Two schools of risk analysis

Risk research can be generally categorized into two schools: risk as an objective and risk as a subjective construction. Both schools have different risk definitions, epistemological dimensions, and analytical methods, and tend to recommend different policies for managing risks. This study aims to locate the position of past studies on project risk found between the two schools of risk analysis and to help understand their basic assumptions and viewpoints by reviewing articles published during the last 10 years in two project management journals: the International Journal of Project Management and Project Management Journal. There are 171 articles collected from both journals. They are categorized into four groups: project management system, subjective perception, irrational behavior in risk management, and subjective construction.