Reducing Risks in Energy Innovation Projects: Complexity Theory Perspective

Marko M. Mihić, Zorica A. Dodevska, Marija Lj. Todorović, Vladimir Lj. Obradović and Dejan Č. Petrović
Additional contact information
Marko M. Mihić: Faculty of Organizational Sciences, University of Belgrade, 154 Jove Ilića, Belgrade 11000, Serbia
Zorica A. Dodevska: Research and Development Institute Lola Ltd., 70a Kneza Višeslava, Belgrade 11030, Serbia
Marija Lj. Todorović: Faculty of Organizational Sciences, University of Belgrade, 154 Jove Ilića, Belgrade 11000, Serbia
Vladimir Lj. Obradović: Faculty of Organizational Sciences, University of Belgrade, 154 Jove Ilića, Belgrade 11000, Serbia
Dejan Č. Petrović: Faculty of Organizational Sciences, University of Belgrade, 154 Jove Ilića, Belgrade 11000, Serbia

Sustainability, 2018, vol. 10, issue 9, 1-24

Abstract: The aim of this paper is to contribute to existing work on project risk management, and energy innovation projects, using the lens of complexity theory. By regarding energy innovation projects as complex adaptive systems, and linking complexity theory elements to the possibilities for reducing risks of energy innovation projects, the authors conducted empirical research on a representative sample of 100 subjects. The authors used a questionnaire that was formed on the basis of a previously designed research model, which unifies several different management fields, and a large number of phenomena previously studied independently. Therefore, it has a holistic approach to the topic. The results of this research suggest that considering the elements of complexity theory had a positive impact on reducing risks in energy innovation projects, in all analyzed aspects including specific, operational, and especially regarding social and behavioral aspects. This paper strives to support and encourage better results in energy innovation projects by reducing their risks, and hopes to bring additional value by introducing a new risk philosophy, based on complexity theory. Lessons learnt regarding each issue of this research are points of concern for project managers.

Keywords: complexity theory; energy project; innovation project; risk reduction (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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