This research is conducted to formulate a framework for project risk management by evaluating the current understanding and practices. It examines the risk management processes provided by the various standards, frameworks and guidelines available globally. The research argues that the existence of varying risk management standards, frameworks and guidelines is not an assurance that organisations will adopt their principles and processes. Furthermore, these documents do not provide sufficient information concerning the understanding of the concept of risk and uncertainty and their management. To accomplish this goal, it became necessary for the research to reach an understanding about the concepts and fundamental issues of risk and uncertainty management. This research also sought to know how organisations in different industries manage risks and uncertainties for their projects. This research was confined to the study of the understanding and practices of PRM by established or influential organisations in aerospace and aviation, oil, gas and petrochemical, power, telecommunication as well as construction industries with matching criteria. Semi-structured interviews were conducted using an ‘aide-memoire’ with managers involved in the management of project risks to document the current practices of risk management. Thematic analyses were used to compress and summarise the large amount of data into internally consistent understandings of risk and uncertainty. Based on the results, the research proposes a structure that explains the current understanding of the concepts of risk and uncertainty as well as an outline process framework for conducting risk management for industry use. Practically, risk and uncertainty are found to be interrelated whereby and they happen as an outcome of each other’s occurrence. The proposed framework consists of six major steps which incorporated the purposes and activities within, providing a better understanding of how risk can be managed. This research contributes theoretically, methodologically and practically to project risk management body of knowledge.

This master's thesis focuses on the knowledge of risk management. The core of this issue contains risk management process, risk identification, monitoring and risk analysis. The text in the first part explains stages of identifying the risks and the methodology used. The aim was to create, after a thorough analysis, the detailed design, then proceed to implementing individual parts of the system and to create a functional system for the support of identification of risks in IT projects. The system was implemented in PHP programming language, working with the MySQL database system on the database level. In the end there is an assessment and discussion of possible expansion.

Syftet med uppsatsen är att analysera hur de specifika variablerna samverkar i investeringsanalysen bakom strategiska investeringar vid beslutsfattandet. Studien är inriktad mot den dominerande företagssektorn små och medelstora företag, vidare görs en jämförelse mellan yngre och mognare företag. För att analysera detta har en kvantitativ datainsamlingsmetod använts i form av en enkätundersökning. Forskningsfilosofin som är applicerad är deduktiv, för att på så sätt kunna dra generaliseringar i slutsatserna utifrån den empiriska analysen och fullfölja studiens syfte. Studien är baserad utifrån beslutsteori där hantering av risk och osäkerhet har en central roll. Inom området för beslutsfaktorer tillämpas även den situationsanpassade teorin. Intressentteorin och den neoklassiska ekonomiska teorin har även använts som bas.Resultatet uppvisar att det finns ett flertal samband mellan de specifika variablerna, SME-företagens livscykelstadier och investeringsanalysen. Vidare har markanta skillnader identifierats vid investeringsanalysen mellan de yngre och mognare företagen. I analysen illustreras detta med hjälp av statistiska analystabeller.Denna studie skiljer sig från tidigare forskning i ett flertal aspekter. Studien har identifierat ett gap mellan de praktiska tillämpningarna och teorin. Dessutom har studien ett extra brett omfång gentemot tidigare forskning. För att utöver detta även skapa en djupare insikt över företagets attityder och tillämpning av diverse metoder har undersökningen även jämfört yngre och mognare företags förhållningsätt i investeringsanalysen. Denna uppsats kan vara av värde för landets välfärd genom att öka förståelsen för SME-företagens förhållande i samband med strategiska investeringar. / The purpose of this paper is to analyse how specific variables interact the investment analysis behind the investments, in the decision-making process. This study is focused on small and medium sized enterprises where a comparison will be made between young and mature enterprises. To examine this, a quantitative data collection method has been adopted, with the use of a questionnaire survey. A deductive research philosophy has been applied for this study in order to draw general conclusions based on the empirical analysis and fulfil the purpose of this study. This study is based on decision theory where the management of risk and uncertainty play a central role. In the area of decision factors the contingency-theory is also applied. The stakeholder theory and the neoclassical economic theory have also been used as a base.The findings show that there are numerous links between the specific variables, SME business lifecycle stages and the investment analysis. Furthermore, clear differences have been identified in the investment analysis between the young and the more mature enterprises. The analysis is illustrated by means of statistical analysis tables.This research differs from previous studies in several aspects. The study has identified a gap between the practical applications and theory. Moreover, the study has an extra wide range over previous research. To go beyond and create a deeper understanding of the enterprises attitude and application of various methods in their continuous development, the study also compared younger and more mature enterprises approaches to the investment analysis. This paper can be useful for the country's welfare by increasing the understanding of SMEs relationship in the context of strategic investments.