Project Risk Management: Use and Benefit of Various Tools

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Author(s): Jan Terje Karlsen (Norwegian Business School BI, Oslo, Norway), Odin Folke-Olsen (Norwegian University of Science and Technology, Trondheim, Norway)and Tim Torvatn (Norwegian University of Science and Technology, Trondheim, Norway)
Copyright: 2013
Volume: 2
Issue: 4
Pages: 23
Source title: International Journal of Risk and Contingency Management (IJRCM)
Editor(s)-in-Chief: Narasimha Rao Vajjhala (University of New York Tirana, Albania)
DOI: 10.4018/ijrcm.2013100106

Keywords: Business Science Reference / Information Security & Privacy / Risk Assessment / Security & Forensics

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Abstract

This study is about project risk management tools. The aim has been to identify which tools have the greatest potential for contribution to risk management processes in the Norwegian oil and gas industry, and which factors contribute to efficient risk management. Empirical data from the Norwegian industry have been gathered using a questionnaire. The results revealed strong relationships between project system complexity, average tool score and risk management contribution. Furthermore, the results of the analysis show that some of the previous recommendations of tools for project risk management may have been based on a restricted set of determinants. On the other hand, similarities are also found with previous research in terms of the highest ranked tools based on perceived contribution to the risk management performance. Compared to the previous findings, this study indicates that a new measure for project management performance is needed, and that the recommendation of tools based on the risk management contribution index may be flawed. Nevertheless, it is concluded that several of the recommended tools are of great value across industries.

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Project Risk Management: Use and Benefit of Various Tools

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