Home // International Journal On Advances in Intelligent Systems, volume 8, numbers 1 and 2, 2015 // View article

Centricity in Project Risk Management: New Dimensions for Improved Practice

Authors:
Jose Irizar
Martin Wynn

Keywords: project management; centricity; risk; risk management; risk identification; risk assessment; risk ownership; risk treatment; subjective construct; conceptual model.

Abstract:
Most organisations engage in major projects during their life cycle, and effective project management is increasingly accepted as a necessary competence in larger companies. Nevertheless, a considerable proportion of projects continue to fail to meet their due dates, exceed budget, do not deliver to specification, miss quality standards, or fall short on customer expectations. The effective management of project risk is a major component of this problem, and central to its resolution; and yet the theory of risk management remains relatively undeveloped and its practice is often poorly executed. This paper examines how the concept of centricity can be applied to some key elements of risk management to develop a conceptual framework that highlights some of the shortcomings of current practice and suggests alternative ways forward. The initial results of applying the model in three major projects in the automotive industry are discussed.

Pages: 209 to 218

Copyright: Copyright (c) to authors, 2015. Used with permission.

Publication date: June 30, 2015

Published in: journal

ISSN: 1942-2679