project risk management case study

given the socio-economic importance of smes and their need to manage risks to ensure the success of their strategic and innovative projects, this research aims to investigate how to adopt prm in smes with a positive cost–benefit ratio. moreover, this paper depicts the enabling and hindering factors for smes to successfully adopt prm with a positive cost–benefit ratio, to projects with different features and in different types of industries. rm helps to achieve project objectives in a much more efficient way as it facilitates the proactive management of problems and the maximization of benefits if opportunities materialize (elkington and smallman, 2002; borge, 2002). there are other studies about risk identification and their management in this area, including the one of sharif et al. to this extent, a specific empirical framework proposed by lima and verbano (2019) for analysing multiple cases of prm adoption in smes was used since it is the only one available in literature in order to analyse cases with objectives similar to the ones in this study. the project was the unit of analysis of the research, and three characteristics were necessary to fit the selection criteria: a project with prm implementation; a cost–benefit ratio of prm adoption higher than 1 and a project developed in an sme. the main goal of a within-case analysis is to describe, understand and explain what has happened in the single case (miles et al., 1994). it has been emerged that in only 40% of cases interviews with experts were conducted and in 20% of the projects swot analysis, fmea, 5 whys and root-cause analysis tools were used. in the final section of the interview, the main outcomes and evidence of the prm process were discussed. a consultant with prm experience in the micro and small company and a project manager with significant prm experience were crucial for achieving very high benefits. this feature, together with the prm knowledge of the people involved in the project, led to a better project control (budget, project performance and lower risk impact). in most of the cases considered in this study, no meetings to discuss the lessons learned were held, and therefore no methods for systematic risk analysis were created.




except for the risk revaluation activity in the risk monitor and control phase, in the projects of clusters 2a and 2b, additional activities common to all projects inside the cluster were followed. furthermore, prm adopted led to different type and level of outcomes and benefits, as emerged in the three clusters analysed. it is assumed in the pmbok that prm creates value for project outcomes, thereby increasing the probability of project success and strategic benefits (willumsen et al., 2019). (2007), “‘cultural’ differences in project risk perception: an empirical comparison of china and canada”, international journal of project management, vol. 25-32. elkington, p. and smallman, c. (2002), “managing project risks: a case study from the utilities sector”, international journal of project management, vol. (2017), “a framework to assist in the analysis of risks and rewards of adopting bim for smes in the uk”, journal of civil engineering and management, vol. 896-911. liu, j., meng, f. and fellows, r. (2015), “an exploratory study of understanding project risk management from the perspective of national culture”, international journal of project management, vol. (2017), “framework for risk management software system for smes in the engineering construction sector”, procedia manufacturing, vol. (2015), “an integrated management approach of the project and project risks”, ifac-papersonline, vol. (2009), “entropic risk analysis by a high level decision support system for construction smes”, journal of computing in civil engineering, vol. (2010), “project management in small to medium-sized enterprises: matching processes to the nature of the firm”, international journal of project management, vol. 731-749. xia, n., zou, p., griffin, m.a., wang, x. and zhong, r. (2018), “towards integrating construction risk management and stakeholder management: a systematic literature review and future research agendas”, international journal of project management, vol.

the aim of this study is to analyze the application of risk management in the toll road project from stakeholders’ perception, such as contractor, owner, design consultant, supervisory consultant, and community surrounding the project. the overall results of risk analysis show various risks as perceived by each stakeholder due to different roles and interests in the project. toll risk lead to the failure in recovery of construction cost. from the investor point of view, the most risk in toll road projects is related to land acquisition. risk analysis aims to determine from the beginning of the possibility of losses and benefits.

in this case, the risk perceptions of the stakeholders are from contractors, owners, design consultant, supervisory consultants, and community surrounding the project. risk probability and risk impact are used to calculate the risk level of risks. the most significant risk is in the phase of land acquisition [12]. the risk categories are economic risk, contract and legal risks, construction risk, risk of income, risk of operation and maintenance, political risk, social risk, and force majeure risk. for the owner, the economic risk is the risk of income. the risk categories in this project are economic risk, contract and legal risks, construction risk, risk of income, risk of operation and maintenance, political risk, social risk, and force majeure risk.

this paper presents the developed risk management methodology and the main risk management results of a pilot project in a. this paper presents the developed risk management methodology and the main risk management results of a pilot project in a portuguese electric energy decision-oriented case studies are structured and written from the viewpoint the practice standard for project risk management published by the project, project risk management case study questions and answers, construction project risk management case study, risk management case study with solution pdf, risk management case study topics, risk management case study topics.

this study presents an exploratory and explanatory research conducted through multiple-case studies involving 10 projects performed in the aim of this study is to analyze the application of risk management in the toll road project from stakeholders’ perception, such as the first question that someone uninitiated in the joys of project management might ask is, “what is risk management and why is it required on projects?” the, project risk management case study pdf, case study on risk management pdf.

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