.2 Checklists 1427.4.3 Financially Related Tools 1447.4.4 Procedural Manuals Tools 1447.4.5 Design/Cost Related 1487.4.6 Risk Related 1507.5 Matrix Combinations Tools 1527.6 Simulation or Visualisation Tools 1557.7 Speculation Tools 1577.7.1 Scenario Testing 1577.7.2 Stress Testing 1587.8 Structural or Management Tools 1597.9 Risk Identification Statements 1597.10 Chapter Summary 162References 1638 Project Risk Analysis and Evaluation 1658.1 Chapter Introduction 1658.2 Qualitative Analysis 1678.3 Assessing Likelihood 1688.4 Assessing Impacts 1718.5 Evaluating Risk Severity 1728.6 Quantitative Analysis 1758.7 Risk Mapping 1838.8 Chapter Summary 184Reference 1869 Risk Response and Treatment Options 1879.1 Chapter Introduction 1879.2 Risk Attitudes and Appetites 1889.3 Existing Risk Controls 1919.4 Risk Response Options 1929.4.1 Risk Avoidance 1929.4.2 Risk Transfer 1949.4.3 Risk Reduction and Retention 1969.4.4 Risk Retention 1979.4.5 Combination Responses to Risk 1979.5 Risk Treatment Options 1989.6 Risk Mitigation Principles 2009.7 Strategic use of ALARP 2019.8 Re-assessment 2029.9 Recording Decisions 2029.10 Chapter Summary 203References 20310 Risk Monitoring and Control 20510.1 Chapter Introduction 20510.2 Assigning Responsibility 20610.3 Monitoring Procedures 20910.3.1 Negligible Risks 21010.3.2 Low Risks 21010.3.3 Medium Risks 21010.3.4 High Risks 21010.3.5 Extreme Risks 21110.4 Control Measures 21110.4.1 Negligible Risks 21210.4.2 Low Risks 21210.4.3 Medium Risks 21210.4.4 High Risks 21210.4.5 Extreme Risks 21210.5 Reporting Processes 21410.6 Dealing with New Risks 21510.7 Disaster Planning and Recovery 21510.8 Capturing Project Risk Knowledge 21610.9 Chapter Summary 21711 Project Risk Knowledge Management 21911.1 Chapter Introduction 21911.2 Knowledge Definitions and Types 22111.2.1 Knowledge Transformation 22111.2.2 Types and Forms of Knowledge 22311.2.3 Organisational Culture and Knowledge Management 22311.3 The Knowledge Creation Cycle 22411.3.1 Stage 1 (Tacit to Tacit): Use and Validate 22511.3.2 Stage 2 (Tacit to Explicit): Identify and Capture 22511.3.3 Stage 3 (Explicit to Explicit): Codify and Store 22511.3.4 Stage 4 (Explicit to Tacit): Share and Update 22611.3.5 Using and Validating Knowledge 22611.3.6 Identifying and Capturing Knowledge 22711.3.7 Codifying and Storing Knowledge 22811.3.8 Sharing and Updating Knowledge 22911.4 Additional Issues of Organisational Culture 23011.4.1 KMS Alignment and Information Redundancy 23111.4.2 Tools and Techniques for Eliciting Risk Knowledge 23111.4.3 Brainstorming Sessions 23311.4.4 Storytelling 23311.4.5 Communities of Practice 23311.4.6 Networking 23411.4.7 Project Reviews, Project Debriefings and ‘Lessons Learned’ 23411.4.8 Mentoring and Apprenticeships 23511.4.9 Induction and Training Courses 23511.4.10 Workplace Design 23511.4.11 People Finders 23511.4.12 Intranets and IT Platforms 23511.4.13 Internet Search Engines and Alerting Services 23611.4.14 Organisational Culture 23611.4.15 PRMS-Related Tools 23611.4.16 Developing Organisational Risk Wisdom 23711.5 Project and ORR Architecture 23711.5.1 Capturing Project Risk Experiences 23811.5.2 PRRs 23911.5.3 Beyond the Project Level is the ORR 24011.6 Challenges for Implementing RKMSs 24211.6.1 Issues Relating to Knowledge Itself 24211.6.2 Storing, Accessing and Using Knowledge 24211.6.3 Knowledge System Development and Implementation Costs 24311.6.4 Concern with Financial Issues and Return on Investment 24411.6.5 Concern with Time Management and ‘Unproductive Tasks’ 24411.7 Communication and Risk Knowledge Management 24611.8 Ai 24711.9 Chapter Summary 249References 24912 Cultural Shaping of Risk 25112.1 Chapter Introduction 25112.2 Culture in Society 25212.3 Organisational Cultures 25312.3.1 Organisational Scans 25612.3.2 The Organisational Scanning Process 25912.4 External Cultures as Project Risk-Shapers 26012.4.1 