Value Creation with Project Risk Management: A Holistic Framework

Raffaele Testorelli, Anna Tiso () and Chiara Verbano
Additional contact information
Raffaele Testorelli: Department of Management and Engineering, University of Padova, Stradella San Nicola 3, 36100 Vicenza, Italy
Anna Tiso: Department of Management and Engineering, University of Padova, Stradella San Nicola 3, 36100 Vicenza, Italy
Chiara Verbano: Department of Management and Engineering, University of Padova, Stradella San Nicola 3, 36100 Vicenza, Italy

Sustainability, 2024, vol. 16, issue 2, 1-20

Abstract: The conceptual shift, from a traditional task perspective and a managerial approach to project risks toward a value-centric view, underlines the challenge of creating different forms of value for multiple project stakeholders. This emerging theme arises the need for a new holistic framework for value creation through Project Risk Management (PRM). With this purpose, the paper aims at deepening the knowledge about PRM for value creation. A systematic literature review has been conducted, extracting a database of 116 papers. To address the research questions, a descriptive and a content analysis have been performed. The results of a systematic literature review reveal that the value created through PRM includes both economic and intangible (not monetary) benefits. Moreover, even if international standards are giving greater relevance to value creation and protection, considering also the potential positive effects of risks, empirical results show significant discrepancies. From the analysis of the results, a new theoretical framework emerges that integrates fundamental aspects not fully considered so far, incorporating the concepts of economic, ecological, and social impacts into the notion of value creation through PRM. This work extends the current research in this field and sets forth the definition of a holistic framework to promote the creation of value for project stakeholders in practice, through the management of negative and positive risks, providing a perspective on the sustainability orientation of projects.

Keywords: project risk management; value creation; systematic literature review; theoretical framework (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/16/2/753/pdf (application/pdf)
https://www.mdpi.com/2071-1050/16/2/753/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:16:y:2024:i:2:p:753-:d:1319748

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().