Project Management Institute

Two schools of risk analysis

a review of past research on project risk

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.
member content locked

Log in or join PMI to gain access

or Join

Advertisement

Advertisement

Related Content

  • PM Network

    Trees of Life

    By Hendershot, Steve The world needs more trees—and a lot of them—to stem the damage wrought by mass deforestation. Brazil alone is destroying the equivalent of three football pitches per minute in the Amazon rainforest…

  • PM Network

    Rising Risks

    By Nilsson, Ryan For as long as humans have been building cities, they have migrated toward the coasts -- for food, ease of transportation and any number of ecological benefits. Today, it's estimated that more than…

  • PM Network

    Playing with Fire

    By Jones, Tegan With the coastline of an entire continent burning, a scorched-earth urgency had teams across Australia racing to control the damage. Between September 2019 and January 2020, bushfires ravaged…

  • PM Network

    From the Rubble

    By Thomas, Jennifer Puerto Rico's infrastructure woes began long ago. But a series of earthquakes this year coupled with hurricanes Irma and Maria in 2017—which racked upUS$139 billion in damage—exacerbated the U.S.…

  • PM Network

    Trading Transformed?

    Blockchain—the technology that made cryptocurrency mainstream—is now entering the U.S. stock market. In November, the U.S. Securities and Exchange Commission approved a pilot project to use…

Advertisement