Skip to main content

Project Risk Management

  • Chapter
  • First Online:
An Introduction to Project Modeling and Planning

Part of the book series: Springer Texts in Business and Economics ((STBE))

  • 1526 Accesses

Abstract

Risk management is essential to effective project management. We summarize project risk management and its phases in this Chapter. Project risk items are discussed and building a risk register is addressed. The design of a risk management process is introduced in detail. Qualitative and quantitative risk analysis methods are presented. We explore the application of the decision trees in project risk management. Finally, we present a team discussion case study illustrating the implementation of these concepts.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 54.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 69.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Borgonovo, E., & Plischke, E. (2016). Sensitivity analysis: A review of recent advances. European Journal of Operational Research, 248, 869–887.

    Article  Google Scholar 

  • Brânzei, R., Ferrari, G., Fragnelli, V., & Tijs, S. (2002). Two approaches to the problem of sharing delay costs in joint projects. Annals of Operations Research, 109(1–4), 359–374.

    Article  Google Scholar 

  • Chapman, R. J. (2001). The controlling influences on effective risk identification and assessment for construction design management. International Journal of Project Management, 19(3), 147–160.

    Article  Google Scholar 

  • Choi, T. M., Chan, H. K., & Yue, X. (2017). Recent development in big data analytics for business operations and risk management. IEEE Transactions on Cybernetics, 47(1), 81–92.

    Article  Google Scholar 

  • Cooper, D., Bosnich, P., Grey, S., Raymond, G., Purdy, G., Walker, P., & Wood, M. (2014). Project risk management guidelines: Managing risk with ISO 31000 and IEC 62198. New York: Wiley.

    Google Scholar 

  • Graves, R. (2000) Qualitative risk assessment. PM Network, October: 61–66.

    Google Scholar 

  • Herroelen, W. (2014). A risk integrated methodology for project planning under uncertainty. In P. S. Pulat, S. Sarin, & R. Uzsoy (Eds.), Essays in planning, scheduling and optimization: A festschrift in honor of Prof. S. E. Elmaghraby (pp. 203–217). Boston: Springer.

    Chapter  Google Scholar 

  • Hillson, D. (2002). Use a risk breakdown structure (RBS) to understand your risks (Paper presented at Project Management Institute Annual Seminars and Symposium, San Antonio, TX). Newtown Square: Project Management Institute.

    Google Scholar 

  • Hillson, D., Grimaldi, S., & Rafele, C. (2006). Managing project risks using a cross risk breakdown matrix. Risk Management, 8(1), 61–76.

    Article  Google Scholar 

  • Hu, Y., Du, J., Zhang, X., Hao, X., Ngai, E. W. T., Fan, M., & Liu, M. (2013). An integrative framework for intelligent software project risk planning. Decision Support Systems, 55(4), 927–937.

    Article  Google Scholar 

  • Kangari, R., & Boyer, L. T. (1989). Risk management by expert systems. Project Management Journal, 20(1), 40–45.

    Google Scholar 

  • Komendantova, N., Patt, A., Barras, L., & Battaglini, A. (2012). Perception of risks in renewable energy projects: The case of concentrated solar power in North Africa. Energy Policy, 40, 103–109.

    Article  Google Scholar 

  • Krane, H. P., Rolstadås, A., & Olsson, N. O. (2010). Categorizing risks in seven large projects-which risks do the projects focus on? Project Management Journal, 41(1), 81–86.

    Article  Google Scholar 

  • Larson, E. W., & Gray, C. F. (2014). Project management. The managerial process (6th ed.). New York: McGraw Hill.

    Google Scholar 

  • Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014). Project risk management methodology for small firms. International Journal of Project Management, 32(2), 327–340.

    Article  Google Scholar 

  • Olsson, N. O., & Bull-Berg, H. (2015). Use of big data in project evaluations. International Journal of Managing Projects in Business, 8(3), 491–512.

    Article  Google Scholar 

  • Patterson, F. D., & Neailey, K. (2002). A risk register database system to aid the management of project risk. International Journal of Project Management, 20, 365–374.

    Article  Google Scholar 

  • PMI. (2009). Practice standard for project risk management. Newtown Square: Project Management Institute. ISBN: 978-1-933890-38-8.

    Google Scholar 

  • PMI. (2013). A guide to the project management body of knowledge (PMBOK®guide) (5th ed.). Newtown Square: Project Management Institute.

    Google Scholar 

  • Rees, M. (2015). Business risk and simulation modelling in practice: Using excel, VBA and@ RISK. Singapore: Wiley.

    Book  Google Scholar 

  • Sanchez-Cazorla, A., Alfalla-Luque, R., & Irimia-Dieguez, A. I. (2016). Risk identification in megaprojects as a crucial phase of risk management: A literature review. Project Management Journal, 47(6), 75–93.

    Article  Google Scholar 

  • Wideman, R. M. (Ed.). (1992). Project and program risk management: A guide to managing project risks and opportunities. Newtown Square: Project Management Institute.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Rights and permissions

Reprints and permissions

Copyright information

© 2021 Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Ulusoy, G., Hazır, Ö. (2021). Project Risk Management. In: An Introduction to Project Modeling and Planning. Springer Texts in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-61423-2_11

Download citation

Publish with us

Policies and ethics