How machine learning changes Project Risk Management: a structured literature review and insights for organizational innovation

Giustina Secundo, Gioconda Mele, Giuseppina Passiante and Angela Ligorio

European Journal of Innovation Management, 2023, vol. 27, issue 8, 2597-2622

Abstract: Purpose - In the current economic scenario characterized by turbulence, innovation is a requisite for company's growth. The innovation activities are implemented through the realization of innovative project. This paper aims to prospect the promising opportunities coming from the application of Machine Learning (ML) algorithms to project risk management for organizational innovation, where a large amount of data supports the decision-making process within the companies and the organizations. Design/methodology/approach - Moving from a structured literature review (SLR), a final sample of 42 papers has been analyzed through a descriptive, content and bibliographic analysis. Moreover, metrics for measuring the impact of the citation index approach and the CPY (Citations per year) have been defined. The descriptive and cluster analysis has been realized with VOSviewer, a tool for constructing and visualizing bibliometric networks and clusters. Findings - Prospective future developments and forthcoming challenges of ML applications for managing risks in projects have been identified in the following research context: software development projects; construction industry projects; climate and environmental issues and Health and Safety projects. Insights about the impact of ML for improving organizational innovation through the project risks management are defined. Research limitations/implications - The study have some limitations regarding the choice of keywords and as well the database chosen for selecting the final sample. Another limitation regards the number of the analyzed papers. Originality/value - The analysis demonstrated how much the use of ML techniques for project risk management is still new and has many unexplored areas, given the increasing trend in annual scientific publications. This evidence represents an opportunities for supporting the organizational innovation in companies engaged into complex projects whose risk management become strategic.

Keywords: Machine learning; Project risk management; Structured literature review SLR; VosViewer; Scopus database (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ejimpp:ejim-11-2022-0656

DOI: 10.1108/EJIM-11-2022-0656

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