Managing Risk and Uncertainty on Projects

Graham M. Winch and Eunice Maytorena

in The Oxford Handbook of Project Management

Published in print February 2011 | ISBN: 9780199563142
Published online May 2011 | | DOI:

Series: Oxford Handbooks in Business and Management

Managing Risk and Uncertainty on Projects

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This article aims to reconnect project risk management with its roots in psychology and economics and thereby generate a cognitive approach to project risk management. While there has been widespread application of the tools and techniques of project risk management, and good practice has been captured in a large number of different standards and texts, few signs of improvement are apparent in project performance. The article suggest that the inappropriate use of project risk management techniques may be part of the problem rather than part of the solution here, and that we need to rethink project risk management from first principles. Starting from a presumption that project risk management is the essence of project management more generally, the article offers a review of some of the key contributions from psychology and economics that have shaped our thinking before presenting a cognitive model of project risk managing.

Keywords: risk management; project management; good practice; project performance; management techniques; cognitive model

Article.  7810 words. 

Subjects: Business and Management ; Operations Management ; Organizational Theory and Behaviour

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