The nature of risk in complex projects

Williams, Terry

Abstract

© 2017 Project Management Institute, Inc. 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 sociopolitical 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.

Citation

Williams, T. (2017). The nature of risk in complex projects. Project management journal, 48(4), 55-66. https://doi.org/10.1177/875697281704800405

• Journal Article Type: Article
• Acceptance Date: Feb 27, 2017
• Online Publication Date: Aug 1, 2021
• Publication Date: Aug 1, 2017
• Deposit Date: May 3, 2017
• Publicly Available 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
• DOI: https://doi.org/10.1177/875697281704800405
• Keywords: Complexity; Systems thinking; Risk; Project risk analysis; Mapping
• Public URL: https://hull-repository.worktribe.com/output/450935
• 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