Media Scans 26012.5 Organisational Cultures of Other Project Stakeholders 26112.6 Applying Cultural Shaping in Project Risk Management 26212.7 Chapter Summary 266Reference 26713 Project Complexity and Risk 26913.1 Chapter Introduction 26913.2 The Concept of Complexity 26913.2.1 Differentiation 27213.2.2 Inter-dependency 27413.3 Relative Complexity 27613.4 Uncertainty and Project Complexity 27813.5 An Early-Stage Project Complexity Assessment Tool 28013.6 Identifying and Mapping Complexity 28413.7 Influence of Complexity on Risk Management 28513.8 Complexity and Mega-Projects 28613.9 Chapter Summary 288References 28914 Political Risk 29114.1 Chapter Introduction 29114.2 Political Spheres 29314.3 Dimensions of Political Risk Factors 29314.4 Examples of Political Risks 29514.5 Political Stakeholders 29814.6 Managing Political Risks 29814.6.1 Contextualising 29814.6.2 Identifying Political Risks 30014.6.3 Analysing and Assessing Political Risks 30014.6.4 Responding to Political Risks 30114.6.5 Monitoring and Controlling Political Risks 30214.6.6 Knowledge Capture 30214.6.7 In-House Political Risks 30214.7 More Extreme Political Threat Risks 30314.8 Professional Misconduct 30414.9 Corruption 30514.9.1 Conflict of Interest 30814.10 Chapter Summary 309References 31015 Planning for Crisis Response and Disaster Recovery 31315.1 Chapter Introduction 31315.1.1 Crisis 31315.1.2 Disaster 31415.2 Crises 31415.2.1 Snowy Hydro 2 Scheme 31515.2.2 COVID-19 Pandemic 31615.2.3 Australian Housing Crisis 31815.2.4 Australian Telco Crises 31915.3 Disasters 31915.3.1 Whakaari White Island Disaster 32015.3.2 Floods and Fires 32115.3.3 Asylum Seeker Disasters 32115.4 Planning for Crisis Response and Disaster Recovery 32215.4.1 Strategic Management 32215.4.2 Strategic Planning Management 32515.4.3 The Champlain Towers Disaster 32515.4.4 Leadership and Management Control 32715.4.5 Regulatory Environments 32815.4.6 Human Resource Management 32915.4.7 Resources Management 32915.4.8 Utilities and Services 33015.4.9 Security and Crime 33115.4.10 Health Services Management 33215.4.11 Environment 33215.4.12 Cross-border Co-operation and Management 33215.4.13 Communications Management 33315.5 Risk Management for Crisis Response and Disaster Recovery Planning 33315.6 Chapter Summary 334References 33416 Opportunity Risk Management 33516.1 Chapter Introduction 33516.2 Concept of Opportunity Risk 33616.3 Opportunity Risk in Projects 33816.4 Examples of Opportunity Risks 33916.4.1 IT Brand Product Personalisation Service 33916.4.2 Botanic Gardens Special Display Project 33916.4.3 Case Study A (PPP Correctional Facility) 34016.4.4 Case Study C (Aid-Funded Pacific Rim Island Civic Project) 34016.5 Managing Opportunity Risks 34116.5.1 Implications for Personnel 34116.5.1.1 SP1: Exchanging Ideas Too Early and Too Often Hinders Their Diversity and Potential to Innovate 34216.5.1.2 SP2: The Workplace Should Promote Absurdity 34216.5.1.3 SP4: Adversities Are Worth Keeping, Even Introduced, in the Workplace to Promote Innovation 34316.5.1.4 Artificial Intelligence (AI) 34316.5.1.5 Implications for the Project RMS 34416.5.1.6 Context Establishment 34416.5.1.7 Risk Identification 34416.5.1.8 Risk Statements 34516.5.1.9 Risk Analysis 34516.5.1.10 Risk Evaluation 34616.5.1.11 Risk Response 34616.5.1.12 Monitoring and Control 35016.5.1.13 Knowledge Capture 35016.6 Chapter Summary 350References 35117 Strategic Risk Management 35317.1 Chapter Introduction 35317.2 Strategic Issues for Project Risk Management 35517.2.1 Project Risk Management System (PRMS) Implementation 35617.2.2 System Separation/Integration 35817.2.3 System Inception 35917.2.4 Initial System Application 35917.2.5 Roles and Responsibilities 36017.2.6 PRMS Process Approach 36117.2.7 Risk Knowledge Management 36317.2.8 PRMS Maintenance and Development 36417.2.9 Crisis Response and Disaster Preparedness 36417.3 PRMS