PROJECT RISK MANAGEMENT: A REVIEW OF AN INSTITUTIONAL PROJECT LIFE CYCLE

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Abstract

This article is a desktop analysis of project risk management involving a project management institutional restructuring. The pragmatic nature of this research allows for the literature review and the document analysis to be integrated and presented as both a descriptive and analytical research. The analysis demonstrates that the project committee did not proactively manage project risk. The restructuring was a change management project, entailing the implementation of many organisational changes, such as restructuring, lay-off of some part of the administrative workforce, adoption of new technology, provision of new approaches to well-established procedures, and implementation of new performance initiative, the process which should have been managed with an effective integrated risk strategy and plan. Analysis of the restructuring project risk management exhibits little evidence of a systematic (computer based or manual) record that should have provided policies, procedures, and structures for managing risk. The article concludes that the restructuring risk process was inadequate and it could not have ensured a successful project. An analysis of the restructuring project risk monitoring and control exhibits a reactive rather than proactive application of risk management procedures. The analysis further indicates that the committee failed to make use of the various project risk management processes, standards, and guidelines. Based on the conclusions, the article recommends that project risk planning, strategy, control, and monitoring should be put in place for future institutional projects. The project management team should also put in place procedures for primary stakeholders engagements, identify and address their nature of interest and power in future risk management projects.

Keywords: Project Management, Risk, Risk Management, Project Lifecycle, Restructuring, Project Success, Project Failure, Risk Standards and Guidelines, Risk Factors

Received: 30.04.2017

Accepted: 16.10.2017

How to cite this paper: Gachie, W. (2017). Project risk management: A review of an institutional project life cycle. Risk Governance and Control: Financial Markets & Institutions, 7(4-1), 163-173. https://doi.org/10.22495/rgc7i4c1art8