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A New Strategic Planning Model

  • Asbjørn Rolstadås
  • Per Willy Hetland
  • George Farage Jergeas
  • Richard E. Westney
Chapter
Part of the Springer Series in Reliability Engineering book series (RELIABILITY)

Abstract

This chapter introduces a new strategic planning model for projects. The model consists of two complementary tasks; (1) risk analysis and (2) risk navigation strategies. The project risk analysis commences with a comprehensive review of the project challenge. Threats, in terms of risk factors, are identified to assess the level of operational, strategic and contextual risks that constitute the total project risk exposure. If the project risk level is not acceptable, the project challenge has to be revisited and modified before a new risk analysis can take place. When the risk exposure is found acceptable, strategies for how to navigate in the Bermuda Project Risk Triangle are prepared. The risk navigation strategies have two components; (1) before the event actions and (2) after the event actions. During project execution, prevailing risks are monitored closely and, if the risk level rises above the authorized risk level for the project, corrective actions will be activated by means of preset trigger mechanisms.

Keywords

Risk Exposure Contingency Planning Project Risk Risk Dimension Project Execution 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© Springer-Verlag London Limited 2011

Authors and Affiliations

  • Asbjørn Rolstadås
    • 1
  • Per Willy Hetland
    • 2
  • George Farage Jergeas
    • 3
  • Richard E. Westney
    • 4
  1. 1.Department of Production and Quality EngineeringNorwegian University of Science and TechnologyTrondheimNorway
  2. 2.BI Stavanger-facultyNorwegian School of ManagementStavangerNorway
  3. 3.Department of Civil EngineeringUniversity of CalgaryCalgaryCanada
  4. 4.Westney Consulting Group, Inc.HoustonUSA

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