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Risk as a Subjective Construct: Implications for Project Management Practice

Authors:
Jose Irizar
Martin Wynn

Keywords: risk; risk analysis; subjective construct; project management; knowledge management; perception; stakeholders

Abstract:
The management of risk is a key element of all mainstream project management methodologies. It has implications for the effectiveness of the project management process itself, and for the management and communication of knowledge that is an inherent part of that process. There are two main schools of thought regarding project risk management – ‘risk as an objective fact’ and ‘risk as a subjective construct’. The former considers risk as epistemologically probabilistic, whilst risk in the subjective construct perspective allows multiple epistemological dimensions of risk. Here we review how 'risk as a subjective construct' features in existing risk management literature, and how these contributions can be classified or grouped together. The role of risk registers is then reviewed to determine whether this has any relationship with the 'risk as a subjective construct' concept. The paper then reflects upon the authors’ future research programme and the possible implications for project management practice.

Pages: 135 to 142

Copyright: Copyright (c) IARIA, 2013

Publication date: February 24, 2013

Published in: conference

ISSN: 2308-4375

ISBN: 978-1-61208-254-7

Location: Nice, France

Dates: from February 24, 2013 to March 1, 2013