Skip to main content
SpringerLink
Log in

A New Approach to Project Risk Navigation

  • Chapter
  • First Online:
Risk Navigation Strategies for Major Capital Projects

Part of the book series: Springer Series in Reliability Engineering ((RELIABILITY))

Abstract

This chapter briefly outlines a new approach to project risk navigation. It defines the Bermuda Project Risk Triangle symbolized as a territory containing all three categories of risk: operational, strategic and contextual. The new approach to project risk navigation can be compared to navigating in the Bermuda Triangle. Uncertainty and risk have to be expected and accepted. To navigate in the triangle requires new knowledge that is not commonly possessed today. Hence a change process needs to take place. This is illustrated as a three leg journey: explore, adapt, and deliver. The Extended Project Risk Navigator is introduced. This contains three main components: governance system, decision process, and strategic planning. A comparison between the new approach and the conventional way is made. 

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 54.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Kodukula P, Papudesu C (2006) Project valuation using real options. J Ross Publishing, Fort Lauderdale

    Google Scholar 

  2. Krane HP (2010) Uncertainty management of projects from the owners’ perspective, with main focus on managing delivered functionality. Doctoral thesis, Norwegian University of Science and Technology, Trondheim

    Google Scholar 

  3. Rolstadas A, Johansen A (2008) From protective to offensive project management. PMI EMEA congress, Malta, 19–21 May 2008.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Production and Quality Engineering, Norwegian University of Science and Technology, S. P. Andersens vei 5, 7491, Trondheim, Norway

    Asbjørn Rolstadås

  2. BI Stavanger-faculty, Norwegian School of Management, Hesbygaten 5, 4014, Stavanger, Norway

    Per Willy Hetland

  3. Department of Civil Engineering, University of Calgary, 2500 University Drive NW, Calgary, T2N 1N4, Canada

    George Farage Jergeas

  4. Westney Consulting Group, Inc., 2200 West Loop South, Suite 500, 77024, Houston, USA

    Richard E. Westney

Authors
  1. Asbjørn Rolstadås
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Per Willy Hetland
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. George Farage Jergeas
    View author publications

    You can also search for this author in PubMed Google Scholar

  4. Richard E. Westney
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Asbjørn Rolstadås .

Rights and permissions

Reprints and permissions

Copyright information

© 2011 Springer-Verlag London Limited

About this chapter

Cite this chapter

Rolstadås, A., Hetland, P.W., Jergeas, G.F., Westney, R.E. (2011). A New Approach to Project Risk Navigation. In: Risk Navigation Strategies for Major Capital Projects. Springer Series in Reliability Engineering. Springer, London. https://doi.org/10.1007/978-0-85729-594-1_4

Download citation

  • DOI: https://doi.org/10.1007/978-0-85729-594-1_4

  • Published:

  • Publisher Name: Springer, London

  • Print ISBN: 978-0-85729-593-4

  • Online ISBN: 978-0-85729-594-1

  • eBook Packages: EngineeringEngineering (R0)

Publish with us

Policies and ethics

Search

Navigation