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The nature of risk in complex projects

Williams, T. M. (Terry M.)

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Abstract

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, motivations of project actors, and socio-political project complexities as well as intra-connectedness and feedback. Common practice based upon decomposition-type methods is shown often to point to the wrong risks. A complexity structure is used to identify systemicity and draws lessons about key risks. We describe how to analyse the systemic nature of risk, and how contractor / client can understand ramifications of their actions.

Journal Article Type Article
Publication Date Aug 1, 2017
Journal Project management journal
Print ISSN 8756-9728
Electronic ISSN 1938-9507
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 48
Issue 4
Pages 55-66
Institution Citation Williams, T. (2017). The nature of risk in complex projects. Project management journal, 48(4), 55-66
Keywords Complexity, Systems thinking, Risk, Project risk analysis, Mapping
Publisher URL https://www.pmi.org/learning/library/nature-risk-complex-projects-10886
Additional Information Copy of article first published in: Project management journal, 2017, v.48, issue 4

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Copyright Statement
© 2017 by the Project Management Institute




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