New Research in Risk Management Supports Link to Project Success – Marinich

Evaluate Session

The results of a quantitative, correlational study found a link between risk identification and project success. The study was conducted to fulfill the requirements for a doctoral degree from Walden University. I will discuss the research question and the approach and research design to answer the question. The study’s theoretical framework was expected utility theory (EUT), which emphasizes the role of uncertainty in risk management. The implications for future research and project management will be takeaways from this presentation.

PMI Talent Triangle: Strategic and Business Management

The Relation Between Risk Management and Project Success – Maria Papadaki

Risk is a matter of perception; people perceive risk in different ways to each other. This may be an outcome of tradition, culture, habit, and way of thinking. People have a different attitude to the way that they perform risk management; some of them do it more than others or others do not do it at all, because is seen as unnecessary overhead. Human perception in the execution of the risk management process plays a vital role in the successful deployment of the process. Previous studies have shown that risk management is an essential tool for project management and could increase the chance of successfully meeting project objectives. In addition, risk management have been also seen as a tool of allowing the project team to communicate risk information for use in forecasting project outcome and to inform decision making towards balancing threats and opportunities. The aim of this research is to gain insights from academic and public perspectives about the perception of risk management in relation to project success.  As a general concept project success has received a considerable attention with the project management literature over the last three decades (IKA, 2009, Pinto & Slevin, 1988 cited in Mclead et al, 2012).   To date various traditional methods have been developed to investigate risk management and project success. This research is using data from social media and from an academic literature database. Hence, in order to investigate a large database of academic papers on project success, and reach reliable conclusions, this work deployed in the research methodology the use of machine learning algorithms. In particular, a novel bibliometric procedure developed in Plevris et al. (2017) was utilized to analyze the current work’s database. Then in order to identify different patterns and people opinion the research looked on public perception for risk management leveraging data derived from twitter and analysed using big data analytics techniques. The present study provides additional evidence with respect to the relation between risk management, project success and people’s perception.

PMI Talent Triangle: Technical