Process Strategies 36617.3.1 Project Contextualisation 36617.3.2 Project Risk Identification Strategies 36717.3.3 Quantitative and Qualitative Risk Analysis Strategies 36717.3.4 Risk Response and Treatment Strategies 36917.3.5 Risk Monitoring and Control Strategies 36917.3.6 Risk Knowledge Capture Strategies 37017.4 Chapter Summary 370References 37018 Planning, Building and Maturing a Project Risk Management System 37118.1 Chapter Introduction 37118.2 PRMS Objectives 37218.3 Planning and Designing the PRMS 37318.3.1 Planning the PRMS 37318.3.2 Designing the System 37418.4 Risk Management Maturity 37618.4.1 Level 1 PRMS Maturity (Mostly Unaware) 37618.4.2 Level 2 PRMS Maturity (Starting) 37718.4.3 Level 3 PRMS Maturity (Growing) 37918.4.4 Level 4 RM Maturity (Maturing) 38018.5 Building the PRMS 38218.5.1 Organising the PRMS Project 38218.5.2 PRMS Specialists 38218.5.3 System-Building Tasks 38318.5.4 Component Testing 38418.5.5 PRMS Trials 38518.5.6 PRMS Roll-Out 38518.6 PRMS Performance Review and Improvement Cycle 38618.6.1 Review Criteria 38718.6.2 System Benchmarking 39018.6.3 Addressing System Decay 39118.6.4 Review Frequency 39218.7 Chapter Summary 392References 39219 Computer Applications 39519.1 Chapter Introduction 39519.2 PRMS Software Applications 39619.2.1 Tables and Matrices 39619.2.2 Spreadsheets 39819.2.3 Project Management Systems 40019.2.4 Bespoke RKMS 40119.3 Other Information Technologies and Tools 40119.3.1 Simulation Systems 40119.3.2 Smart Sensors 40219.3.3 Aerial Drones 40219.3.4 Building Information Modelling 40319.4 Chapter Summary 40320 Communicating Risk 40520.1 Chapter Introduction 40520.2 Communication Theory and Models 40620.2.1 Other Theory Elements of the Model 40620.2.2 Processes in the Model 40820.3 Components in the Communication Process 40920.3.1 Senders 40920.3.2 Receivers 40920.3.3 Messages 40920.3.4 Media 41020.3.5 Channels 41120.3.6 Relays 41120.3.7 Filters 41220.3.8 Interference 41220.3.9 Feedback 41320.4 Communicating Risk in the PRMS Cycle 41320.5 Communicating Project Risk Beyond the Project Stakeholder Organisations 41520.5.1 Promotional Announcements 41520.5.2 Communicating Risk in Adverse or Challenging Environments 41520.5.3 Social Amplification of Risk 41520.5.4 Social Licence 41620.5.5 Communication in Extensive Advisory Loops 41720.6 Evaluating Risk Communication 41720.7 Chapter Summary 418References 41921 Conclusions 42121.1 Chapter Introduction 42121.2 Current State of Project Risk Management 42221.2.1 Changes in Business Conditions 42321.2.2 More Serious Risk Impacts and Consequences 42321.2.3 Public Expectations and Regulations 42321.2.4 Publication of Standards and Texts 42421.2.5 Psycho-Social Emphases 42421.2.6 Tertiary Curriculum Changes 42421.2.7 Continuing Issues with Contemporary PRMS 42421.3 Future Project Risk Management 42521.4 Checking Your Reading Satisfaction 42721.4.1 Risk 42721.4.2 Projects 42821.4.3 Prms 42821.4.4 Risk Contexts 42921.4.5 Risk Identification 42921.4.6 Risk Assessment 43021.4.7 Risk Response 43021.4.8 Risk Monitoring and Control 43121.4.9 Risk Knowledge Management 43121.4.10 Risk and Culture 43121.4.11 Complexity 43221.4.12 Political Risk 43221.4.13 Planning for Crisis Response and Disaster Recovery 43321.4.14 Opportunity Risk 43321.4.15 Strategic Risk Management 43321.4.16 Building and Maturing a PRMS 43421.4.17 Computer Applications 43421.4.18 Communicating Risk 43521.4.19 Case Studies 43521.5 Closing Remarks 436Case Study A: PPP Correctional Facilities Project 439Case Study B: Rail Improvement Project 449Case Study C: PM Consultant and Government-Aid-Funded Pacific-Rim Project 455Case Study D: High-Capacity Metropolitan Train Mock-up Project 461Case Study E: Hot-Rod Car Project 463Case Study F: Aquatic Theme Park Project 467Case Study G: Risk Governance Guidance Document 471Case Study H: Rise and Fall of a Plumbing Company 477Index 483