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A New Approach to Project Risk Navigation

  • 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 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. 

Keywords

Market Risk Vertical Jump Project Objective Private Risk Project Risk 
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.

References

  1. 1.
    Kodukula P, Papudesu C (2006) Project valuation using real options. J Ross Publishing, Fort LauderdaleGoogle Scholar
  2. 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, TrondheimGoogle Scholar
  3. 3.
    Rolstadas A, Johansen A (2008) From protective to offensive project management. PMI EMEA congress, Malta, 19–21 May 2008.Google Scholar

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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