Understanding Risk and Uncertainty Management Practice in Complex Projects
Understanding Risk and Uncertainty Management Practice in Complex Projects

Summary/Abstract: The project management literature extensively documents project failures and observes that increases in project complexity have played a role in such failures. Additionally, the literature expresses concern that prescribed industry risk management standards are not sufficiently robust to assist in the management of risk and uncertainty, especially in complex projects. Yet, the management of risk and uncertainty is the cornerstone of the project manager’s role. There is limited evidence in the literature of empirical research focused primarily on the management of risk and uncertainty with complex projects. This paper aims to investigate the practices used by project managers to address risk and uncertainty and to critically analyse the success of these methods in complex projects. The findings of this paper is contribute to addressing practical challenges, issues and concerns facing project managers in relation to the management of risk and uncertainty in complex project environments. Risk and uncertainty are vital elements of projects and this paper will act as a guide for the improvement of risk management and uncertainty practices and further contribute to the collection of empirical research relating to this topic.

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