<p>In today’s ever changing business landscape, technology and innovation projects play a key role in creating competitive advantages for an organisation. However, many such projects are often hampered by under performance, cost overruns and lower than predicted revenue (Morris and Hough, 1987 and Christoffersen et al, 1992). This seems to indicate the lack of risk management in the way we manage projects. On the other hand, it is impossible to have any projects without risks. Thus, it is essential to have effective risk management rather than trying to eliminate risk out of projects. These factors have guided this study to focus on understanding the way risk assessment is performed in international technology projects. It aims to identify the link between risk assessment and project categorization, drawing from the ransaction cost economics (TCE) perspective. A qualitative approach applying semi-structured interviews was conducted with ten interviewees holding different roles in the engineering and technology projects within a multinational company with presence in more than 100 countries around the world. The application of the data display and analysis technique by Miles and Huberman (1984, 1994) enables initial findings to be presented using the “dendogram” method, thereafter, leading to the development of a two-dimensional risk assessment matrix as the final result of this study. </p>

In today’s ever changing business landscape, technology and innovation projects play a key role in creating competitive advantages for an organisation. However, many such projects are often hampered by under performance, cost overruns and lower than predicted revenue (Morris and Hough, 1987 and Christoffersen et al, 1992). This seems to indicate the lack of risk management in the way we manage projects. On the other hand, it is impossible to have any projects without risks. Thus, it is essential to have effective risk management rather than trying to eliminate risk out of projects. These factors have guided this study to focus on understanding the way risk assessment is performed in international technology projects. It aims to identify the link between risk assessment and project categorization, drawing from the ransaction cost economics (TCE) perspective. A qualitative approach applying semi-structured interviews was conducted with ten interviewees holding different roles in the engineering and technology projects within a multinational company with presence in more than 100 countries around the world. The application of the data display and analysis technique by Miles and Huberman (1984, 1994) enables initial findings to be presented using the “dendogram” method, thereafter, leading to the development of a two-dimensional risk assessment matrix as the final result of this study.

<p>Despite the many researches made on emergent strategies and project portfolio management, one can hardly find studies on the link between them. It can easily be assumed that emergent strategies and market dynamics have considerable effect on the portfolio of projects in organizations and, supposedly, give rise to emergent projects. We defined emergent projects to be untypical or irregular projects for the organization which are at the borderline or even outside the mainstream of the current portfolio of projects. These types of projects impact the company’s strategy with the aim to increase the organizations competitiveness. This study will try to find out the possible distinct characteristics and strategic impact of emergent projects on large organizations so that these kinds of projects can be properly recognized for what they really are and managed effectively.</p><p> </p><p>We used a semi-structured interview method to collect data from six international companies in four countries. The countries are Germany, Switzerland, Sweden, and Taiwan. Using template analysis method, we analyzed the collected data. The analysis confirmed our assumption that there is a correlation between emergent strategies and project portfolio management. Moreover, we found out some of the characteristics and strategic impacts of emergent projects. The results of the study, therefore, shows that emergent projects are kinds of strategic projects which have bigger significance and bring a higher sense of urgency to organizations than the normal projects in their portfolio. Furthermore, the study indicated that emergent projects do not need any different project management methodology than typical projects do. Nonetheless, emergent projects are characterized by rarity, disrupting routine operations, enhancing company-customer relationship, causing resource reallocation, bringing profit, demanding higher budget, opening both internal and external new opportunities, posing risk due to shorter planning phase and limited implementation time, and capturing higher attention from top management. The major result we have found out in the research about the strategic impact of emergent projects is that they have a higher potential to bring profit and new business opportunities which in total make organizations more competitive in their respective markets.</p><p>The theoretical and managerial implications of our research have a common idea that emergent projects should be recognized and categorized as strategic projects of organizations. Further studies should be carried out on how the dynamic situations of business environments and emergent strategies affect the project portfolio of organizations. Moreover, it is worth researching on how the idea of emergent projects are dealt in the studies of strategic project management and project categorization both in the academic and practitioners world. Overall, the study has brought the linkage between emergent strategies and project portfolio management into light through the discussion on emergent projects.</p>

Despite the many researches made on emergent strategies and project portfolio management, one can hardly find studies on the link between them. It can easily be assumed that emergent strategies and market dynamics have considerable effect on the portfolio of projects in organizations and, supposedly, give rise to emergent projects. We defined emergent projects to be untypical or irregular projects for the organization which are at the borderline or even outside the mainstream of the current portfolio of projects. These types of projects impact the company’s strategy with the aim to increase the organizations competitiveness. This study will try to find out the possible distinct characteristics and strategic impact of emergent projects on large organizations so that these kinds of projects can be properly recognized for what they really are and managed effectively.   We used a semi-structured interview method to collect data from six international companies in four countries. The countries are Germany, Switzerland, Sweden, and Taiwan. Using template analysis method, we analyzed the collected data. The analysis confirmed our assumption that there is a correlation between emergent strategies and project portfolio management. Moreover, we found out some of the characteristics and strategic impacts of emergent projects. The results of the study, therefore, shows that emergent projects are kinds of strategic projects which have bigger significance and bring a higher sense of urgency to organizations than the normal projects in their portfolio. Furthermore, the study indicated that emergent projects do not need any different project management methodology than typical projects do. Nonetheless, emergent projects are characterized by rarity, disrupting routine operations, enhancing company-customer relationship, causing resource reallocation, bringing profit, demanding higher budget, opening both internal and external new opportunities, posing risk due to shorter planning phase and limited implementation time, and capturing higher attention from top management. The major result we have found out in the research about the strategic impact of emergent projects is that they have a higher potential to bring profit and new business opportunities which in total make organizations more competitive in their respective markets. The theoretical and managerial implications of our research have a common idea that emergent projects should be recognized and categorized as strategic projects of organizations. Further studies should be carried out on how the dynamic situations of business environments and emergent strategies affect the project portfolio of organizations. Moreover, it is worth researching on how the idea of emergent projects are dealt in the studies of strategic project management and project categorization both in the academic and practitioners world. Overall, the study has brought the linkage between emergent strategies and project portfolio management into light through the discussion on emergent projects.