The Nature Of Risk In Complex Projects

Risk analysis is important for complex projects; however, systemicity makes evaluating risk in real projects difficult. Looking at the causal structure of risks is a start, but causal chains need to include management actions, the motivations of project actors, and socio-political project complexities as well as intra-connectedness and feedback. Common practice based upon decomposition-type methods is often shown to point to the wrong risks. A complexity structure is used to identify systemicity and draws lessons about key risks. We describe how to analyze the systemic nature of risk and how the contractor and client can understand the ramifications of their actions.
member content locked

Log in or join PMI to gain access

or Join

Advertisement

Advertisement

Related Content

  • PM Network

    Risk Ready member content locked

    As the speed of business change accelerates, even the most storied organizations are injecting digital transformation into their organizational DNA. With so much change, risk management has moved…

  • PM Network

    Raise the Roof member content locked

    A serious labor shortage is threatening to slow housing projects across the United States. In May, builders reported shortages in 12 of 16 labor categories, with carpenters, framing crews,…

  • PM Network

    Stage Fright member content locked

    By Fister Gale, Sarah The show must go on. Now more than ever, this mantra applies to large events, where organizers invest heavily to entertain the masses for days or weeks. Yet as attendance at massive music and…

  • PM Network

    Panoramic Precision member content locked

    The project was as ambitious as the artwork is gargantuan. Five years ago, the Atlanta History Center launched a privately funded US$35 million initiative to restore and relocate The Battle of…

  • PM Network

    Silver Linings member content locked

    By Alderton, Matt Project failure comes in all shapes and sizes. Mexico City's US$13 billion airport project was canceled in October 2018 even though 37 percent of the work already had been completed. And in February…

Advertisement

Publishing or acceptance of an advertisement is neither a guarantee nor endorsement of the advertiser's product or service. View advertising policy.