This research studies the six strategies of Project Risk Management defined by a Guide to Project Management Body of Knowledge (PMBOK) issued by U.S. Project Management Institute (PMI), the model of risk management invented by Boehm in 1991, and an enterprise architecture tool. As a result, this research comes out Architecture-Oriented Project Risk Management Model, abbreviated as AOPRMM, which emphasizes structure behavior coalescence within an organization. AOPRMM thoroughly describe the organization¡¦s integrity and the services provided by various structure elements. Moreover, AOPRMM is able to demonstrate the relationship of interaction among structure elements. Currently, most risk management models are categorized into the process-oriented approach. This research utilizes architecture-oriented as a new approach for modeling the project risk management. The model used in our approach is compared with those such as standard model of ISO 31000, standard model of New Zealand, and standard model of Taiwanese government. The result of this research shows that AOPRMM could help project managers master the whole project in a short period of time, implement the project easily, and lower the cost. By applying AOPRMM, the industries could regulate standard operations, and clarify the responsibility and authority in order to implement the project risk management successfully. This research achieves a beneficial model and knowledge for the project risk management. This accomplishment may be valuable for the business and academic circles to follow and refer.

<p><strong>This thesis presents a generic framework for project managers and/or other stakeholders to assist them in qualitatively assessing and evaluating project risks. The main structure of this framework is constructed based on risk management area in PMBOK (Project Management Body of Knowledge) standard. Additionally, different best practices and methods in the field of risk management and decision making are studied and embedded in the framework. In spite of being theoretical in nature, the framework can contribute to the project risk management area developed by PMBOK, opening the possibility of further research for its verification.</strong></p>

Increased competition, rapidly changing technology and customer expectations have caused the innovation process to become more complex and uncertain. This study examines the possible benefits of integrating some of the concepts of risk management into the innovation project. However, adopting rigorous risk management at every stage of the innovation process could be costly: some risk management could be valuable, but too much, or inappropriate risk management might stifle innovation. There are many separate models for innovation and risk management. This study develops a combined theoretical model which aims to help the understanding of appropriate risk management in innovation. The theoretical model is based on the classic innovation process but emphasises critical decision points and information needs at various stages, with various possible contributions from risk management. The stage-gate innovation process model, with its emphasis on decisions, provides a basis for incorporating risk management with decisions related to criteria and information needs; this stage-gate model was employed in the study as the core of a theoretical model combining innovation and risk management. The theoretical model was tested in a series of empirical case studies in the United Kingdom and Iran. These involved 40 detailed interviews in five medium-large companies from a variety of industries. The case studies suggest that the combined model of risk and innovation management should be relevant across diverse industries: staff from different countries (UK and Iran), industries and functional backgrounds could all relate to it and the theoretical model provided a useful structure for developing a more detailed understanding of the possible roles and implementation of risk management in innovation. The study suggests that there is no simple guidance that companies can apply in all situations. The choice of risk management techniques varies with different innovation projects, the characteristics of the particular industry and the environment. In addition, different aspects of the risk management system are useful in different stages of the innovation project and attempting to apply a standard technique throughout the innovation project could lead to failure. A prime example is in the creativity stage: simple risk identification at this stage may be useful but more rigorous risk analysis may be stifle creativity. More rigorous risk analysis may be more appropriate in the later stages of the innovation process. Companies can use this theoretical model to help people appreciate the possible contribution of risk management at the different stages of the innovation project.

The global demands for water and power services are rapidly increasing. In this context, Saudi Arabia (SA) has one of the highest water consumption rates per capita worldwide, and its energy requirements continue to grow. In terms of producing drinking water, SA ranks first, representing 22.4% of world capacity. However, that production is not unproblematic, and typically, the Water and Power Plant (WPP) projects following the Independent Water and Power Plant (IWPP) approach have involved a plethora of risks, as they rely on long-term arrangements to transfer project risks traditionally borne by government, to the private sector. Additionally, some risk factors apply generally to all construction projects, others are specific to WPP projects, and yet others apply only to IWPP projects. Unfortunately, three of four IWPP projects in SA have failed to meet their specified objectives; hence, there is an urgent need to implement effective risk management (RM) within these projects, as this represents an important success factor in their on-time delivery. In this study, water and power practitioners in the Saudi public and private sectors, were interviewed as key informants, and related their experience. The Grounded Theory (GT) approach was adopted whereby three rounds of semi-structured interviews were performed to establish factors causing the poor implementation of RM in IWPP projects in SA. Whilst the research focused on IWPP projects, it also explored WPP projects (undertaken by government), due to the state’s long experience of such activities. After analysis, the interview data was presented in propositional diagrams, fully grounded according to the practitioners’ experiences. The findings indicate that all practitioners agree on the importance of RM in IWPP projects since these are complex undertakings that require effective RM for their success, but that currently, RM knowledge within this industry is lacking, and where RM is implemented, it is done so informally. Practitioners identified three clear factors that affect the behaviour of every single IWPP stakeholder in respect of risk, these being: the uniqueness of the Saudi Arabian culture, the high subsidies paid by the government to consumers and organisations, and the low attention paid to RM by top managements. An emergent model is proposed expressing the complex reality of IWPP projects in SA, and illustrating three major phenomena, nine categories, and 26 sub-categories affecting RM implementation in these projects. This provides a strong foundation for further research aimed at securing the effective RM implementation in IWPP projects, and developing greater insight into the risk factors involved.

