Transforming project risk management into project uncertainty management

Transforming project risk management into project uncertainty management

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Article ID: iaor20032759
Country: United Kingdom
Volume: 21
Issue: 2
Start Page Number: 97
End Page Number: 105
Publication Date: Feb 2003
Journal: International Journal of Project Management
Authors: ,
Keywords: risk
Abstract:

This paper argues that all current project risk management processes induce a restricted focus on the management of project uncertainty. In part this is because the term ‘risk’ encourages a threat perspective. In part this is because the term ‘risk’ has become associated with ‘events’ rather than more general sources of significant uncertainty. The paper discusses the reasons for this view, and argues that a focus on ‘uncertainty’ rather than risk could enhance project risk management, providing an important difference in perspective, including, but not limited to, an enhanced focus on opportunity management. The paper outlines how project risk management processes might be modified to facilitate an uncertainty management perspective.

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