Managing Project Risks

Peter J. Edwards, Paulo Vaz Serra, Michael Edwards

• Publisher: Wiley-Blackwell
• Year: 2024
• Print ISBN: 9781394263806
• eBook ISBN: 9781394263820
• Edition: 2
• Topic: Architecture
• Subtopic: Architecture General

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 communication
• A new tool for early-stage project complexity assessment—the stage where uncertainties, and thus threat and opportunity risks, are at their highest level
• A more substantial treatment of planning for crisis response and disaster recovery, taking into consideration climate change and the increasingly prevalent impacts of severe weather phenomena
• More information on strategic risk management, now including public and organizational policy development with respect to risks in projects

Managing 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.

Table of contents

• Cover
• Title Page
• Copyright Page
• Contents
• About the Authors
• Prefaceto the Second Edition
• Preface to the First Edition
• Acknowledgments
• Glossaryof Terms
• Chapter 1 Introduction
• Chapter 2 An Overview of Risk
• Chapter 3 Projects and Project Stakeholders
• Chapter 4 Project Risk Management Systems and Frameworks
• Chapter 5 Project Risk Contexts and Drivers
• Chapter 6 Approach to Project Risk Identification
• Chapter 7 Project Risk Identification Tools
• Chapter 8 Project Risk Analysis and Evaluation
• Chapter 9 Risk Response and Treatment Options
• Chapter 10 Risk Monitoring and Control
• Chapter 11 Project Risk Knowledge Management
• Chapter 12 Cultural Shaping of Risk
• Chapter 13 Project Complexity and Risk
• Chapter 14 Political Risk
• Chapter 15 Planning for Crisis Response and Disaster Recovery
• Chapter 16 Opportunity Risk Management
• Chapter 17 Strategic Risk Management
• Chapter 18 Planning, Building and Maturing a Project Risk Management System
• Chapter 19 Computer Applications
• Chapter 20 Communicating Risk
• Chapter 21 Conclusions
• Case Study A: PPP Correctional Facilities Project
• Case Study B: Rail Improvement Project
• Case Study C: PM Consultant and Government-Aid-Funded Pacific-Rim Project
• Case Study D: High-Capacity Metropolitan Train Mock-up Project
• Case Study E: Hot-Rod Car Project
• Case Study F: Aquatic Theme Park Project
• Case Study G: Risk Governance Guidance Document
• Case Study H: Rise and Fall of a Plumbing Company
• Index
• EULA