<p dir="ltr">The recent launch of Generative Artificial Intelligence (AI) has caused significant changes in the IT industry. Most of the high-performance organizations started to evaluate the possibility of implementing AI as an augment or even replacement of employees due to the powerful capability of AI (McMullen et al., 2022). The way project managers (PMs) handle project risk management also requires review and update to facilitate the AI-driven industry.</p><p dir="ltr">This research aims to explore how the current project management professionals should do to adapt their current risk management skillsets to facilitate rapid change in an AI-driven industry considering all the benefits and ethical concerns brought by the implementation of AI.</p><p dir="ltr">This study was conducted through a mixed-methods approach: a systematic literature review and survey were performed. Sixty-four survey responses were analyzed after screening and twelve literature resources were carefully analyzed after a systematic search of selected databases. Although no specific resource significantly suggests the necessity of renewing PMs’ risk management skills, the results show the current PMs need to focus more on interpersonal skills than technical skills, be aware of the latest update of AI risk management tools, and stay agile to embrace the changes brought by AI. The survey shows the current PMs’ adoption of AI tools varies in age scale and the current AI tools are not mature enough to perform 100% of project risk management works.</p>

Embarking on a construction project means taking a risk. Project risk management (PRM) provides an effective approach to improve decision making and minimise project risk. Project risks may not possess the same level of significance for different countries, markets and projects. Current research on PRM in China has been rather theoretical, addressing technology issues. Considering the current practice in the Chinese construction industry (CCl), the PRM needs understanding and support from the industry and a mature market environment. This research aims to establish PRM strategies for identifying and adopting the best practice to provide practical guidelines for the CCl, thus improving the PRM, motivating the reform of the Chinese construction market, and enabling the CCl to function in the competitive environment of globalisation. An extensive literature review and a number of case studies for construction projects in China have been conducted, addressing issues closely related to the research. A systematic analysis is employed and developed for project planning and decision making. Contractual risks are considered as the first step and catalyst for improving the PRM in the CCl. Built on the findings from the case studies and analysis, the research puts forward a framework of contractual risk management to study the concept, identification and classification of contractual risks. Contract interfaces are analysed for contractual risk management under various project procurement routes (PPRs). The potentially large improvements to the PRM and reform of the Chinese construction market from the introduction and application of innovative PPRs and their contractual conditions are addressed. Two mathematical models -a probabilistic analysis model and an effective information entropy model for key contractual risks -are presented. The validity and applicability of the models are demonstrated with sample data for the CCl. Detailed recommendations and guidelines for the implementation of the proposed strategies are suggested.

The diploma thesis focuses on optimization of the current project management in the organization. It assesses compliance with the seven principles of project management according to the PRINCE2 methodology in particular. Moreover, the thesis elaborates a project proposal. The overall objective of the thesis is to implement project management tools in the company.

The recent increase in international projects has resulted in higher risk along with difficulties in control and coordination. Effective project management can therefore be seen as being essential to the success of projects. The purpose of this paper is to understand how a large multinational company currently handles these issues. This paper conducts a case study that will look at the relationship between contingencies and their effects on project risk management. The findings show that although project risk management handles contingencies in standard projects it still requires improvement within complex projects. Therefore, based on research into agile project management a concept is proposed as an alternative for the case company to select project management method.

This thesis studies the overall parameters affecting projects’ risks and analyze different methodologies of project risk management in order to narrow down and develop a customized methodology applicable for Engineering, Procurement and Construction (EPC) projects in the oil and gas industry. To approach this goal, Bidboland II Gas Treating Plant project was selected as an appropriate case study. This case project has been analyzed by combining various risk management methodologies, and based on this analysis a new methodology was suggested to the company for risk management. Additionally, necessary changes in the organization have been proposed to handle the project risk issues in different levels with higher performance. The developed methodology can be applicable for other companies involved in EPC projects.

This thesis presents a generic framework for project managers and/or other stakeholders to assist them in qualitatively assessing and evaluating project risks. The main structure of this framework is constructed based on risk management area in PMBOK (Project Management Body of Knowledge) standard. Additionally, different best practices and methods in the field of risk management and decision making are studied and embedded in the framework. In spite of being theoretical in nature, the framework can contribute to the project risk management area developed by PMBOK, opening the possibility of further research for its verification.