Govan, P and Damnjanovic, I (2016) The resource-based view on project risk management. Journal of Construction Engineering and Management, 142(9): 04016034, ISSN 0733-9364
Abstract
The benefits of conducting risk analyses in the planning of construction projects are widely acknowledged. However, the actual implementation of procedures notably differs significantly across industry segments. Even within an organization, different units represent risks differently, depending on their primary function. As a result, a holistic picture of the risk exposure is often hard to describe and even harder to manage. The objective of this paper is to provide a link between strategic planning theory, namely the resource-based view (RBV), and project risk management. The proposed resource-based approach is based on the development of a project causal network which then allows for both data-intensive and conceptual evaluation of the project risks, primarily focusing on cost impacts. The key contribution of this paper is the capacity of the developed framework to integrate with a number of methods already used in project management practices with little to no additional data requirement. These contributions are illustrated using real project data.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | network analysis; project management; quantitative methods; risk analysis; risk management |
| Index terms: | implementation, project management, strategic planning, risk management, project risk management, network analysis, risk analysis, exposure, construction project, quantitative method, project data, project management practice, resource-based view |
| Subjects: | environmental hazards, financial risk, project management theory and practice, production management, public and environmental health, management, data analysis and analytics, contractual arrangements, risk assessment, data collection methods |
| Topics: | Health and Safety, Cost Management, Business Strategy, Project Management, Research Practice, Risk Management, Sustainability, Procurement |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here