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The role of project risk management in the success of selected Old Mutual projects
Author(s)
Thomas, Charles
Date Issued
2005
Type
Thesis
Publisher
Cape Peninsula University of Technology
Abstract
Project risk management is concemed with identifying, assessing and
responding to uncertainties which could impact project outcomes. These impacts
might be positive or negative, although the tendency in business has been to
focus on the negative - or downside - risks, Le., those risks which could be
potentially detrimental to project outcomes.
Risk management requires an investment in time, effort and cost. For this
reason, it has to be efficient if it is going to make business-sense. If it can be
shown that risk management plays a positive role in supporting successful
project delivery, then the case for investing in risk management will be validated.
This study focuses on two projects within Old Mutual, to investigate the link
between risk management and project success.
Both projects had been approved by the company's Strategic Investment
Committee (SICOM), which required that they conform to various governance
criteria, including that their risks be managed according to a specified process.
One of the projects - CRAFT - was deemed by its stakehoiders to have
delivered successfully, while the other - SSA - was perceived to have had mixed
results.
As a precursor to the study, an extensive review of the current literature on
project risk management was undertaken. The literature was found to be largely
consistent in its definition of project risk management, and to be concerned
mainly with developing the processes and techniques for improving risk
management in the live project environment. Based on the literature, it was
possible to develop an analytical framework for use as a generic tool in
evaluating the role which effective risk management practice could have on project success.
responding to uncertainties which could impact project outcomes. These impacts
might be positive or negative, although the tendency in business has been to
focus on the negative - or downside - risks, Le., those risks which could be
potentially detrimental to project outcomes.
Risk management requires an investment in time, effort and cost. For this
reason, it has to be efficient if it is going to make business-sense. If it can be
shown that risk management plays a positive role in supporting successful
project delivery, then the case for investing in risk management will be validated.
This study focuses on two projects within Old Mutual, to investigate the link
between risk management and project success.
Both projects had been approved by the company's Strategic Investment
Committee (SICOM), which required that they conform to various governance
criteria, including that their risks be managed according to a specified process.
One of the projects - CRAFT - was deemed by its stakehoiders to have
delivered successfully, while the other - SSA - was perceived to have had mixed
results.
As a precursor to the study, an extensive review of the current literature on
project risk management was undertaken. The literature was found to be largely
consistent in its definition of project risk management, and to be concerned
mainly with developing the processes and techniques for improving risk
management in the live project environment. Based on the literature, it was
possible to develop an analytical framework for use as a generic tool in
evaluating the role which effective risk management practice could have on project success.
Additional information
Thesis (MTech (Business Administration))--Cape Peninsula University of Technology, 2005
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